Timing is Key: Why Specialized Turnaround Services are Critical for Struggling Companies

April 3, 2023. In today's rapidly evolving economic landscape, businesses are grappling with unprecedented challenges caused by a range of factors including supply chain disruptions, changes in consumer behavior, growing uncertainty in the banking community, and domestic economic and political volatility. For companies operating internationally, geopolitical tensions add another layer of complexity. In this environment, distressed and underperforming companies are particularly vulnerable, struggling to make strategic decisions and plan for the future as it becomes increasingly difficult to maintain financial stability and profitability.

Although often obvious in hindsight, most business owners don't realize the importance of acting with urgency before the turnaround window closes. The longer the wait, the more difficult it will be to turn things around, especially in today's fast-paced business environment where even small delays can have significant consequences:

• Underperforming and distressed companies are often dealing with limited resources, which means they may not have the luxury of waiting to take action. Every day that goes by without a plan in place is a day the company falls further behind.
• In addition to limited resources, the longer a company waits to take action, the more difficult it can be to implement changes. For example, if a company has been operating inefficiently for a year or more, it may be difficult to make the necessary changes without disrupting the entire organization.

Turnaround services are designed to help struggling companies get back on track through financial restructuring, operational improvements and strategic planning*. Whether needing to recover from damage already done or smartly anticipating the need to strengthen defenses to weather the storm ahead, the goal of turnaround services is to identify the root causes of the company's difficulties, develop a plan to address them and execute with clear milestones and accountability.

Should you manage the turnaround yourself? Simply put, no. The skills that brought you to the leadership position you are in today are not the specialized skills needed to manage a turnaround.?Bringing in a skilled turnaround specialist greatly increases your chances of success while allowing you to stay focused on running the business.

Takeaway: If your company is struggling, turnaround services can provide a lifeline, but timing is critical. The longer you wait, the fewer the options and the more difficult the turnaround. By acting quickly and decisively, you are helping ensure your company is tuned for long-term success*.

Additional Resources. Whether you're in need of affordable turnaround services or looking for a graceful exit, we invite you to reach out:

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Website: www.synergyllc.net

Email: [email protected]

About Gary Nacht and Synergy Enterprises

Founded in 1995, Synergy Enterprises specializes in acquiring and advising distressed and underperforming companies with revenues ranging from $10 million to over $1 billion across various sectors, including retail, wholesale, distribution, manufacturing, real estate and technology. Our proprietary 10-Step Turn Around Process enhances company performance, boosting profitability, cash flow and liquidity to the advantage of all stakeholders, including company owners, executives, lenders, and investors.

* For companies that aren't in distress but are interested in a pre-emptive review and risk assessment of its finances, organizational structure, operations and strategic planning, Synergy Enterprises also offers a "light" version of its proprietary 10-Step Performance Review and Analysis that identifies potential areas of exposure while highlighting and suggesting on-the-ground, practical improvements that will deliver increased profitability, liquidity and cash flow.