I love a good turnaround. Now, don’t get me wrong – I don’t love it when a company gets to the point of needing a turnaround. But, let’s face it. It happens. And when it does, I love being able to come in and help them right the ship and excel.
For those of you fortunate to have avoided this delicate state, a turnaround is when a company has gotten into dire straits financially and/or operationally and needs some triage to get them back to efficient, effective and profitable. Sometimes a turnaround is quick and sometimes it can takes several months or maybe a year.
If you find yourself in the position of not knowing how to get your business on track or feeling the crunch of impossible to cover bills or worse – the thought that you may not be able to save it, there are some key questions to ask yourself before deciding the best course of action.
1. Is your business viable? I have a profound belief in small businesses. My team has done turnovers in even the most dire of situations. But, unfortunately, there are those businesses once in awhile that don’t make it. You need to ask yourself (or even better, do some analysis with an unbiased outside party) whether the fundamentals of the business are sound. Can you get to profitability with your current product mix, cost structure and team?
2. Is it worth it? Once you decide that it is possible to get your company to a profitable state, is there enough left over to make it worth it for you? If at the end of the day, the profit that is left over for you is negligible, are you sure that you are not just buying yourself a low paying job?
3. Do you love it? Being a small business owner, can be one of the hardest jobs on earth. But at the same time, the most rewarding. You have to love it and be willing to do what it takes to make it. Are you passionate about your small business?
If the answer to all three of the above questions is a resounding YES, then you are a great candidate to take the steps to turning around your company and making it the massive success you always knew it could be. Not sure about the answers to these questions? Give us a call. We can help walk you through the decision making and analysis to decide the best course of action. And if turning it around happens to be the answer, VAST will be with you every step of the way!