Businesses fail everyday but very few are turned around to become a success. The Business Turnaround Workbook presents why businesses fail and what can be done to turn them around.
Small businesses face challenges as they react to today’s changing environment, yet they have flatter structures, simpler objectives, lower levels of vertical and horizontal complexity, formalization and decentralization, are often family owned, and the decision-making usually rests with the owner. Therefore change, the cornerstone principle that must be adopted in order to succeed in a small business, can be more easily implemented if things are not going well.
Some may resort to access finance in the form of a loan to get the firm out of trouble temporarily and even postpone failure, yet it is not sufficient if the organization’s operations and strategy are fundamentally flawed.
Can failing small businesses survive?
There are many dimensions involved when discussing business failure and success. On average, only one in four of the businesses that suffered declining performance for at least three successive years, actually manage to recover. Therefore of those businesses suffering significant and/or sustained declining performance, a greater number proceed to fail rather than recover.
However a failing businesses can be turned around and many firms have in fact recovered from crisis to become very successful. The Business Turnaround Workbook looks at the main elements applicable to a successful turnaround in the context of small businesses and startups and how during the period of turnaround a business can deal with this dynamic change scenario in order to emerge from the brink of crisis.
A failing business often has to undergo drastic changes during the turnaround process and organizational management and change are the most important prescriptions for sustainability.
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KICKSTARTER CAMPAIGN LAUNCH: 15 February 2017