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Firstly, commit to being honest with yourself, your employees, your customers, your suppliers and your bank:
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Deal with any legal issues immediately they arise;
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Prepare a cash flow forecast, and follow it, religiously;
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Talk to your creditors, but first develop a plan to pay them (over time);
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Retain only those employees that are absolutely essential for the survival of your business;
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Be brutal with your overhead costs;
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See if all your contracts are profitable;
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Understand the numbers that drive your business and monitor them, religiously;
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Talk to your bank and tell them what you are doing to fix your problems;
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Write a “worst case scenario” analysis, commit to never reaching that point, then throw it away; and above all
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DON’T PANIC
Rebuild
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Don’t look back, only look forward;
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Write a business plan (including a sales and operation plan) and commit to following it;
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Review all your product pricing;
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Document all your business processes;
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Investigate new sales opportunities;
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Take on additional employees to meet increased demand, but not beforehand;
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Be cautious before adding further overhead costs;
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Understand the numbers that drive your business and monitor them, religiously;
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Tell your employees, customers, your suppliers and your bank about your plans to rebuild the business, and get them involved;
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Adopt the same mindset as if you are still trying to SECURE your business.
Grow
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Start dreaming about the potential for your business;
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Identify new product opportunities;
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Identify potential new customers for existing and new products;
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Establish a customer loyalty programme;
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Review your brand and image to see if it is still relevant;
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Maximise the use of social media;
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Understand your competition (better than they understand themselves);
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Write a marketing plan to facilitate all of the above;
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Tell your employees, customers, your suppliers and your bank about your plans to GROW the business, and get them involved;
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Set customer service standards and then tell your customers about them;
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Identify possible acquisition opportunities (inorganic growth);
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Continue with caution before adding additional employee or overhead costs;
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Understand the numbers that drive your business and monitor them, religiously;
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Adopt the same mindset as if you still trying to REBUILD your business.
META TAG: Business Management Consulting Services in Auckland