Parker Revenue Growth Strategies

Key Elements to the Business Turnaround Process

May 12, 2023By William Parker

WP

As a business growth strategist who specializes in turning around distressed companies, I’ve learned to identify the warning signs that indicate when a business is in trouble. These signs can range from declining sales and profitability to cash flow issues and employee turnover. When a company exhibits these symptoms, it’s essential to act quickly to address the underlying issues and implement a turnaround plan.

With so many businesses struggling to navigate the complexities of today’s economy, it is more important than ever for companies to have access to the expert guidance and support that we provide.

Whether your business is facing financial challenges, struggling to stay ahead of the competition, or simply looking to take your operations to the next level, our team has the expertise and experience to help you succeed.

In this article, I’ll be sharing my insights on the key elements of our business turnaround plan; our approach can help you regain your footing and chart a course toward sustained growth.

By focusing on the core components of our turnaround plan, we can help businesses overcome a wide range of challenges and achieve success even in the most difficult economic environments. So if you’re ready to take your business to the next level, keep reading to learn more about how we can help you get there.

Signs of a Company in Distress

4 boxes showing the different areas of the signs of a company in distress. Top left: working capital; top right: financial; bottom left profitability outlook; bottom right: employees

Key Elements of the Turnaround Plan

Develop A Turnaround Story
All stakeholders want to know the end game and exit strategy. Must build a communications strategy to lenders, alternative financial institutions and judges.

The Team
Must have a knowledgeable and experienced restructuring attorney and trusted advisors that add value to the process. Cultivate or replace key employees; someone is responsible for the deteriorating performance of the company.

Review the Strategic Options
Stabilize finances, deleverage the balance sheet and improve cash flow. Make the financial institution a major partner in the restructuring process.

Business Turnaround and Restructuring Process

3 by 3 graph outlining the steps of the business turnaround & restructuring process

We gain an understanding of how key value drivers are working across all business units in the company. Next, we develop a strengths, weakness, opportunities and threats {SWOT analysis} analysis with management that leads to the operating plan {objectives, strategies, action steps, responsibilities and due dates} that delivers results with a high sense of urgency.

PRGS determines how the business owner will manage the ‘Discipline of Execution’ with the operating plan. We select the right operating partners to work inside the company to ensure execution of the plan and deliver results.

Parker Revenue Growth Strategies utilizes the services of C-level executives, bankruptcy and restructuring attorneys, special assets departments of financial institutions and other trusted advisors as needed. This permits PRGS to develop a detailed review of business health and a roadmap for value creation with a low cost high impact delivery system.