How to turn around your business with a new business plan

For some businesses, there comes a time when there is cash flow problem, slow growth of revenue occurs and the long term sustainability of the business isn’t looking feasible unlike when the business was first created. When these issues or problems arise, there is a need to re-evaluate and go back to the drawing board and make necessary changes or adjustments to the business and its functionality as a whole. Although every turn around decision and situation has its own difficulty, there are unique and smart ways to deal with them. Just like a business plan helps you start your business, at this point of time you need to rethink about your business and create an altogether new business plan to revitalize your business. Here are few tips on how to turn your business around with a new business plan.

  • Transparency with Employees & Management

When you plan to make changes that would turn your business around, it is important to be straight forward and transparent. Employees and management need to be trust you and the leadership team to establish transparency. Being open about the company’s current situation from finances and strategies is a good start in turning around the company for good.

  • Create a Mutual Goal/Vision

Ensure everyone is on board and on the same page. As the owner/leader of a business you are required to outline how the company plans to jump start revenue and generate elusive income. The goal has to be shared, and more essentially, key stakeholders need to ride along. Employees, clients and stakeholders have to share the vision of the company’s success.

  • Evaluation of business situation

First step is of course to understand your present situation. A detailed environment analysis (external environment as well as internal analysis) needs to be conducted. Mc Kinsey’s 7S Model can come very handy here to uncover what is going wrong internally with your business and whether the other elements of business are aligned to the strategy. A business consultant or business consulting firm might assist you in this endeavor.

  • Create a New Business Plan

Bank, investors, employees and management all need to be aware of the company’s future plans. They need to know how they can help, where they fit in and how they can share suggestions based on expertise that will move the company forward. It needs to cover all the elements that are needed in a typical business plan:

  • Problem
  • Solution
  • Market Analysis
  • Revenue Model
  • Competition
  • Marketing & Sales Strategy
  • Key Milestones
  • Customer Retention Strategy
  • Management & Personnel Strategy
  • Financial Strategy
  • Stick to the new plan

Sticking to a new business plan is as important as creating it. After reviewing and making final decisions on the new plan, it is imperative to stick to the plan diligently. This would serve as a guide and map for the company and its activities.

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