You have read about and begun to execute Turnaround90.
You have a more informed understanding about the longer-term sustainability of your business.
Now turn your mind to longer term strategies.
Next Steps
Have you decided:
- That long term survival is unlikely.
- You are not excited about running the business any longer.
Read about how to position your business for an exit/sale in the article: How Thinking Ahead Leads to a Profitable Business Exit Sale.
- That you want to continue with your business.
- You have become quite optimistic about your business.
- That you can see an opportunity for substantial growth.
Turnaround90 will have indicated areas of weakness and opportunity within your business for further streamlining.
Example:
Turnaround90 hasn’t looked, to any extent, at increasing your Sales to your regular customers.
Your next steps:
1. Streamline your existing operation with the Optimise Your Business Enterprise in 100 Days (O100) Campaign
2. Grow your business as fast as possible by launching into Optimise the Growth of Your Business Over a Year (Grow365) Profit Acceleration Campaign.
Systems to Protect Cash Flow
If you have followed the course, you are well on your way to overcoming your financial problems. Part of your longer term strategy is to be taking out some insurance this does not happen again.
Now it is time for you to attack the Profit Autopilot Skills Module which is included with this Campaign.
Do you want peace of mind that you will be able to pay your debts when they fall due?
Also, do you want to reduce the possibility of similar financial problems?
Then structure your Financial Management Systems by following these suggestions:
1. The Profit Autopilot Skills Module describes a completely different approach to the Finances of your business.
- It structures your finances to guarantee you the Profit you desire.
- Then it advises you how to structure the business to achieve that Profit.
- This replaces the traditional accounting for Profit as the amount that is leftover after your Income and Expenses.
2. The article within the Skills Module, SM6.5 Profit Autopilot “Piggy Banks”, describes how to setup several Bank Accounts for specific aspects of your business.
- Money is then allocated to those accounts according to the need.
- Necessary Expenses are quarantined away from your principle Bank Account.
- This prevents you inadvertently spending that money and finding you have nothing left to pay that debt when it falls due.
Example:
- You pay a Bank Loan at the same time each month.
- Set up a special-purpose Bank Account that does nothing but hold money for your loan payments.
- Transfer money into the account during the month, using an auto transfer function available at your Bank.
- The necessary sum of money is available to pay your loan at the end of the month.
For more help understanding any issues relating to this Section of the Turnaround90 Campaign, use the 12Faces Diagnostic System to drill down to root causes of problems and find our suggested Treatments.