Surviving or Thriving in a Recession
Revenue is down.
You're bleeding cash every day.
You're feeling like you are no longer in control of the future of your business.
A downturn causes stress. All of a sudden your business changed. From setting ambitious goals, to fighting for survival. From hiring to firing and from decisions where to invest, to decisions where to cut investment.
These dramatic changes require a different style of management. To avoid your business hitting rock bottom, you need to turn it around.
FiRST: Our Turnaround Approach
Turning around your business is never easy. You don’t know what is around the corner.
What you do know is that something needs to change - the numbers don't lie. Yet the numbers are only half of the story.
A structured approach helps you take back control of the numbers. When you are in control, you know where you are and how you can position yourself stronger for renewed growth.
Based on our experience, we have developed the FiRST approach: Financial Recovery Strategic Transformation - a 4 step approach to help you turn around:
1 Stop The Bleeding
Executing a successful turnaround takes time. But in a crisis situation where the business is bleeding, time is scarce.
Priority #1 is to create time – and for that the first thing we do is stop the bleeding.
2 Diagnose The Situation
Understanding what is going on. Where is industry your industry moving to? What are short term and long term shifts? How does this fit with your core business?
For most online businesses - the industry shifts in your advantage.
3 Reset Your Goals
Looking at the new landscape – where do you want to go? Can or should you aim higher? How and where can you realize growth in the new environment?
Turbulent times may provide opportunities to do acquisitions.
4 Design Your Roadmap
Achieving your new goals needs a clear roadmap. What products or services do you need to add? Which ones should you scrap? Where do you need to cut costs?
A clear and realistic plan is essential to thrive after a turnaround.
Want to turnaround your business?
Make sure that you not only survive, but thrive during hard times.
Schedule a call with us to find out how we can help: