A successful turnaround requires rapid action to stabilise the business, proactive management of key stakeholders to secure or maintain support, a robust strategic plan, access to fresh capital and relentless execution, all of which we are experts at delivering.Smart Accounting provide business turnarond services to +$3M business in Melbourne.
We are highly capable and extremely experienced in developing practical improvements, specifically driving effectiveness and efficiency, ensuring your ongoing profitability becomes stable and plentiful.
When a company is threatened with insolvency due to poor cash flow, the key decision-makers, in their distressed state, have mindsets that vary from denial and blame, to “head in the sand” optimism that the market will pick up and the problem will go away.
At Smart Accounting, we help our clients understand the importance of establishing strong business goals along with solid staffing structures and clear operational processes to ensure longevity and success. A clear vision upfront compounded with a powerful business plan is one of the most important pillars to having a successful business.
The purpose of turnaround management is to:
- Understand if the business is able to be rescued and if so what is required to restore viability
- Develop and implement a turnaround strategy and step by step plan
- Rebuild lender support (if required)
- Restore business value
In summary, if steps are taken early to address the causes of underperformance then appropriate measures can be put in place to develop and implement a successful turnaround management strategy.