“If you do what you have always done, then you get what you got.” What is the definition of insanity? “Doing the same things over and over, but expecting a different outcome.” Sort of over used quotes but none the less still true. So is this one: “Successful people are willing to do what unsuccessful people aren’t willing to do.” In business these can mean a turnaround or a restructure. Sometimes it might mean that it is time to call it quits.
Gary and his team at Numerico PC can help you make the tough decision. They will work with you to see the value in making big changes. This may include looking at liquidity of assets to improve cash flow management, possibly obtainment of additional financing and advice in possible loan to manage negotiations. They will be objective throughout their consultation with you about what really needs to happen to accomplish your goals or overcome a challenge. Sometimes being too close to the circumstances or too emotionally invested will inhibit your decision making ability. Gary and his team well help you create new habits, smarter systems, waste less and market more efficiently.
Some great practices to strive for:
Get a handle on your cash flow. This is the key step in the restructuring process. Understanding the cash flow at your company is imperative. How much you are spending and why you are spending it is the most telling thing about your company’s position. You also need to understand exactly where the money is coming from and when you can expect to receive payments from customers or clients.
Find the profitable core of the business. What is your most profitable service, product, building or human resource? Keep in mind that the profit center is neither the founding service nor the one brainstormed most recently. It isn’t always the most exciting product or the one you are most passionate about. The profit center of your business is the area in which you take in the most amount of revenue for the least expense. Find it and multiply it.
Develop a financial and organizational plan. Focus on that profitable items above and invent and implement systems that produce more of it and promote it. Figure out why that particular element of your business is successful and figure out if you can have different versions of it with the same success. Maybe it is how you launched and executed that particular element that made it successful and you could approach other aspects of your business the same way. Then find the unprofitable service, product, building or human resource and cut them. If you want a different outcome than what you have had so far, don’t be afraid to cut what isn’t working.
Turn on your team and run with it! Get your board together or your key employees and get excited about these new and powerful changes! Operation turnaround consulting is something Gary and his team can coach you through.You must have the support of the people in your company to succeed with any type of change or restructuring. This is a critical phase – many great ideas and initiatives are failures because there is a lack of quality execution. Carry out your plan and prepare to be successful in all you do!
