CBCS Financial & Credit Management

What is Business Turnaround?

You will probably know if your business is in trouble and so will your management and probably your staff. They will all be aware that the business needs something to stop it from spiralling out of control. Of course it may be too late. It may be that you consider that there is no way back and therefore some form of corporate recovery or as a last resort insolvency proceedings are appropriate. If recovery or turning the business around is still an option, it may be appropriate to engage a recovery specialist to assist you. This process is colloquially known as Business Turnaround.

A turnaround specialist, will look at a business from an outsider’s perspective; a fresh eye, with the knowledge and skills to provide complete objectivity. They are able to identify problems and recommend solutions that may not be visible to the company’s management and staff simply because they are too close to the subject. In addition, experience within a particular industry may mean little when a company is in severe difficulty. A turnaround specialist/ consultant brings objectivity and experience in crisis situations; the ability to make critical judgements quickly in order for the business to have the best chance at recovery. Operating in the eye of the storm, the consultant must deal equitably with angry creditors, scared employees, wary customers and a nervous board of directors. With the highest stakes on the table, clearly this is no assignment for the faint-hearted.

CBCS offer a turnaround service for SME’s. This is a service more usually provided for larger companies, but now available for SME’s at a fraction of the price of a large corporate provider. We offer the same service, the same level of expertise, but in an affordable way, so that a business which is financially challenged does not have to approach an insolvency practitioner, for a more formal arrangement to help them get out of trouble.

This service is not insolvency, (indeed we do offer an insolvency service) it is though one step short and the decision to utilise our services must not be taken lightly. You may not like what we find, when we start to look closely at your business…

The process can be quite long-winded and includes not only, the drafting of the plan and putting that plan into place, but also analysing the end result to establish whether the action taken has been effective. Frequently this process may take in excess of 12 months, with the consultant engaged for between 20 and 50 hours during this time.

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