Turnaround Management Association panel discussion on social media challenges!
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TURNAROUND MANAGEMENT - REBUILDING YOUR BUSINESS OR SAVING IT!
How do you turn your company around when you are facing cash flow problems?
Eric Mitchellette is the Founder of Strategic Business Coach, Inc. and has over 20 years of experience as a financial advisor and CFO. He helps small to medium-sized businesses understand their financials and helps them become cash flow positive. On this episode, Eric shares his process and some key things you will need to do to get your company back on solid financial ground.
[1:35] How did Eric first get started in business planning and capital formation?
[3:15] Cash flow problems are common but sometimes business owners are not aware of what state their company is in until it’s too late.
[4:40] How does Eric help business owners and turn their businesses around?
[7:55] When Eric steps in, the biggest thing he has to do is educate business owners and leadership the state of the company and what that means.
[11:50] After Eric knows where the numbers are, then it comes to adjusting the owner’s draw from the company and to restructure the finances so that it makes sense.
[16:00] When owing money to vendors, what’s the best approach or financial plan to let them know the company plans to make good on their promises?
[19:25] What happens to the employees during this financial turn-around time?
[20:35] If an owner has to exit, what are some of their options?
[25:50] What kinds of mistakes do owners tend to make?
[27:55] Eric shares his thoughts on next-generation family management.
[28:55] Final words of advice: You can’t plan enough. Have a strategic plan in place.
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Rick Brimacomb and I review business strategies during COVID and beyond! LinkedIn
Rick Brimacomb and I review business strategies during COVID and beyond! YouTube Link
Paul Kloster and I review business & cash management!
Building Strong Business Foundations
"Taking a Personal Interest in Your Business Success"
I will team up with you and your management team to build your on existing success and attain a new level... or rebuild challenged areas within your business to create renewed success. My turnaround framework and expertise has assisted dozen's of companies to find renewal no matter the challenges. Leadership is knowing when to look to professionals outside of your company for a different perspective; exploring possibilities and opportunities for your firm's future success.
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