Organizations are like people … imperfect at best. From time to time we all make mistakes, but today it’s more about how you open yourself to change -doing things out of your comfort zone- that defines your long term success. The biggest challenge for most organizations is the ability to change … to try new ways of conducting their business. When an organization stumbles from time to time to time, like us, it needs a helping hand from a qualified source: someone who’s been there before and knows what it take to get things back on track.
That’s where SBS comes in.
It’s no secret that the vast majority of small businesses will fail within the first 18 months. Forbes Magazine points this stat out pretty clearly. 99.7% of all businesses operating in the United States are small businesses, meaning they employ fewer than 500 people.
Nearly 8 out of every 10 new small business will fail within the first 18 months, and among those that do manage to survive, the 10 year failure rate is 71%, based on StatisticBrain.com analysis.
The top 4 reasons for business failures is incompetence (41%), lack of managerial experience (30%), lack of experience with products or services (11%), neglect, fraud, or disasters (1%). According to this, a business is more likely (99%) to fail as a result of human error rather than crime or natural disasters.
When is it Too Late?
The main question for any business that finds itself struggling, slogging through the mire of debt, low cash reserves, poor sales, disgruntled staff, or any number of other challenges is whether or not it’s simply too late to do anything about it.
Believe it or not, almost every single business operating today –from Microsoft or Apple to Ford or Dodge, from Wal-Mart or Sears to AT&T and Sprint- have faced failure at least once. More often than not these companies have faced down failure many times, but they made adjustments, refined their goals and focus, and came away stronger for it in the end.
Often that requires a fresh, expert perspective. Someone not mired in the minutia, but above the clouds who understands the big picture and how to cost effectively get things back on track.
Have you ever noticed how some professional sports teams seem to be the most talented on paper but can’t seem to ever get over the ‘hump’ and win a championship? Fans agonize for years over their beloved team coming up short time and time again, then suddenly a change is made. The owner cleans house, brings in new eyes, a new coach, GM, or even star player and the fortunes suddenly turn.
When you’re lost in the middle of the woods it’s almost impossible to see the forest for the trees, and if those woods are dense, you may not even know which direction the sun is shining from.
Step Out into the Light
SBS has the expertise to be able to step in, quickly assess any situation and environment, and put together a cost effective turnaround plan that will get your company back on track.
Do you feel as though it’s simply too late? If you did you wouldn’t be reaching out and reading this.
Do you honestly believe turnaround is just too costly or will take too long? Speed is of the essence, so the sooner you take action, the better the odds play into your favor.
Are you befuddled about how things turned sour for your company? That new, outside perspective is often what is needed most at times like this.
At SBS we offer:
· Risk Analysis
o When to stay in business or when it’s time to step out and sell your operations to a competitor or even when to consider a Joint Venture.
o Company valuations.
· Financial Review –what’s the P/L look like and where can you get help?
o Debt restructuring
o Operational & Logistics Analysis
o Cash Flow & Liquidity Analysis
· Change Management
o Establishing a new mindset
· KPI (Key Performance Indicators) Analysis
· New revenue channel sourcing
o Sell new products/services to existing customer segments
o Sell different/related products/services to existing customers and markets
· Assess all assets and liabilities, operations
o What to keep, add, or divest?
· PR & Communications Plan Update
o New messages
· Brand Valuation
· HR –Downsizing, Rightsizing, Consolidating Roles and Responsibilities
o Compensation rightsizing vs. headcount downsizing
It’s really never too late to turnaround your operations, save your business, and keep providing the exceptional products and services your customers have come to enjoy. With SBS in your corner, you could have the comeback of which legends are made.