Category: Business Turnaround

The Difference Between a Business Recovery and Business Growth

There are numerous businesses starting to reopen and recover from the past months of slow or no business.  Sales are starting to rise as customers are starting a buy again, both of which are great signs for a business recovery and business growth.  Now let us talk about the difference between a business’s recovery and…
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Chart of the Price Change Between Years for Hotels and Casino Hotels During August 2015 to August 2020

The chart shows producer price index (PPI) data that measure price changes. Percent changes in prices from a year ago are shown for both stand-alone hotels (the gold bar) and hotels attached to casinos (the red bar). Prices began dropping for hotels in February 2020 and the price reductions continue to persist, but hotels attached…
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How to Hold a Productive Meeting

We have all attended a meeting, whether it be an Executive Staff meeting or an important business  meeting, where you have sat in the chair for hours and leave the meeting feeling like it was a colossal  waste of your time.   What makes you leave those types of meetings feeling as if you would…
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A Strategic Plan is About Communication

A Strategic Plan is about communicating financial and operational objectives by taking numbers and converting them to words. The reason for Strategic Planning is to implement a plan of action that will make the business’s Vision/Strategic Plan a reality.  Strategic Planning is the actual process of implementing a Strategic Plan that has set obtainable and…
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A Simple Way to Get Reacquainted with the Business

Recently, I have been having conversations with clients on how they need to get back in touch with what is going on with and in their business.  Below is a simple methodology on how to get back in touch. Sign all the checks the business issues! Yes, it is that simple.  Sign the business’s checks…
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Strategies for Budgeting and Forecasting Due to Extraordinary Events

At any point in time during a year a business may need to revise their annual budget or forecasting models and processes. The Differences Between Budgeting and Forecasting Budgeting is a planning process that is done on an annual basis to help the executive management team define what they want the business to achieve during…
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Avoiding a Liquidity Crisis from Becoming a Solvency Problem

Any size and type of business can have a liquidity crisis. Liquidity can be defined as the ability of a business to pay their current financial obligations, which requires converting assets, such as, accounts receivable, inventory or services provided into cash as quickly as possible.  Cash is the most liquid of all assets and is…
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Why Management Wants the Turnaround Person Gone as Quickly as Possible

In the course of my career I have done more turnarounds than I want to remember.  Over the years, I have learned that most turnarounds follow a similar pattern. First – Business management or owner(s) are questioning why the turnaround person is even needed to begin with.  It appears that no one thinks there is…
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How Quickly Can You Deleverage the Business

The economy is in flux, interest rates have increased over the past year and lenders are starting to be less flexible on their loan covenants.  Business executives need to be completely aware of their business’s financial condition, especially how leveraged the balance sheet is and loan covenants that relate to the debt on the balance…
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