we have answers.
How are your client’s businesses faring as COVID-19 continues to impact business conditions? According to https://www.abs.gov.au/statistics/economy/business-indicators/business-conditions-and-sentiments/latest-release, 41 per cent of Australian businesses reported decreased revenue in January 2022.
In uncertain times, and at any time, we know that businesses can face financial struggles due to market changes, poor decisions, or other reasons. We also know that the quicker they take action and seek expert help, the better the outcome.
If you have a client whose business is in crisis, turnaround can help them get things back on track. Importantly, every business and situation requires a different approach, but the basic steps and strategies in a business turnaround are the same.
These steps include crisis stabilisation, leadership cuts and reshuffling, gaining stakeholder support, redefining strategic focus, making organisational change, enabling critical process improvements, and financial restructuring.
If you’re interested to learn more about these seven turnaround strategies, we’ve put together a seven-part blog series to guide you through them.
Watch this space over the coming weeks!