Tag Archives: Elements of Success

How to Achieve a Successful Business Turnaround

My first blog on this subject (Business Turnaround) discussed why successful business turnarounds are so difficult. My second blog on this subject (Turnaround – Elements for Success – Action One) discussed avoiding cash surprises. I will discuss the second element of success in this blog; using financial information to proactively run the business.

Too many small businesses only use financial information for what I call statutory accounting. That is accounting information is only used to collect receivables, pay employees, pay vendors, pay taxes, and pay the bank. Financial statements are prepared primarily to keep the banker “happy”.

Financial information is not being used Continue reading

Turnaround – Elements for Success – Action One

As discussed in my previous blog, business turnarounds are not easy to achieve but can be accomplished by taking the proper steps and actions. Surprisingly these actions are also those used by owners of healthy companies to run their businesses well.

There are three primary elements for success in a business turnaround. Continue reading