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Business Turnaround Strategy
1. TURNAROUND BUSINESS STRATEGY
Big Ideas for Small Businesses
Presented by
WorldWideTeams Consulting
Bett Mickels, Strategy Consultant
WorldWideTeams.com
3. DO YOU HAVE PLAN FOR SUCCESS?
Failure of most
businesses happen as they
erode over time until the core crumbles
and the mission is unrecognizable.
Fitzgerald
9. DEVELOP THE PLAN
• Financial Reports
• Go See
• Customers
• Industry Standards
Analyze
• Greatest Impact
• 80/20 Rule
• Quick Wins
• Time = $
Prioritize
10. PLANS ARE GREAT –
BUT IMPLEMETATION IS KEY
Simple
Tactics
Effective
Tactics
Critical
Tactics
Stop
Tactics
Unique
Tactics
11. BECOMING TACTICAL
End goals: Increase sales, profits and
customers -- without spending a lot of
money, adding staff, or changing locations.
The Enemy
of your
Business
The Plan
of Attack
The Mission
Details
12. WHAT MAKES A PLAN SUCCESSFUL?
Communication
Confidence
Consistency
Clarity
Celebration
13. HOW TO MAKE MY CHANGES STICK
Follow
Through
Engage
Empower
Delegate
Company
DNA
14. BUSINESS SUCCESS: Strategic View
Success - Make it Stick
Work the Plan
Tactics
Prioritize
Analyze
Find the Problem
15. BUSINESS STRATEGY QUESTIONS
How can I increase profit?
How do I get my current customers to buy more
of my products and services?
How do I create a niche or super service to attract
more customers?
Bett Mickels – 925-818-2500
bettmickels@worldwideteams.com
Turnaround StrategiesForSmall Business Owners SLIDE #1 Understand Turnaround StrategiesIncrease SalesIncrease ProfitsIncrease Customers SLIDE #2 Increase SalesIf one customer normally buys $100 of products or services from you in one year, then do everything you can to increase that amount. SLIDE #3 Increase ProfitsIncrease the amount of profits you make per sale. SLIDE #4 Increase CustomersAdd new customers. SLIDE #5 Businesses do not fail in a BANG -- they usually whimper away SLIDE #6 Find the problem or opportunity Financial Reports Go See Read yelp, talk to customers, compare against industry standards ATLGO (and the list goes on) SLIDE#7 Pricing Location Parking Staffing Technology Processes Customer Service Quality of Product Distribution Decision Making Inventory Labor Marketing Employee Theft ATLGO SLID7A Analyze the ProblemWhy is this happening?Where are we buying it?Where are we storing it?Who does what when?What is our process around this problem?ATLGO SLIDE#8 Develop strategic direction to improve performanceWhat is the main problem? What are the other problems?Within the main problem – PrioritizePrioritize -- Greatest impact (what is burning out of control) SLIDE#9 Create tactics. Once you establish strategy, it is time to develop specific tactics to achieve the goal. Tactics must be measureable so you can see improvement, impact, savings, results SLIDE#10 Communicate with staffEssential to make employees aware of your turnaround planEntire organizationHow plan impacts the business (why)Ask for recommendations – empower employees SLIDE#11 Communication – Confidence – Clarity – Celebration SLIDE#12 – Most owners stop here –Need to create sustainabilityAlign the personal goals of each staff member with the turnaround plan. Avoid opportunity for miscommunication.Each staff member understands expectations in specific detailTie personal success to success of company -- new tactics identified and individual metrics assigned. SLIDE#13 Turnaround Identify problem or opportunityAnalyze – What is the Main ProblemPrioritzeCreate business strategy turnaround planDevelop turnaround tacticsCommunicate the planBuild the system to ensure the strategy is seated in SLIDE#14 Bett MickelsMickels ManagementTurnaround Business Strategies forSmall Business Owners925-818-2500bettmickels@worldwideteams.com
Don’t give up – What can be – Turnaround stories.
Not all business should attempt a turn-around. Throwing good money after bad. Need to have a bus check up.StabliizeGrowthRepositionShut downWind down
Not either or – both have the same goal. Financial ReportsGo SeeRead YelpTalk to CustomersCompare against industry standards
What is the main problem? What are the other problems?Within the main problem – Prioritize
Once you establish strategy, develop specific tactics to achieve the goal. Tactics must be measureable so you can see improvement, impact, savings, resultsTimeframe – Immediate, Days, Weeks, Months
Most business owners stop here.What is missing?
Small business owners everywhere are working long hours, doing the wrong things in the wrong way, and getting no results for their efforts. Fortune is in the Follow Up reveals what's missing provides them with simple, effective, and proven strategies that get real results. business owners the critical, but often overlooked, secrets of thriving in any economy. Not only will you learn how to find fortune in your follow up, but you'll also save time, energy, and money as you learn: • Why your marketing strategy doesn't work (Page 50) • How to STOP marketing to the wrong people and how to START marketing to the right people (Page 25-41) • Why a business plan is useless (Page 43) • How delegating will save your life...and your business (Page 63-78) • Why networking is a waste of your time--unless, of course, you use these 5 strategies (Page 107-118) • How to stop sabotaging your business and start making real money! (Page 146-150) • Business basics that outshine the competition and build customer loyalty (Page 119-140) "Growing your business can be simple, but it’s not always easy. Heidi’s book gets right to the heart of what every entrepreneur wants to know – what are the most effective and efficient business-building strategies, and how can I implement them quickly? The Fortune Is in the Follow-Up is practical, straightforward, and filled with easy-to-follow advice focused on taking action.” Follow up!!! Need to create sustainabilityAlign personal staff goals with the turnaround plan Avoid opportunity for miscommunicationEach staff understands specific expectationsNew tactics identified and metrics assignedMove to next priority!!!
Bett Mickels – Make an appointment with Dr. Bett20 years – increasing cash flow for small businessesPresident, Mickels ManagementTurnaround Business Strategies for Small Business Owners925-818-2500bettmickels@worldwideteams.com