Tag Archives: Entrepreneur

Raising Money: So you are thinking of raising money for your business from Venture Capital firms?

To Get Venture Capital Funding, You Must Begin Thinking Like a Venture Capitalist When Raising Money!

When raising money, think like a venture capital. For many entrepreneurs, success begins with a great idea. However, how do you get this idea off the ground?  Raising money is needed for your company, but how do you attract investors?

Venture-CapitalMany young, emerging growth companies, understand that venture capital serves as an alternative.  Often, venture capital provides cash funding in raising money, which is exchanged for shares in the business and an active role in the enterprise’s future.

In January the National Venture Capital Association, one of the trade associations representing the U.S. venture capital industry announced the results of its industry paper, MoneyTree Report, on venture funding for fiscal year 2012.  The Association with PriceWaterhouseCoopers reported that venture capitalists invested about $26.5 billion in 3,698 deals last year. The report showed declines in both dollar and deal transactions down about 10% and 6%, respectively, from 2011. Fiscal year 2012 was the first drop off in venture capital activities in three years.

Economic uncertainty hindered the growth in new investments. As a result, many venture capital funds shrunk during the year. Venture capital firms have increased fund reserves  to support funding of current  investments and have become more discriminating in assessing new deals.

Understand that before a venture capitalist takes on higher risk the firm will determine the upside pay off. What this means is that the entrepreneur must do his or her homework to meet the expectations of the venture capital firm in raising money.  This is a two-way street.

Venture capital funding comes with a price. Some of the considerations the venture capital firm will review in raising money when assessing a potential investment include:

  • Enterprise leadership.  Evaluating the background, knowledge, and business acumen of the leadership teams is most important. Can the company’s leadership manage the business through the obstacles of a new business?  For the management team, each member should be prepared to explain how he or she would overcome any difficulties and how to get done more with less. For the entrepreneur, be warned that the venture capitalist is going to look into their eyes and ask, “Does this person know how to make money?”
  • Product and Service Offering.  Surprisingly, many venture capital firms say they cannot find good deals.  These firms are in large part, looking for emerging growth companies that offer products and services that can potentially provide a competitive advantage in the market place.  Venture capital firms want to know a lot about the specific industry sector and how the business will effectively compete with the competition.  The leadership must provide a strategic plan that synthesizes the marketing, sales, and distribution tactics that will be employed to attract and retain the targeted customer base.
  • Potential Return on Investment. Know that the venture capital firms are willing to take on high risk, it the potential returns are high too.  If the venture capital believes that the financial up side will be worth the risk, the firm will make the investment. To make this happen, the leadership will want detailed financial projections that are in line with the strategic plan in raising money.

Venture capitalist want to mitigate or manage their risk. Entrepreneurs, on the other hand, can assemble a strong management team, provide a well-written business plan, and show a leadership team that can execute the plan in raising money.

For a free online video course on how to raise money go to: http://garyrushin.com/raising-money-mini-course/

 

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Business Failure: Business Success Can Breed Business Failure

“Corporate failure is never the results of a random set of events. It is normally a reflection of deep-seated corporate shortcomings.”

 (Chartered Institute of Management Accountants, 2012)

Business Success Can Breed Failure

We have all heard about the stories of companies that once dominated industry but later fell into business decline. There are many reasons for this. The usual suspects for business decline include becoming to dependent on existing customers, the inability to adapt business models to deal with destructive technologies, the lack of leadership, and focusing on short-term financial performance all have led to business demise. One reason not often mentioned for business decline is the hindrance of learning at both the individual and organizational levels about the true causes of business success. Success can breed failure (Edmondson, 2011). Learning enhances your capacity to face and respond to situations. However, from the business success perspective:

  • We draw wrong conclusions about the business success. We believe our success is because of the strategy, the talent, or the business model used is the cause of the success creating a false premise. Tombstone-of-Successful-Company
  • We fool ourselves developing an overconfidence bias. Although faith in ourselves strengthens our self-assurance to make a decision and execute a strategy, it can also breed closed mindedness and foster a “well if it worked before, it will work again” rational, which is not considering environmental changes and just plain luck.
  • We do not fully analyze the causes of the business success.  We will ferret the causes of a failure because we have to know why something bombed. However, we will not devote the time and resources to find out why the company was successful—again maybe because of false assumptions.

When companies catch the upward draft of success, the arrogance of the enthusiasm kicks in. Not surprisingly, the virus of success can become fatal in five or ten years (Kolind, 2006).  Think of Research In Motion (RIM) and AVON, companies in decline. The downdraft winds of business decline are a factor of the business life cycle.  The death cycle of business decline encompasses three factors: company size, company age, and company success.  One of these three factors can result in increase in:

  • The number of layers in management
  • The number of departments
  • The amount of formal procedures
  • The length in time the long-term planning process
  • The number of budget items
  • The amount of meetings
  • The quantity of reports

A problem is when the company loses its mojo. Success blinds management and causes lose touch with its customers.  Bureaucracy grows, information gets filtered and delayed, and arrogance breeds. Unfortunately, management will begin blaming others for performance slippage when the company begins to slide due to the downdraft of business failure.

Recommended actions include:

  • Question the causes of business success and failure.  Do not get stuck looking at the symptoms.
  • Do not get enamored at a cult personality be it CEO, advisor, leader or expert.  Question decisions and recommendations.  Remember, there is no such thing as a stupid question.  What is stupid is when you fail to ask the question.
  • Have strong, independent advisors and directors.
  • Complexity is the “fog of noise designed to hide reality.” Find and streamline to clarity.
  • Align pay and remunerations with risk.

References:

Chartered Institute of Management Accounting. (2012, February 15). Understanding the causes of corporate failure. Retrieved December 15, 2012, from Financial Management: http://www.fm-magazine.com/feature/depth/understanding-causes-corporate-failure

Edmondson, A. C. (2011). Strategies for learning from failure. Harvard Business Review , 89 (4), 48-55.

Kolind, L. (209). The second cycle: winning the war against bureaucracy. New York, NY: Pearson Prentice Hall.

 

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Bootstrapping: “The art of learning to do more with less.”

Bootstrapping, the Purest form of Entrepreneurship

Bootstrapping…bootstrapping…bootstrapping, it can be said that the purest form of entrepreneurship is bootstrapping.  During the prelaunch phase of a company and at times when access to business capital is difficult, bootstrapping is the way to go. To compete with existing businesses entrepreneurial firms face two major disadvantages: the burden of smallness and the disadvantage of newness. The reality means that the majority of start-up businesses and small businesses lack available resources to effectively compete (Winborg, 2009). Access to capital is a major issue for entrepreneurs. InexperienceBootstrapping, The Purest form of Entrepreneurship of many entrepreneurs has made it extremely difficult to obtain debt and equity when lack of a track record, reputation, or collateral for loans exists.  Starting with personal savings, followed by funding through family and friends, have been the main sources of finance for the vast majority of entrepreneurs. Engaging in “bootstrapping activities” is the way to go in operating the business.

Do not be discouraged with the thought of bootstrapping. There exist many great American bootstrapping success stories. A snippet include (Sherman, 2005):

Apple Computer. In 1976, Steve Jobs and Steve Wozniak sold a Hewlett-Packard programmable calculator and a Volkswagen van to raise $1,350. Through bootstrapping, the partners built the first Apple I personal computer in Job’s garage.

Hewlett-Packard Co.  Starting with $538 in 1938, Hewlett-Packards first client was fellow bootstrapper Walt Disney, who required sound equipment for the production of Fantasia in 1940.

Microsoft Company. With is high school sidekick (Paul Allan) and dropping out of Harvard University, Bill Gates moved into an Albuquerque hotel room in 1975 to start the company and write the programming language for the first commercially available microcomputer.

Nike Inc. William Bowerman and Philip Knight in the early 1960s sold imported Japanese sneakers from the trunk of a station wagon with startup costs of $1,000.

Lillian Vernon Corp. With her brainstorming idea of selling monogrammed purses and belts through the mail, Lillian Vernon established a mail-order company in 1951.  As a recent bride and four months pregnant, Lillian needed to earn extra money to support her new family. Society in the 1950s dictated that she stay at home for the duration of the pregnancy. A home-based business was her answer.  Lillian took $2,000 that her husband and she received as wedding gifts and designed a bag and belt set targeted at high school girls.  She manufactured the set through her father’s leather goods company. Than placing a $495, one-six-of-a-page ad in the September 1951 issue of magazine Seventeen the company generated $32,000 in orders by the end of the year.

The use of bootstrapping requires imaginative and parsimonious strategies for marshaling and controlling necessary resources. Think of bootstrapping from two perspectives:

1.    Raising money without the use of banks or investors.
2.    Gaining access to resources without the need for money.

First, entrepreneurs can raise money through the use of personal credit cards, cross-subsidizing from other businesses owned or through employment, reducing the time for invoicing seeking advanced payments and loans from friends and family. Entrepreneurs can hire temporary employees, share premises and/or employees with other entities, share or borrow the use of equipment, and obtain emotional support, skills, and knowledge from friends and family.

A key question that should be asked, “Do I need it or want it?”  In the event the entrepreneur needs a resource, try to use a bootstrapping technique to get it. If the entrepreneur wants a resource, defer the purchase. Preservation of cash is important.  This means controlling cost too.

Based on the writing of Oswald Jones and Dilani Jayawarna (2010) some bootstrapping techniques include:

•    Customer related

  • Receive payments in advance
  • Obtain advance payments
  • Increase invoicing
  • Select customers that pay on time

•    Delay payment

  • Negotiate payment conditions
  • Barter for goods and services
  • Lease rather than purchase

•    Owner related

  • Change salary payment period from weekly to bi-monthly
  • Use personal credit cards
  • Cross-subsidize with other businesses or employment
  • Fund through friends and family

•    Joint use

  • Borrow equipment from other companies
  • Use temperate employees or contractors
  • Share equipment, premises and employees

Simply put, bootstrapping is “entrepreneurship in its purest form” (Salimath & Jone, 2011). Overcoming resource constraints enables business operations to continue with the aid of external financial resources. Bootstrapping transforms human capital into financial capital also known as sweat equity that converts into bankable equity. It is about creating value that includes the idea of “meeting the need for resources without depending on long-term financing (debt or equity).  Bootstrapping is the strategy of necessity for entrepreneurs and not of choice.

For entrepreneurs that want to learn how to raising money for their business, push to following button:

or go to http://GaryRushin.com to sign up for a free video training course. The course is offered for free for a limited time. Sign up Now!!

Sources:

Jones, O., & Jayanwarna, D. (2010). Resourcing new businesses: social networks, bootstrapping and firm performance. Venture Capital , 12 (2), 127-157.
Salimath, M. S., & Jone, R. J. (2011). Scientific entrepreneurial management: bricolage, bootstrapping, and the quest for efficiencies (Vol. 17). Orange, CA: Journal of Business & Management.
Sherman, A. J. (2005). Raising Capital (Vol. 2). New York, NY: AMCOM, 2. 30-33.
Winborg, J. (2009). Use of financial bootstrapping in new businesses: A question of last resort? Venture Capital, 11 (1), 71-83.

 

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Turn Your Passion into Your Niche

Make your niche something you love!

Niche marketing is about focusing your marketing efforts on a particular market segment, or niche and creating a product and/or service that speaks directly to that niche. Niches must be a part of your competitive strategy. As an Entrepreneur, niche marketing is a must.

For example, the pet market is quite large. It includes all types of animals from mammals to amphibians. So, a segment of the pet market might be horses. But a niche takes it one step further. A niche would be something more specific, like polo ponies or riding ponies.

Another example might be the food market. A segment of that market is fruits and vegetables and a niche would be organic fruits.

The list goes on and on and once you truly understand what a niche is, you can then begin to decide which niche is right for you. Niche marketing is all about doing what you love. That’s right! You get to make money by focusing your efforts on something you enjoy. Whether it’s hiking, cooking, painting or fishing, you can create your niche marketing business on just about anything in the world.

  • Here are some helpful questions to ask yourself when trying to figure out which niche market is right for you:
  • Do you enjoy sports? If so, which one is your favorite?
  • Do you enjoy reading? If so, what are your favorite kinds of books?
  • What, if any, hobbies do you have? What hobbies do you wish you had?
  • What was your favorite subject in school? What was your major in college?
  • What is the one thing you think you do particularly well?

This line of questioning will help you hone in on your likes, dislikes, and what really stands out as a topic or area of interest for you. Once you realize what that is, make that your niche! So simple…..

 

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Niche Marketing…The Do Nots

The Do Nots of Niche Marketing

Aspiring entrepreneurs must select a market to go after. Selecting a market niche is crucial. You cannot be all things to all people. Focus must be you mantra. So you must utilize niche-marketing tactics. This must be a part of your competitive strategy. While there are many things you can do right with your niche marketing business, there are also many things you will want to avoid doing wrong. Through the don’ts, you will, most likely, develop a bad strategy.

Here are some classic don’ts of niche marketing that you should avoid:

Don’t #1:     Don’t act without thinking.

Make sure not to invest time, money or other resources until you fully understand your niche, have a plan in place and know what it will take to go after it successfully.

 Don’t #2:     Don’t wait too long!

Once you decide on which niche to go after, and have taken the proper time and course of action to ensure it is a good one (namely profitable) then go for it! You don’t want to wait too long only to have someone else beat you to the punch.

Don’t #3:     Don’t limit your opportunities.

You can sell your products online, but you can also use good, old-fashioned word of mouth. Tell everyone you meet and know about who you are, what you do and how you can help him or her.

Don’t #4:     Don’t listen to naysayers!

There will always be critics and those who bring negativity to the table. But don’t let them rain on your niche marketing parade! Be confident in the work you have done to ensure this is a good idea, that this will work and that you do know what you are talking about!

Just like with anything else, you will want to avoid potential downfalls with your business. That being said, bring your common sense to the table and you will have a good chance at success. Remember, choose a niche that you enjoy, are knowledgeable in and can fulfill a need for. If you do, the rest will fall into place.

For more information on niche marketing, go to http://garyrushin.com/category/marketing/ and learn more about accelerating your business with Entrepreneurial 10X  go to http://garyrushin.com.

 

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Creating Your Niche Marketing Website

Most entrepreneurs get involved in niche marketing for one reason and one reason only–to make money! Well, you can too. All you have to do is be sure to pick a niche you are interested in and go from there. This is all about leveraging the web in your competitive strategy.

To get started with your new niche marketing business, you will need to create a website that is professional looking, easy to use, and fully functional for a complete and positive user experience. Things to consider include visual representation of your niche through captivating design; easy to follow navigation; user friendly e-commerce solution; and the ability to optimize content and code for search engines and linking campaigns.

There exist a number of helpful software products available that will help you create an effective and successful niche marketing website. Products such as WordPress not only help you design and build your website, but they show you how to optimize your pages to maximize your efforts and your business.

However, when selecting your site software, be aware of scams and imposters. There are a lot of so-called cheap and easy software products out there, but many are less than desirable when looking to create a truly great website that looks professional and actually works well.

The website building software you choose should be:

* Affordable within your budget

* Have readily available, positive reviews

* Provide support from set-up through launch and maintenance

* Offer downloadable updates to ensure seamless integration and use moving forward.

If you are unsure of which software to use, ask around. Visit other niche marketing sites and try to find out what they use. If all else fails, go with more popular software because although it may come with a higher price tag than some others, it is often tried, tested and approved by users across the globe.

2 Essential elements of a niche marketing strategy must be considered:

  1. Know the customers
  2. Set clear goals and objectives for what you hopes to achieve
  • Capturing new customer segments?
  • Lowering marketing costs?
  • Securing premium pricing?

Ask yourself does niche marketing match up with the resources, capabilities and preferences?

 

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Strategic Management: For Struggling Entrepreneurs, Managing to Avoid the Status Quo that can Lead to Distress

Strategic Management to Avoid Distress

The negative impact of the 2008 financial market decline and the 2008 and 2009 recession pushed many entrepreneurial controlled companies’ into the “zone of insolvency.” Although no clear test exists to establish when any company has entered the state of distress, the determination involves a combination of legal and financial tests. Let us not quibble over when a company entered the zone, a violation or close to violation of financial default covenants clearly indicates the company is in trouble.

For many entrepreneurs, access to working capital and permanent capital through traditional channels is extremely difficult, such as commercial loans, asset-based lending facilities, leasing, or private equity. The challenge is the ability to finance investments in new technology, facility infrastructure, and new products and/or services, which are essential to thrive even in difficult times.  The restoration of the balance sheets will be required. This will be neither an easy nor quick journey. To source new investments, other companies whose financial conditions are much stronger may face similar difficulties in raising fresh capital.

The response to this slow economic recovery depends on the specific financial circumstances of each company, basically the organization’s financial position (the balance sheet). While many entrepreneurs are embarking on a journey to restore their company’s balance sheets, others—including many who are enjoying their best financial performance in recent years—are playing offense by opportunistically acquiring distressed assets and investing in markets where competitors are struggling to keep pace on access, service and quality. Still others are attempting to follow a “sustainable bet” strategy by leveraging areas of excellence that positions their companies for long-term financial viability.

Leveraging turnaround strategies are more important than ever to consider. While the sense of urgency is greatest among those companies operating in the distress turnaround strategies are applicable to all entrepreneurs irrespective of their current financial condition. Following the status quo of all business models must be challenged and companies, whether small or large, should reassess their strategies for continuing relevance and likelihood of facilitating sustainable financial performance.

Implementing dramatic changes in operations, financing, service and product lines, and people will be essential, including innovation, to sustaining financial performance and mission-driven success.

Avoiding the Status Quo

The Entrepreneur Distress Avoidance Journey

Business owners should start the task of accelerating their financial recovery by assessing their companies’ situation and objectively answering some tough questions:

  • What is my company’s competitive position?  What are the realistic financial projections under a “status quo” scenario?
  • What level of financial performance improvement will be necessary to obtain access to fresh capital? Is it achievable?
  • What is my company’s range of options to achieve sustainable strong financial performance?

Once these answers are explored and known will the entrepreneur, the management team and the employees understand the magnitude of the change required to position the company for sustainable financial success. Clarity on the requirements for success will begin to form and a picture should emerge about the level and manner of change needed in the way the enterprise operates.

Creative Solutions

Financial restructuring mandates rethinking the usual turnaround strategies.  Taking a comprehensive perspective and approach to creating and implementing turnaround solutions should be done, beyond just concentrating on financial tactics i.e., debt modifications. Know that not all turnaround strategies fit all, however each strategy has its own merits for consideration. Keep an open mind and willingness to reject the status quo. For a company’s financial position to be restructured to levels expected by creditors, a serious evaluation of the turnaround strategy should be undertaken. The following are some potential turnaround strategies for consideration. Some are tested while others may not be frequently implemented and as you shall see others may be more innovative and emerging.

Financing Strategies

While the restructuring should not be limited to financing tactics, companies should vigorously pursue certain financing strategies. In a turnaround, all areas of the business should be evaluated as a potential source of capital. One area is working capital. Reviewing the payroll cycle. If the company is on a weekly payroll cycle change it to a bi-monthly cycle. This lessens the financial burden of financing payroll. Leverage certain assets as sources of capital such as receivables, inventories, and other unencumbered assets. Keep in mind fixed and certain intangible assets such as patents and trademarks. Historical precedent should not hamper the search for unencumbered resources.

Think “outside of the box”. Value exists all around the company. Recognize its existence and capitalize on its potential. The emerging Capital can be sourced from all assets, both tangible and intangible. Stated otherwise, all assets should be in play as a potential source of generating fresh capital.

The Way Forward

The financially distressed or at-risk companies must consider a planning process that will achieve consensus on the company’s baseline financial performance given current environmental factors and strategic priorities. This baseline should identify capital deficits and gaps in performance compared with credit market financial benchmarks.

Next, the company must develop a set of tactical options, encompassing the vital strategies to work toward achieving sustainable financial performance. Utilizing scenario planning with a combinations of options as well as varying assumptions responsive to key planning variables will enhance the decision making process.

Finally, a strategy map, based on the results of the scenarios, should be developed to return the company to sustainable financial performance. The strategy map must address the risks, related critical success factors and key performance indices (KPIs) to achieving the improved financial performance. This will form the basis for the development of change management strategies, including a communication plan.

Sustaining for the Future

Question the sustainability of a strategy is always critical. Action is most important:

  • Refresh the strategy on ongoing basis. As the market is dynamic, accelerate changes at the company.
  • Focus on the company’s core business offering and eliminate non-core business. You cannot be all things and to all customers.
  • Target solid margin generating businesses. Do not focus on achieving to be the market leader, focus on sustain profitability. The ability to cost shift or obtain subsidies will likely diminish, so being profitable on your own is important.
  • Consider joint ventures, particularly where you believe services are essential but sufficient scale is difficult to achieve.

Crisis or Opportunity

While the financial crisis and recession impaired the financial condition of many entrepreneurial controlled companies, it created the opportunity to step back and rethink the business model. The disruption in the financial markets and bank’s unwillingness to lend also made it imperative to be able to access credit on the strength of the organization’s own creditworthiness. This is the time to embark on a journey of financial restructuring. Unfortunately this will take time and patience, but the turnaround can be accomplished. The old saying of “no margin, no mission” is now “no financial strength, no access to capital.” These strategies can help achieve the financial strength necessary to be able to access to fresh capital, which will make it possible to fund investments as a means of achieving sustainable financial performance.

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For free online accounting mini course “Cracking the Accounting Code” designed for entrepreneurs go to http://AccountingMiniCourse.com

For further information about strategic management for entrepreneurs to avoid distress, go to http://GaryRushin.com

 

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The Entrepreneurial Distressed Business: Assessing the Business Failure Signs

The Entrepreneurial-Based Business

The competitive dominance of entrepreneurial driven companies have historically forged the path of economic growth. Now at the time when such dominance is needed with a vengeance for prosperity and employment,  such owners are working hard to stay afloat and survive especially after the recent financial meltdown and the great recession.  The fundamental issue is that tools and the conceptual frameworks that work for traditional businesses must be modified to meet the challenges, operations, and new business models of today’s entrepreneurial-based companies.

When dealing with an entrepreneurial-based business, when the company is in trouble, recognizing this fact will give the owner more options for dealing with the problem to save the business. However, by waiting too long, being in a state of denial, not taking decisive action will leave the entrepreneur with little options other than shutting down the business or bankruptcy. Furthermore, the longer the owner waits, the likelihood that the owner’s personal finances will be affected, in the event that the owner’s are personally liable for the business debts. This can leave the entrepreneur filing for personal bankruptcy protection.

Signs of Distress

Every business is different. So the signs that the business is in trouble may not be the same for one company compared to another. However, certain warning signals are clear. The business may be in trouble if:

  • Revenue has been trending down for the past several quarters and below the budget.
  • Demand for the products or services have dropped off.
  • Loss of one of more important customers and being unable to find replacements
  • Finding it harder to fund working capital needs as cash becomes tighter and tighter.
  • Struggling to fund payroll
  • Being unable to service the debt or even meeting just the interest
  • The company’s debts being turnover to collection agencies
  • Creditors asking for more cash collateral
  • The bank is unwilling to extend additional credit or threatening to call the loan.
  • Using collected payroll tax money to fund operations instead of sending it to the government. [A major no…no!]
  • Key managers and staff have begun to quit

Bad to Worse

With symptoms like the above, conditions can transform from bad to worse. For example

  • The IRS is beginning action to levy company bank accounts and following other avenues to enforce collections
  • Suppliers and creditors threatening to sue to collect owed moneys
  • Secured creditors liquidating collateral
  • Eviction notices received covering rented facilities
  • Key suppliers requiring cash, no credit

Entrepreneurial Options

Options that may be to the entrepreneur include:

  • Selling of the business in entirety
  • Liquidating the business through bankruptcy
  • Selling off parts of the business
  • Saving the business through restructuring or a bankruptcy reorganization

When the business is heading towards the “zone of insolvency,” the entrepreneur needs to first decide whether or not to stay in business. This is an important decision. Deciding on whether to cut off a cancerous limb to stop the infections or to treat it must be made.

Decision Factors

For an entrepreneur, emotions and egos must be set aside. Issues to be considered must include the welfare of the family and self.  Moreover, reflections must be made questioning:

  • The ability to raise fresh capital, and
  • The capacity to obtain the capabilities needed to turn around the business, which is like changing the direction of a battleship whether it is a small, medium size business or large corporation. Can enough momentum be directed toward business renewal?

Not all distressed businesses can be saved. Knowing if the company can be salvaged and which ones have little or no chance of survival is important.  The sooner that decision is made; the sooner steps can be taken to either begin the process of business turnaround or winding down the company.

Turnaround Basic Questions

Basic questions or requirements that are needed for a successful turnaround must have four characteristics:

(1)  Does one or more viable core businesses exist within the enterprise?

(2)  Can adequate bridge financing be obtained?

(3)  Does the company have sufficient organizational resources and skills

(4)  Can the company secured a turnaround manager (leader) to facilitate the daunting restructuring task?

Professional Advice

Having poured their hearts and souls in to the business, the entrepreneur must try to be objective about the prospects for the future. Although emotional attachment is there, they should seek professional advice from other entrepreneurs, lawyers, and accountants for recommendations of turnaround professionals. As a start, the membership of the Turnaround Management Association comprises of specialist (Certified Turnaround Professionals) in the area of business turnarounds.

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For a  free online accounting mini course “Cracking the Accounting Code” designed for entrepreneurs go to http://AccountingMiniCourse.com

 

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