Category: Business Turnaround

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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