Signs that my business is in trouble | business turnaround strategy steps | restructuring a company
This is a checklist to identify warning signals that a business is in or is heading towards a crisis state.
Cash flow problems
The business owner might not have a clear report on receivables nor have a process for maximizing revenues. There could be delays in paying bills and meeting salary and other expenses in a timely fashion.
Lack of profitability
The business owner might not have set profitability goals and/or might not be tracking profits. Or, these mechanisms could be in
place, but the business is just not profitable.
Issues Related to Products and Services
A successful business requires a clear definition of products and services it offers. It is a warning if a business owner cannot clearly define the business, is not monitoring the shifting marketplace demands, and is not offering highly marketable products and services.
Business Owner has Weak Personal Foundation
A business owner might have personal problems affecting his or her ability to effectively manage the business.
The staff might exhibit low morale, the company might be losing its best people to competitors, or the overall work environment might not be encouraging high productivity from its employees.
It is a warning if the business owner cannot define the ideal customer. Other warnings are lack of effective communication channels with the customers, customer lawsuits, high volume of customer complaints, a lot of product returns, and low customer retention.
Business expansions or alliances that are creating problems
A business might expand too quickly or into the wrong markets. It might form alliances with companies that are not a good match and will not enhance profitability.
Lack of succession planning
A business might lack succession planning. This is a warning for family owned and non family owned businesses.
Lack of business vision and/or mission
The lack of a business vision and/or mission might be evident in lack of teamwork or a weak company culture.
Lack of business growth
The lack of a business plan with clear cut goals could be the source of slow business growth and a strong warning that a turnaround strategy is needed.
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