Focus Management Group: January Month in Review
Each month we post an overview article that covers our recent company articles, announcements, and insights. Below is for the month of January.
How to Transform Your Business Using a Turnaround Management Professional
No business is immune to the challenges of remaining competitive in a rapidly changing economy, but 2023 is going to be an unprecedented period of change for businesses. From decreased customer demand to declining profits to customer service issues, businesses are finding themselves in a difficult position with no easy solution in sight. Fortunately, there is an often-overlooked solution in the form of turnaround management.
Turnaround management is a specific set of strategies and practices that are used to transform a struggling business into a profitable and successful one. This process involves identifying and addressing the business’s weaknesses, as well as developing a plan to maximize the strengths of the business. By utilizing the skills of turnaround management professionals, businesses can use their resources more effectively and increase their profitability.
Read more here to learn about the steps to successfully transforming your business:
Are Your 2023 Operating Lines Sized and Structured Properly?
With December 2022 financial results completed, it is time to re-evaluate the 2023 forecast and consider working capital needs. Lines of credit often renew after the calendar year end; therefore, this is the opportunity for the borrower and its lender to evaluate the size and structure of the line of credit used to support working capital needs.
Undertaking this type of working capital and operating cycle analysis is especially important today. Companies have dealt with large commodity price swings and with rising overall input costs.
With this backdrop, working capital planning becomes more critical.
Read more here to learn about the steps you should be taking!
How to Spot the Signs Turnaround Management Can Help a Business
When a business owner hears the term “Turnaround Management” from its lender, the immediate reaction often focuses on being upset that there is the implication that a turnaround is needed. This reaction puts a healthy relationship with turnaround management experts at risk from the start.
If the business owner would instead take the approach that there are always ways to improve, and turnaround professionals have a unique way of quickly analyzing a business and identifying discussion topics and recommendations that will improve the overall performance of any business, the use of a turnaround professional could be a valuable process for any business.
Challenging current management strategies and analyzing financial, operating and sales performance is a healthy business checkup for every business.
Here are 7 key signs that a business may need turnaround management: