Small business turnaround

If you manage or own a struggling small- or mid-size business, you know how hard it is to stay afloat and turn things around when the going gets tough. You are not alone. The risk for failing seems to be greater with every passing year. According to the Small Business Administration, busi- ness failures rose an incredible 16.6 percent from 1986 to 1996. And busi- ness bankruptcies rose 5.3 percent during 1996 alone.

Marc Kramer takes the process of turning around a small business and compares it to getting back in shape. You didn’t lose shape overnight; it took time. There were good things that you stopped doing, and bad habits that you started. Worse yet, you may have cultivated an all-knowing attitude that erroneously convinced you that you had everything under control.

This summary provides practical steps to help your company go from struggling and stagnant to growing and prosperous. The first step is to map out your strategy. This summary will show you how to:

✓ put together an updated business plan,

✓ create an operation and launch plan to put change into motion. The next step is to implement your strategy. You’ll learn how to:

✓ get vendors and lenders to agree to reasonable repayment schedules,✓ keep and recruit good employees during the turnaround,
✓ create an effective marketing and sales plan.

Finally, once you have begun the turnaround, this summary will show you how to:

✓ cut costs,
✓ boost sales,
✓ find the funding you need to move your business forward.

If you find yourself struggling to keep customers, make sales, pay vendors and business taxes, this summary will help you take action now to prepare for a better future.