In Business Since 2001 We accept Paypal
Home Article Directory
More from Bill Platt
"Bill Platt for Book Authors" Youtube Channel
Training for Book Authors
Other Resources for Book Authors & Publishers
FictionPlots.com (350+ Plots & counting)
Please Support Our Advertisers

 
D9 Hosting


Business Turnaround: An Overview of How to Best Enhance Your Company's Finances

Copyright (c) 2010-2023
(See This Article in its Original Format.)

A successful business turnaround requires the owner to take certain steps to become a profitable enterprise. By taking the following actions, you can reorganize your company and produce positive cash flow.

1. Good decision making requires a stable environment.

In order to transform your business into a more profitable enterprise and achieve business turnaround, you must take action and stabilize the situation. In doing so, you will have the opportunity to make good decisions that benefit your company. It is essential that you create and then maintain a positive cash balance; otherwise, your business can fall into serious debt from which it will never recover. This kind of cash management will keep your business alive as you make decisions that affect your company in the short and long term.

2. Discover the root cause of your company's issues.

You will not achieve a business turnaround without identifying and then repairing the problems your company faces. You must carefully study why your business has financial problems and use comparative financial analysis when making this determination. It may be your costs are too excessive when compared to revenue. Perhaps an unexpected competitor has taken some of your sales.

3. Make the necessary changes to make your company profitable.

You may have to reorganize your business in order to become profitable. You must identify which products or services make money and which don't. The products or services that are profitable are the foundation of your reorganization; you should maintain those while discarding the ones that are not money-making.

4. Create a plan that your creditors will back.

The relationship between your business and its creditors must remain positive. You must keep them updated on your objectives, forecasts, and how you will change your company so that it becomes profitable. Creditors want to know your business turnaround plan; they want to trust the debtors are doing all they can so that the creditors will receive a good return on their investments. For this reason, you must apprise them of any kind of business turnaround plan so they can make any necessary concessions.

5. Prioritize how you will reimburse your creditors.

A good business turnaround plan would have you sort your creditors in two groups: those that you depend on and those you can replace. It is important that the business owner maintains strong connections with the first group, whereas the second group is not a priority, and you can consider hiring a debt negotiator to get out of these debts.

6. Carefully execute the plan.

Business owners often fail to execute their business turnaround plans. Such plans require persistence, yet business owners sometimes grow impatient and turn back to sales instead of focusing on their cash flow and working with their creditors. As a result, nothing will change and there will be no real recovery.

7. Expand or sell the business.

Finally, business owners should know when to maintain the company and when to sell. After using your business turnaround plan, the company will, ideally, become profitable. The business owner will then have learned from previous mistakes, and the company will thrive and grow. However, the owner may simply lose interest in the business and should sell while it remains a profitable enterprise.


About The Author: Shop Amazon - Top Gift Ideas
Thayne Carper spent 4 years of college competing in student business plan competitions. He's never won a business plan competition and was dropped from his college's entrepreneurial program for lacking potential. Today, he is one of the youngest published experts on the topic of business turnarounds and cost reduction. Visit his website lower supply costs up to 30% for a copy of his report "The Definitive Guide to Doubling Your Profits in less than 6 Months" and learn how you can easily lower supply and service costs up to 30% without hiring a consultant. Learn more: http://www.ThayneCarper.com/

VOTE ON THIS ARTICLE
Needs Work >> 0 - 1 - 2 - 3 - 4 - 5 << Excellent Article

Tell our authors what you think about their article.



Top-Level Category: Business Offline Articles || Related Categories: Business Online Articles

10 Most Recent Articles Written by Thayne Carper

Maximizing Profits by Lowering Health Care Costs in an Obamacare Society
Written by: Thayne Carper | Distributed: 2010-07-27 | Word Count: 920 | Page Views: 4616 | Votes: 5 | Rating: 0.40
Health care costs are a growing concern amongst small and large business owners throughout America. The cost of medicine in the United States is out of control. Because of the rising health care costs, employers are forced to reduce bonuses, reduce spending, and sometimes layoff employees, which increases stress.

Increasing ROI by Improving Business Sustainability in a Cash-Strapped Economy
Written by: Thayne Carper | Distributed: 2010-04-20 | Word Count: 908 | Page Views: 4291 | Votes: 5 | Rating: 0.40
During times of economic uncertainty and staggering consumer confidence levels, companies seek alternative measures to increase business sustainability. Businesses incur additional costs to cover operational expenses; however, companies unintentionally waste their revenue on excess supplies and inefficient policies.

Business Turnaround: Locate and Isolate the Root Causes of Your Company's Problems
Written by: Thayne Carper | Distributed: 2010-04-13 | Word Count: 529 | Page Views: 4050 | Votes: 6 | Rating: 1.17
When seeking business turnaround, one of the first things you need to do is to determine the root causes of your economic woes. Your company may have financial problems for a plethora of reasons, which your business turnaround plan will have to consider.

Cost Reduction: Cutbacks Are Unavoidable
Written by: Thayne Carper | Distributed: 2010-03-15 | Word Count: 497 | Page Views: 5115 | Votes: 8 | Rating: 0.75
Good cost reduction means you must slash your expenses and costs when possible, provided that this does not affect your product quality or harm your operations. There are numerous approaches to cutting expenses, and you cost reduction plan must identify where you can save money.

Business Turnaround: Stabilize Your Environment with Positive Cash Management
Written by: Thayne Carper | Distributed: 2010-03-10 | Word Count: 531 | Page Views: 5066 | Votes: 4 | Rating: 0.50
A good business turnaround requires you to stabilize your environment; without this step, your business will likely remain unprofitable.  Maintaining both a positive cash balance and abiding by a smart budget is vital. 

Business Turnaround: Reorganize Your Company and Focus on Its Profitable Areas
Written by: Thayne Carper | Distributed: 2010-02-25 | Word Count: 539 | Page Views: 4253 | Votes: 4 | Rating: 0.50
After you have determined the root cause of your company's problems, you must now reorganize to make your company profitable. All companies have strengths and weaknesses, and it would be wise to recognize which areas are assets to you and which need improvement.

Cost Reduction for Business: How to Best Manage Your Costs
Written by: Thayne Carper | Distributed: 2010-02-23 | Word Count: 506 | Page Views: 6161 | Votes: 8 | Rating: 1.63
Companies have to use various forms of financial studies - estimates, budgets, forecasts, analyses, and evaluations - to report and control their costs.

All of Author's Articles on this site:

Most Recent "Business Offline" Articles

How To Build a Strong and Powerful Business During a Recession
Written by: Trey McMartin | Distributed: 2011-11-10 | Word Count: 987 | Page Views: 6718 | Votes: 6 | Rating: 0.83
During a recession, most business owners pull the reins on advertising budgets, fearful of what tomorrow might bring... Those who remain fearful have forgotten what made them the success they are today... They have forgotten that they have a God-given talent to overcome the incredible obstacles in their paths.

SEO Lessons from Local Businesses
Written by: Trey McMartin | Distributed: 2011-11-09 | Word Count: 945 | Page Views: 6801 | Votes: 5 | Rating: 0.40
More than once in the six years that I have been providing SEO services for websites, I have had the opportunity to discuss with individual business owners their search engine optimization needs. Now and again, I run across an individual business owner who is quick to say that SEO is absolutely worthless. When confronted with such an absolute statement, I like to press for details. It has been my experience that people who speak in negative absolutes will have a horror story to share.

Where Will FDA Target Next? What IVD Manufacturers Should Know Before Their Next FDA Audit
Written by: Norm Howe | Distributed: 2011-09-12 | Word Count: 706 | Page Views: 537
Medical device manufacturers are always interested in knowing what FDA's next area of focus will be. Well, if you're an In Vitro Diagnostic manufacturer you might review your measurement systems.

Online Fax - 10 Reasons To Get An Online Fax Service
Written by: Titus Hoskins | Distributed: 2011-09-12 | Word Count: 560 | Page Views: 542
Online faxing is the new more modern way to fax. If you or your company is not using an online fax service, here are 10 good reasons why you should get it.

Best Effort Essential for the Job Interview
Written by: Barbara Wulf MS, ACC, CPCC | Distributed: 2011-07-30 | Word Count: 676 | Page Views: 632
Interviewing will determine if you are the right person for the job. These tips will help you make the job interview a success.

Go Green With Your Career Search
Written by: Barbara Wulf MS, ACC, CPCC | Distributed: 2011-07-28 | Word Count: 636 | Page Views: 5576 | Votes: 4 | Rating: 0.50
Many of the qualities of green living, like recycling and sustainability, can apply to a career search, even if the career is not directly associated with green industries.

ReCareer in the Second-half of Life
Written by: Barbara Wulf MS, ACC, CPCC | Distributed: 2011-07-26 | Word Count: 525 | Page Views: 5566 | Votes: 5 | Rating: 1.20
Many of us worked the first half of our life to "fit" the job description. ReCareering is about finding the right fit, being selective, being creative, being fulfilled and being intentional about how you spend your time.

Up in the Air
Written by: Barbara Wulf MS, ACC, CPCC | Distributed: 2011-07-24 | Word Count: 678 | Page Views: 598
When looking for work or changing careers, go beyond researching on the internet and reading articles. Find out how you can learn from the art of listening and having a conversation.

Salon and Spa Owners: Which Monk Are You?
Written by: Dan Lok | Distributed: 2011-07-05 | Word Count: 477 | Page Views: 6369 | Votes: 7 | Rating: 1.00
Too many salon and spa owners are carrying around a lot hurts, regrets, guilt, past failures and fears about the future. But no one is forcing you to carry these emotional rocks, so put that sack down!

The Single Most Profitable Day You Spend on Your Spa or Salon!
Written by: Dan Lok | Distributed: 2011-06-30 | Word Count: 470 | Page Views: 6682 | Votes: 5 | Rating: 0.20
Salon and spa owners need to combine their marketing plan with marketing systems. A marketing calendar plans out strategies for a year, and is instrumental to the success of your spa or salon.

Most Viewed "Business Offline" Articles

How To Write A 300 Page Book In Four Months
Written by: Mark Silver | Distributed: 2008-07-15 | Word Count: 821 | Page Views: 40174 | Votes: 8 | Rating: 1.38
There's a lot of hoopla about becoming an author of your very own business book. The promise of fame and fortune is very alluring. Yet your book remains perpetually 'about to be' written. Meanwhile your business has ground to a halt. Hmmm... might there be a better way to get a book written?

The Best Marketing Book I've Ever Read (You'll Be Surprised)
Written by: Judy Murdoch | Distributed: 2007-05-09 | Word Count: 1522 | Page Views: 37316 | Votes: 17 | Rating: 3.18
From time to time someone asks me to recommend marketing books. Here's one of my favorite marketing books that always surprises people. Curious? Read on.

The Bizarre History Of The HOLLYWOOD Sign
Written by: Morris Timlen | Distributed: 2008-11-05 | Word Count: 1211 | Page Views: 34880 | Votes: 30 | Rating: 2.70
The most famous sign in the history of mankind is the one that graces the side of the hill above Hollywood, California. As famous a landmark as the Christ the Redeemer statue in Rio De Janeiro, the Eiffel Tower in Paris France, the Great Pyramid of Giza in Egypt, The Church of the Savior on Blood in Saint Petersburg Russia, and the Statue Of Liberty in New York City, the Hollywood sign is known around the world as the symbol of the American movie industry.

What Does It Take To Be A Successful Salesman?
Written by: Casey Moher | Distributed: 2008-08-05 | Word Count: 930 | Page Views: 27515 | Votes: 84 | Rating: 3.17
In the course of my average workweek, I meet people who tell me that they have no sales experience, and very literally, many will tell me that they could not sell if their lives depended on it. Do you fit into this mold? Do you seriously believe that you can sell me on the idea that you cannot sell things?

The Future of the Office Photocopier Industry
Written by: Jennifer Robinson | Distributed: 2010-07-29 | Word Count: 635 | Page Views: 15904 | Votes: 39 | Rating: 2.00
Since Xerox first invented and sold the first commercial photocopy machine companies and organisations have paid for use of the machine on a cost per copy basis. This has traditionally included full maintainance and toner supplied under a service agreement. In-fact the office photocopier is unique in the fact its one of the only pieces of equipment that comes without a warranty from new. But photocopier expert Online Connect UK claim all that is about to change.

Never Write A 'Thank You' Letter Again
Written by: Perry Maisin | Distributed: 2008-08-12 | Word Count: 971 | Page Views: 14948 | Votes: 22 | Rating: 2.09
When I was in graduate school, I had a friend who interviewed at fortune 500 companies and succeeded at landing a great job. One day, I saw him sitting in the student union with a stack of cards. The cards said 'thank you'. He opened each card and signed his name. The inside of the card was blank. I asked him what he was doing and he told me that it was important to send a 'thank you' to every person you interviewed with. He believed that that was the difference between getting the job and being passed over.

Selecting Between a 401(k) And 403(b) For a Nonprofit
Written by: Daniel Lamaute | Distributed: 2007-10-11 | Word Count: 333 | Page Views: 14621 | Votes: 22 | Rating: 2.27
Newly released IRS regulations impose several new requirements and fiduciary responsibilities on employers with 403(b) plans. While the regulations generally don't take effect until January 1, 2009, there are some provisions that apply sooner.

Conducting Effective Career Aspiration Discussions with Employees
Written by: Andria L. Corso | Distributed: 2010-03-10 | Word Count: 690 | Page Views: 13644 | Votes: 12 | Rating: 1.33
Enhance your talent management and development programs through conducting career aspiration discussions with your employees. Find out where they want to grow their career to determine if it matches your business needs. This will enable you to differentiate your employee development to grow the future leaders of your company.

Top Ten Personal Habits
Written by: Laurel Vespi | Distributed: 2009-09-08 | Word Count: 427 | Page Views: 13356 | Votes: 12 | Rating: 2.08
Successful people have a regular routine of daily or weekly habits that reinforce the things that are most important to them. By practicing a set of personal success habits, they maintain a positive outlook, keep focused on their priorities, have more energy, and a greater sense of satisfaction with life.

Pitch A No-Hitter With Baseball-Themed Flower Gifts
Written by: Wesley Berry, AAF | Distributed: 2007-12-25 | Word Count: 413 | Page Views: 11863 | Votes: 27 | Rating: 1.74
Want to send a gift to the baseball fan in your life that's sure to knock one out of the park? Send flowers with a baseball theme! Everyone loves flowers and when you personalize them to include the recipient's favorite hobbies, like baseball, they're sure to make an even greater impression.

Highest Ranked "Business Offline" Articles

Equal Opportunity Pizza Ordering
Written by: Rudy Vener | Distributed: 2007-10-19 | Word Count: 629 | Page Views: 5381 | Votes: 10 | Rating: 3.60
With online ordering, your menu and restaurant suddenly become accessible to both the deaf and blind customers in your community.

Lone Wolf --- Lead Wolf: The Evolution of Leadership
Written by: Rick Johnson | Distributed: 2006-07-20 | Word Count: 1826 | Page Views: 4464 | Votes: 19 | Rating: 3.47
Family owned organizations, both small and large, with succession issues, family preparation and second and third generation leadership issues have been subjected to the evolution of leadership. These organizations are often founded by an aggressive, highly talented entrepreneur. Many of the principles of leadership that helped build the success that the organization enjoyed in the past is not the type of leadership that will maintain that success through generations of ownership.

Get the Balance Right
Written by: Rich Thawley | Distributed: 2009-01-28 | Word Count: 638 | Page Views: 4009 | Votes: 15 | Rating: 3.33
Do you build your business around your family or your family around your business? The choice is yours.

Delegate Or Die: 6 Steps For Business Growth
Written by: Rick Sloboda | Distributed: 2007-05-08 | Word Count: 366 | Page Views: 3720 | Votes: 24 | Rating: 3.29
To achieve business growth, you need to focus on your strengths and hire others to take care of the rest. Unfortunately, entrepreneurs often fail to employ this fundamental business growth strategy. Here are six steps to help you delegate successfully.

Whose Restaurant Can You Find Online?
Written by: Rudy Vener | Distributed: 2007-07-09 | Word Count: 640 | Page Views: 5102 | Votes: 7 | Rating: 3.29
What is so significant about Pizza Hut's latest TV commercial?

Why Businesses Need Receivable Factoring In Cash Flow Management
Written by: Toby Seibert | Distributed: 2007-08-08 | Word Count: 866 | Page Views: 7484 | Votes: 7 | Rating: 3.29
In today's business environment, many businesses need to fine-tune the process of getting paid on invoices, in order to improve their cash on hand. Improving cash flow can be an ongoing challenge for businesses of all sizes, and it is an issue that must be addressed to ensure the long-term viability of the business.

Boost Retention And Referrals In Your Insurance Agency
Written by: Stephanie Cunningham | Distributed: 2007-10-23 | Word Count: 707 | Page Views: 2684 | Votes: 7 | Rating: 3.29
If you have ever stayed at a nice hotel, then you have probably seen the hotel's Concierge. The role of the Concierge is to assist guests with information and service to enhance their stay. What would happen if you took the idea of the Concierge and applied it to the way you service your agency clients?

Business School for Non-Business Minds: Got a NAICS Number?
Written by: Melissa Mashtonio | Distributed: 2008-04-15 | Word Count: 423 | Page Views: 5209 | Votes: 7 | Rating: 3.29
I’m a journalist. I spent a lot of my career in the news business. As my career has progressed, I’ve spent time at small and large companies, and I have sat through dozens of business meetings wondering what the heck the “money” people are talking about. They used acronyms as if they were a foreign language.

The Problem With Swiping Sales Copy
Written by: Scott Bywater | Distributed: 2009-12-03 | Word Count: 480 | Page Views: 5198 | Votes: 7 | Rating: 3.29
This is what people miss when they try to simply "swipe" sales copy from another advertisement.

Why 'Closing' Is Not The Most Important Part Of Making A Sale
Written by: Scott Bywater | Distributed: 2006-08-29 | Word Count: 553 | Page Views: 6421 | Votes: 31 | Rating: 3.26
If you ever thought that 'closing' was the single most important key to sales success, then pay close attention, because what I'm about to share may surprise you. Let me explain:











Download an eBook today
 
Directory Navigation
Locate By Category:

ALL Categories
Arts & Crafts
Arts & Entertainment
Automotive
Business - Offline
Business - Online
Career
Computers
Education
Family
Finance
Food & Drink
Health & Wellness
Home & Garden
Humor
Internet
Nature & Pets
Real Estate
Religion
Self Improvement
Shopping
Society
Sports & Recreation
Technology
Travel & Leisure
Uncategorized
World Events
Writing & Speaking

Change Number of Results:
50 - 100 - 200 - 500
Article Reprint Rights
Creative Commons License

This work is
licensed under a
Creative Commons
License


You are not required to show the creative commons license notice when you reprint this work.
Article Statistics
Word Count: 539

Total Views: 3809

Article Rating: 1.00 of 5
Votes Cast: 4

More Articles By Author:



Last Distribution Date:
2010-02-18 11:00:00

Internal ID: #7342





All Articles are Copyright © 2001-2023 of the Defined Authors.

All other material and images on this site are:
Copyright © 2001-2023, ThePhantomWriters.com