In this blog category, you will find blog posts related to turnaround management and bankruptcy.
According to Conversion, 54% of millennials will cut off business due to poor customer service. 50% of Gen Xers and 52% of baby boomers agreed. Give your customer service department a makeover with these nine tips for improving your company’s customer service strategy. 9. Get to know your customers Understanding Read more…
Cash flow management is one of the most crucial elements of a successful business. Many people mistake cash flow for profit. They are actually two separate concepts, but closely related – cash flow management deeply impacts a company’s profitability. Cash flow refers to the difference between the money coming into Read more…
Businesses must first have financing in order to undergo a successful turnaround. The key to planning a successful turnaround is finding the right financing partner. Even the most promising companies will not survive a turnaround without financing. Your financing partner should be flexible and willing to work with you and Read more…
While not all companies can return from a crisis, most can be saved with the right strategy and people working together. First, in order to be able to lead a company out of a crisis, the company must have three things: Strong roots. A business with a good history and Read more…
A study by Nonprofit Quarterly found that the most effective board-CEO relationships place more emphasis on flexibility, dialogue and utilizing each person’s unique abilities than on prescriptive roles and responsibilities. Additionally, the board-CEO relationship should be dynamic and constantly evolve as each person learns, adapts and accommodates to different styles. Read more…
Corporate social responsibility (CSR) is getting more and more important as consumers demand more from corporations. They want to know that the money they spend is helping to make a difference. “The events over the past year have ignited a groundswell of activism on very divisive topics and Americans are Read more…
Why do some businesses fail and others thrive? According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. Typically, 20% of small businesses fail in their first year, 50% in their fifth year and 70% after a decade. As demonstrated by the sheer number Read more…
According to Investopedia, a turnaround refers to steady, positive movement experienced after a significant period of performance decline. There will always be distressed businesses that need saving in our competitive, ever-changing economy, which is exactly what a turnaround is intended to do. Yet, there are many misconceptions about turnaround management Read more…
It was announced earlier this month that retail giant Toys”R”Us will be closing all of its stores this year. The demise of the toy company comes as no surprise, as several other once-booming retail stores have also declared bankruptcy, including Payless and Claire’s. Sears is also facing a shutdown and Read more…
Even corporate giants like Apple and Netflix have come close to failing, but with a well-organized and thoughtful turnaround strategy, almost any company can experience a revival. For example, when Best Buy was in trouble in 2012, CEO Hubert Joly presented his five-pillar “Renew Blue” turnaround plan. The plan included Read more…