Failing Business Turnaround (NID49)Scott Williams
One in five businesses, both large and small are failing at any point in time. And this is a very sad situation, considering all the lost dreams, lost time and lost money.
Not all of those businesses can be saved, but it’s worth a try!
We’ve assembled 26 steps into a 90 day plan to turnaround a failing business. We call it Turnaround90 or T90 for short.
The following is a Transcript of the Video and Podcast on these buttons
Many Reasons for Business Failure
Businesses fail for all sorts of reasons. Some are due to external circumstances like the recent COVID pandemic. Others are due to a lack of management experience.
Now, this is understandable and common in small business. Founders are good at their area of professional training. But much less experienced at management science. Often, they don’t even know where to start, and this can be an overwhelming and stressful time.
Problems getting assistance with a Failing Business
Unfortunately often Founders can’t share problems with families and friends. It’s also often hard to get advice from your professionals, like your tax accountant.
You may have heard the saying that “to a hammer, everything looks like a nail“. For many advisors, they’re specialist in one area whereas your problems might be on many fronts. Specialists understandably see issues from their particular viewpoint which may not be the main problem in your case. Unintentionally, they might not be identifying many of the main problems for you to address because of their particular expertise.
Also, unfortunately, specialists can be expensive. At a time when money might be short.
Training on Failing Business Turnaround
12Faces as assembled a bundle of tools to help find, and then help you fix, the common reasons for businesses failing.
These resources have been bundled into a DIY and self-paced training course. We call it Turnaround90 or T90 for short. It’s designed to get your business on a turnaround path in 90 days or one financial quarter.
We have to make two important qualifications.
First: All of our advice is general in nature because we don’t know the specifics of your business and,
Second, you should always seek professional advice on specific issues.
Failing Business Turnaround Topics Covered
Now, problems leading to failure can occur in several parts of the business. And there’s often more than one single cause. So we cover Problem Identification and Prioritization Techniques so you can identify which one to focus on.
Our brand is 12Faces because we think business management expertise falls into 12 categories. Your business needs to be at least minimally stable in each of these 12 categories to survive. So T90 covers revenue, operations, admin systems, and people issues that might be contributing to your business’ difficulties.
Your business management knowledge falls into four boxes;
- You know what you know
- You don’t know what you do know
- You know what you don’t know and, more worryingly,
- You don’t know what you don’t know.
Turnaround90 taps into our Business Diagnostic System to shine some light on both those areas “You don’t know”.
T90 takes into account that you might be the only manager in your business and you also have a day job so you’re very time poor. So it helps you identify, and then get started on, the most Mission Critical things first.
And because you often need someone to brainstorm with, but you can’t always use your friends and family, we have a mentoring system available. You can use it as often as you like on an hourly basis.
Failing Business Turnaround Starts Now!
So if your business is failing, like roughly 20% of businesses are at any point in time, you don’t really have time to sit around and think.
Jump onto the 12Faces.business website and look for Turnaround90 under the business training menu and see how you can benefit from our experience helping other small businesses turn around that might also help you.
So in summary:
- T90 helps to identify the particular issues leading to your current difficulties
- Then it suggest how to prioritize them and
- Then it points you at our resources and those of others
- With the aim of turning your business around in just 90 days.
This is part of our Mission for your Sustainable Business Success.
Thank you for your time.