Business Turnaround Advice & Solution
A business turnaround can be complex or simple depending on the ability of your management team and the experience of the turnaround practitioner who works with you. There are two types of business turnaround clients:
The first type sees the storm coming and seek professional advice to weather the storm and change course if needed.
The second type, which is the classic type of business turnaround, turns up on your doorstep during the storm seeking an umbrella.
Both types can benefit from turnaround advice, one takes longer and might require critical surgery and the other might just get by on antibiotics. As a Turnaround Practitioner since 1989 dealing with underperforming, undercapitalised and undermanaged companies, I have seen it all during my years. Can you afford to risk losing everything you have worked hard for, by partnering with someone without the right experience just because they are cheaper? Of course not! Just as you would seek out the best doctor to protect your health, when your business is in bad health you go to the business physician you can find. When it comes to business turnarounds, experience counts.
Three Key Strategies to a Successful Business Turnaround
In my years as a business turnaround practitioner and a strategic advisor to FTSE 100 companies, I have mastered the secret of three key strategies that can turnaround any company of any size, the three strategies are:
You see most companies stop right there.Once they have taken the payment from the customer, they then focus on attracting the next paying customer to do the same.They fail to recognize that they are sitting on a gold mine of existing customers who are eager to spend more with them. You can get those repeat sales from existing customers, if you know how. But most marketing mangers feel it is much easier to keep paying advertising and marketing costs to bring in new customers than to work with existing clients. This is wrong, wrong, wrong. It’s a very big and costly mistake. Why is ignoring existing customers such a mistake? It costs you between 5 to 7 times more to sell to a new customer than to an existing customer. But that’s not the only reason that ignoring existing customers to chase new customers is a bad idea. That common strategy also fails to develop Evergreen Customers.
Without the Evergreen Client Retention working correctly, you will not be able to sustain growth or profits for years to come. Ignore this strategy at your peril.
We practice what we preach. We earn our clients’ trust. We do this through our consistent superior service, our professional conduct, and our complete commitment. Each one of us is responsible for earning and keeping our clients’ trust with our individual behaviour and the quality of our work. We care for our clients as people and organisations, all the time.
Contact us to see how we can help turn your business around within 90 days.
“ A Good Turnaround Practitioner is Not Cheap & A Cheap Turnaround Practitioner is Not Always Good. ”