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I’ve had a number of requests for articles, tutorials and information on business turnarounds. As a result I’m introducing a new category to this blog on business turnarounds in which I’m post my own thoughts, suggestions and guidance.
I’d also be interested in your stories about successful and unsuccessful turnarounds. I’d like to hear about your experiences as either a business turnaround practitioner, an employee, manager or owner of a business that has been through a turnaround or as an entrepreneur who has brought a failing business and turned it around. If you want to write a guest post that would be great, otherwise I’m quite happy to write a post based on an interview/discussion by email/phone.
I’ll also be reviewing the best books I can find on business/corporate turnaround, if you have any suggestions please get in touch.
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This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
Well I haven’t got a story but you can add me to the list of people interested business turnaround stories.
Righto, I have a feeling that it is unfortunately going to become a hot topic in the coming years.
I have been looking at this lately and it seems that recovering a failing business requires a bit of good old common sense, e.g. treating it as a business (as some people get too attached and so their choices are affected), also knowing things like the biggest loss is the first loss (hence shops have sales to dispose of dead stock) etc. Also it depends when you get into the business as if you buy a business in receivership you can shut down failing departments/stores etc without any major consequences. Last but not least you got to know when the time is up as some businesses cannot be revived.
“if you buy a business in receivership you can shut down failing departments/stores etc without any major consequences”
I’d caution against relying on that, sometimes the issues might not be as simple as they seem. If a business is being sold (from receivership or otherwise) you can always try to buy just the bits you want, but again be careful and make sure you understand the implications of what you are getting/not getting.
What a brilliant idea. Will go and check it out. Its great to be able to share actual experiences as the only way to truly learn is to understand what others have done..
Great topic! It’s my feeling that too often business owners cut down marketing budget first when in trouble.
Peter Drucker once said: in business all but marketing is an expence.
However, it would be interesting to see if it really is this way from your experience.
I have been lucky enough to be involved in company turnarounds from recievership, acquisitions and ailing companies and it is incredibly satisfying, i’ve never lost one yet!,but can be mentally draining and i wouldn’t want to do it too often. The one i am most proud of was being part of a team that took a company from a little under break even to a £1m profit in three years.
In situations like this you are always up against the clock and the biggest asset is to have a really good financial controller with you who can act quickly to your requirements. I was always in the operations role and really valued having that support.
Just writing about it is making me remember how exciting it can be!!