“Ten Warnings of a Business Turnaround Situation”
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Cash flow problems
The business owner might not have a clear report on receivablesnor have a process for maximizing revenues.
There could be delaysin paying bills and meeting salary and other expenses in a timelyfashion.
Lack of profitability
The business owner might not have set profitability goals and/ormight not be tracking profits.
Or, these mechanisms could be inplace, but the business is just not profitable.
Issues Related to Products and Services
A successful business requires a clear definition of products andservices it offers.
It is a warning if a business owner cannotclearly define the business, is not monitoring the shifting marketplacedemands, and is not offering highly marketable products and services.
Business Owner has Weak Personal Foundation
A business owner might have personal problems affecting his or herability to effectively manage the business.
Staffing Issues
The staff might exhibit low morale, the company might be losing itsbest people to competitors, or the overall work environment might notbe encouraging high productivity from its employees.
Customer Issues
It is a warning if the business owner cannot define the ideal customer.
Other warnings are lack of effective communication channels with thecustomers, customer lawsuits, high volume of customer complaints, a lotof product returns, and low customer retention.
Business expansions or alliances that are creating problems.
A business might expand too quickly or into the wrong markets. Itmight form alliances with companies that are not a good match andwill not enhance profitability.
Lack of succession planning
A business might lack succession planning. This is a warning for familyowned and non family owned businesses.
Lack of business vision and/or mission
The lack of a business vision and/or mission might be evident in lackof teamwork or a weak company culture.
Lack of business growth
The lack of a business plan with clear cut goals could be the sourceof slow business growth and a strong warning that a turnaround strategyis needed
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Articles by Meir Liraz, president of BizMove.com (http://www.bizmove.com), a free informational web site for entrepreneurs and small business owners that provides free guides and tips for starting, growing and managing a small business
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