You're on the brink of business failure. How can you turn things around and succeed?

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To initiate a successful comeback, begin with a candid assessment of your business. This involves critically evaluating your operations, finances, market position, and competition to identify the root causes of any decline. Engage in open discussions with your team and advisors to uncover issues that may not be immediately apparent. Recognizing these problems is crucial for setting the right priorities and developing a strategic plan to address them. With a clear understanding of the challenges, you can create a focused roadmap to recovery, ensuring a more resilient and competitive business moving forward.

??♂? ?? Speed is king. Business turnarounds are about making rapid assessments, quickly revising strategy and deploying changes. ?? Don’t spend all your time creating turnaround strategy documents and let the business fail while you are doing so.

Revising your strategy is crucial for turning around a failing business. It involves evaluating your current approach, identifying areas for improvement, and developing a new plan that aligns with your goals and addresses the challenges you're facing.

I contributed by restructuring teams and ensuring we had the right people in the right roles. I worked with department heads to identify skills gaps and adjusted recruitment efforts to bring in talent that could help us pivot.

Assess the cost and revenue of changing strategy on the product, but check how far you can realistically change in a given time frame. Market adaptation has potential big impacts on your market share, your internal needs, structure and skills from r&d and operations but don't forget your go to market strategy impact: 1. Shall I keep the older product, shall I just keep maintaining it, can I switch to the new one ? 2. How can I take this opportunity to refocus my product and become more lean on its cost structure. 3. Do I have the right people for the go to market ? Selling yachts is not the same as selling super tankers, still boats but needs, value, customers and sales approach is completely different.

As you revise your strategy its vital to make a few mental and emotional shifts. The big danger here is you focus 100% on fire fighting. this will train your mind to fight fires. Pretty soon your unconscious mind will be trained to fight fires. And this means you will continue to find fires to fight even when there are none. Instead get a clear picture on what you WANT. And consistently take time out to focus on it. And release any fear and panic and replace them with positive emotions. This will allow you see solutions and start to program your mind to move in the direction you want. If you focus on the problem without a clear image of where you want to go you won't end up in a good place.

Even though I wasn’t in direct contact with customers, I helped our sales and marketing teams improve customer engagement by hiring the right people and supporting training programs. I also ensured the customer service team was equipped to handle feedback effectively.

Involucra a tus clientes en el proceso de recuperación. Busca su feedback para entender sus necesidades y preferencias. Usa esta información para mejorar tus productos o servicios. Involucrar a los clientes puede ayudar a reconstruir la confianza y la lealtad, esenciales para la recuperación empresarial.

When your business is struggling, customers are the most valuable asset you have. Understanding their needs and preferences can give you the insights needed to make effective changes. → Reach out to your customers through surveys, feedback forms, or even personal conversations to find out how you can improve your offerings and service. Loyal customers can be your best advocates during a turnaround. ?? Consider offering incentives to customers who provide valuable feedback.

Operations are only effective when they’re being carried out in a certain protocol according to urgency and importance factors. Those are decided with the dynamic changes taking place in the market. Analysts can join hands with head of operations to change course and maximise operations.

I worked on streamlining HR processes and administrative tasks, reducing unnecessary paperwork, and automating systems where possible. This saved time and resources that could be better allocated to core business functions.

Silo and associated processes often in place to pass a milestone or move from one department to another very often tends to be over complicated and slow down your company. Proper change management program needs to be executed to help the transition and leaner the process, the simpler and the most providing feedback and easing work the process is, the fastest it will be adopted. Simplicity and efficiency is key don't try to address all cases with a heavy tool, keep frugal and focus on your business development not controlling your business in every inch.

Busca formas de optimizar tus operaciones y reducir costos. Esto podría implicar simplificar procesos, renegociar contratos con proveedores o adoptar nuevas tecnologías. Operaciones eficientes pueden mejorar tu rentabilidad y liberar recursos para iniciativas de crecimiento.

Conditioning your mind to focus on a vision and projecting positive emotions will affect those around you in a empowering way. Projecting fear and panic will transfer worry self doubt and fear on to your team. And they won't be able to perform at their best. Focus is really the most basic thing you have to control when going through a tough time. If you focus on all the things that can go wrong or have gone wrong you will create more of them.

On the HR side, I encouraged a culture of innovation within the team. I helped organize brainstorming sessions and provided platforms for employees to share new ideas, which contributed to fresh perspectives on solving business challenges.

Fomenta la innovación dentro de tu equipo. Crea un ambiente donde los empleados se sientan empoderados para compartir ideas y experimentar con nuevos enfoques. La innovación puede llevar a nuevos productos, servicios o modelos de negocio que impulsen el crecimiento y la diferenciación.

Asegúrate de que tus finanzas estén en orden. Esto podría implicar asegurar financiamiento adicional, reestructurar deudas o mejorar la gestión del flujo de caja. Tener una base financiera sólida es crítico para sostener tu negocio durante tiempos desafiantes.

While I wasn’t directly involved in financial negotiations, I supported the finance team by adjusting HR budgets, cutting down on non-essential expenses, and reviewing benefit plans to ensure sustainability without sacrificing employee satisfaction.