Small business turnaround services
Getting troubled small businesses back on track.
Comparing small business turnarounds with turnaround of larger businesses
"Small business turnarounds are unique."
In general, all troubled businesses, whether underperforming or in distress, require the same turnaround approach irrespective of size.
All troubled businesses need to to be stabilised, funded and fixed. Additionally, they require turnaround leadership, stakeholder management and turnaround project management.
Small business turnarounds, however, have unique turnaround requirements.
"Small business turnarounds are often start-ups."
Firstly, whereas troubled larger businesses are normally in the mature or declining stages of their life cycles, troubled smaller businesses are often still in the start-up phase of their life cycles.
Their troubles therefore often stems from normal entrepreneurial or start-up risks taken, including cash flow problems and growth challenges.
"Smaller troubled business do not have the resources and slack of their larger counterparts."
Secondly, smaller troubled businesses do not have the resources and slack available that larger troubled businesses may have.
They have less access to funding, and cannot rely on the depth and strength of organisational and leadership resources that may available in larger firms.
This means that smaller troubled companies often cannot afford a conventional turnaround engagement on a full-time basis.
CRS Turnaround offer assistance with equity funding as part of its service offering to such companies.
Typical small business turnaround programme
Preparation
Client: Submits relevant business information including past financial statements, financial forecasts, aged debtor and creditor lists, strategic plans, etc.
CRS Turnaround Management: Studies information submitted and calculates Z-Score
Meeting between client and CRS Turnaround Management to agree on the way forward.
Client: prepares homework for Turnaround workshop.
Turnaround workshop
See Turnaround workshops.
The turnaround workshop merges client information with CRS Turnaround Management's turnaround technology to develop a turnaround plan.
Turnaround plan
Crafted by CRS Turnaround Management in consultation with client.
Funding
CRS Turnaround Management: Uses it networks to obtain funding in the form of an equity investment, partial or full sale, or borrowing.
Turnaround implementation
Client: Executes turnaround plan.
CRS Turnaround Management: Provides an ongoing assistance programme including progress review meetings and ad hoc assistance.