Is your business going through tough times–struggling? A recent article, Three Essentials to Mastering the Turnaround by T. Scott King says turning around your business isn’t as easy and direct as fixing operations, stabilizing finances and containing costs but goes well beyond basic business issues.
Here are three turnaround tips to help your business stand and thrive:
- Be realistic
Seeing your struggling business through rose-colored glasses can waste valuable time. When you deal in reality, you address issues directly and promptly. You cut costs and streamline your budget to fit the business trend.
Exhibit leadership and build trust by laying out business realities and the tough steps that need to be taken.
- Be honest
Don’t keep bad news hidden. As you enter into the turnaround phase, it is important to be direct.
Build confidence, alignment and support by presenting the recovery plan. Ask for your team’s support and ideas. Chances are most of your team will rise to the challenge.
Honesty, openness and directness can build confidence and gain the level of support that you need to restore positive momentum.
- Be strategic
You need to be planning for growth while cutting costs.
Evaluate and redefine your business structure –get insights from team members to create the final idea. Also, external resources can help facilitate focused collaborative “ideation” sessions–this can be motivating when conducted correctly; it can break down obstacles and galvanize an organization that has gone through tough times.
It also can build “shared advocacy” for the way ahead and lead to creating an important and effective strategic plan that includes realistic timelines, roles and responsibilities and of course, financial benchmarks.
While cutting costs and planning for future growth form part of your business recuperation, YourOffice offers flexible agreement terms and office plans, ensuring the right set-up for your struggling business and different options to support future growth. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team office space and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.