What is Business Turnaround? - Business Finance

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Business Turnaround

When a business is suffering from financial difficulties and becomes distressed or insolvent, there is a range of measures that can be put into place to turn it around.

If you find yourself in this situation a Business turnaround specialists can advise you on all the possible options available to you.

Business Turnaround Specialists

A professional business turnaround specialist will be able to assess your business and will be able to provide you with an objective view on your business situation; they may also be able to identify the root cause of the businesses problems. Following this they will be able to suggest a variety of solutions that can be used to turn around your business.

If your business is suffering from financial difficulties you may find this time very stressful and distressing, however by working with a business turnaround specialists they can take some of the pressure off as they are experts in this field and will have a wealth of experience of dealing with businesses in a similar situation to you.

The following tasks may be performed by a Business Turnaround specialist in order to turnaround your business:

  • Examination of your management accounts and order book
  • Formulation of a business turnaround strategy, including timeframes, financial elements and how success will be measured
  • Implementing a change management plan to manage the impact of the turnaround on employees
  • Formulating a Communication strategy to notify all staff and get buy in
  • Communicating and renegotiating terms with banks and lenders on the turnaround plans
  • Communicating and renegotiating payment terms with suppliers
  • Identifying assets which can be liquidated
  • Assessing and reducing overheads
  • Managing redundancy process if needed

Finding the right specialist

Just because your business is having some problems it doesn't necessarily mean that your options are limited or that there is a limited range of support available to you. There are many Business Turnaround Specialists advertising their services in the market place so it's a good idea to speak to a few before you decided what action to take.

As well as finding the right professional to help you, there is a wide range of funding options available which can help.

The funding options can include:

  • Invoice Financing
  • Stock financing
  • Asset financing
  • Property financing

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This website has been written and intended for registered limited companies in the UK only. The site contains general information and resources for limited companies only in financial trouble. Insolvency Helpline only work with limited companies to offer solutions for their business debt problems. Insolvency Helpline cannot offer help or advice any other entity except limited companies. Insolvency Helpline does not advise individuals, sole traders or partnerships seeking debt advice. If you are an individual, sole trader or partnership seeking advice, we recommend using an alternative service.

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Tel: 0800 668 1391 | Email: info@insolvencyhelpline.co.uk | Web: www.insolvencyhelpline.co.uk