Businesses CAN fail. Businesses DO fail every day.
Despite owners working day and night and being completely committed to saving their business, it’s possible for a business to fail.
The top five reasons for failure are:
- Poor and insufficient skills of the owner-operator of the business.
- Lack of planning and vision of the leadership team.
- Focusing on sales and turnover, rather than cash flow.
- Being upsidedown: Having more expenses than income.
- Focusing on the wrong areas of the business for success and growth.
Lack of capital is not on that list. Even though capital is an essential part of business survival and growth, it’s not in the top 5 reasons why a business might fail – even though you might think so.
RCP work side by side with distressed business owners to come out of the immediate financial crisis. Owners sometimes see RCP as the last chance their business has from being liquidated and failing. It’s the call they make before calling in the insolvency practitioner.
RCP provides a fresh perspective on the challenges the business is facing; identifying problems and implementing solutions that may not be visible to the current management because they are too close to the subject.
Steps to turning a business around successfully
- RCP will initially help you to manage creditors and stabilise the cash flow.
- Then, a strategic “turnaround plan” will be put together, based on RCP’s recommendations.
- Finally, working together, the turnaround plan will be actioned and RCP will help you bring the business back onto a steady path to success and growth.
To get started, call to have an initial telephone call with the team at RCP.