Medusa

How To Revive A Dying Company and Breathe New Life Into It

<p style&equals;"text-align&colon; justify&semi;">Most businesses that are currently experiencing poor sales&comma; low income and high operating costs can be transformed into profitable ventures&comma; if the owners focus on their most profitable niches and apply simple cost cutting and income generating methods&period; With the help of a well designed accounting framework and effective re-branding&comma; it is possible to restore the fortunes of a dying business&period; The following ideas can be used to revive your business and make it productive and profitable&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><img class&equals;"aligncenter size-Correct-Size wp-image-15028" src&equals;"https&colon;&sol;&sol;medusamagazine&period;com&sol;wp-content&sol;uploads&sol;2016&sol;11&sol;How-To-Revive-A-Dying-Company-and-Breathe-New-Life-Into-It-640x496&period;jpg" alt&equals;"How To Revive A Dying Company and Breathe New Life Into It" width&equals;"640" height&equals;"496" &sol;><&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><b>Improve Accounting and Record Keeping<&sol;b><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">To transform any business&comma; it is important to have a good grip on the fundamentals with respect to accounting and financial management&period; With the help of a chartered accountant&comma; you can put a suitable financial accounting framework in place and monitor all expenses and sources of revenue&period; This will reveal the critical areas where you can cut costs and give you a clear picture of your weekly&comma; monthly&comma; quarterly and annual cash flows&period; Thus&comma; you will be to deliver improvements in cost-to-income ratios and gradually move the business from bankruptcy into profit&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><b>Refocus and Re-brand the Business<&sol;b><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Many businesses struggle because their initial projections and assumptions about consumer demand were not very accurate&period; They thought that their target consumers will embrace their product and sales will be rapid&comma; but after some time their experience shows that the actual demand cannot bring in enough cash to sustain the business&period; If you have a similar experience&comma; you need to re-validate your business model and focus on providing products and services that your consumers are willing to buy now&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><b>Eliminate Unnecessary Expenses<&sol;b><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Renegotiate with your suppliers and service providers so you can get the best deals that will reduce operating expenses&period; Every 6 to 12 months&comma; you should analyse your service plans and tariffs for regular expenses like utilities&comma; internet access&comma; telephone&comma; and credit cards&period; This will help your company to remain competitive and enjoy new offers and discounts&period; In addition&comma; you can save cost by cutting off unnecessary expenses like fines for late payment on loans and high processing fees for credit cards&period; Ensure that your accountants use the latest technology to monitor the time for payments&period; Pay promptly&comma; improve the credit rating and financial health of the company to gain access to lower interest rates on new loans&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><b>Improve Cash Flow<&sol;b><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">The best way to ensure rapid transformation of any business is to focus on increasing sales and revenue in the short term&period; To do this&comma; you must focus on the most productive product lines and drop those that are not generating much income&period; Look at the niches that are more likely to give you a quick increase in sales and avoid stretching out your resources on unprofitable projects&period; Just like Steve Jobs cut down the product lines of the company in 1996 from 350 to 10 and by 1998&comma; the company posted a profit of over &dollar;300 million&comma; it is possible to make your business more successful by focusing on the most profitable niches&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><b>Monitor ROI for All Marketing Activities<&sol;b><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">During the turnaround period&comma; you need to develop new marketing strategies that will help you to reach out to more customers and increase sales and revenue&period; However&comma; you must monitor the effectiveness of all marketing campaigns with a direct response mechanism&period; For instance&comma; adding response codes on your printed marketing materials&comma; will help you to get data on the number of people from a particular location or region that are responding to your message&period; You can also use customized landing pages on your website in combination with analytics to track the ROI on your advertising campaign&period; Once you discover the most profitable segment of the market&comma; you will be able to develop more targeted products that will bring more sales and profit&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><b>Let Employees Take Ownership<&sol;b><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Beginning with the company&&num;8217&semi;s board&comma; let all directors and company executives take responsibility for the transformation agenda&period; Make sure all employees are involved in setting and pursuing the company&&num;8217&semi;s turnaround plan&period; Plan a retreat for all workers and let everyone see the reason why the company needs to be revived&period; Project a renewed vision of the company with new targets and goals and let them begin to provide new ways of achieving the new targets&period; Once all workers are truly motivated to transform the company&comma; the task will be completed faster&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Applying the ideas provided here can help you to turn your struggling business around and make it an outstanding success&period; If you focus on your most profitable niches&comma; reduce your cost of doing business&comma; and you get all your employees involved&comma; you are more likely to experience a quicker turnaround&period;<&sol;p>&NewLine;

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