Looking ahead and if you ever had to turn around your business, what event would likely...

Looking ahead and if you ever had to turn around your business, what event would likely be the key issue that drives that problem? What means would you use to address that problem before your business is up and running? List some potential occurrences that would cause you to consider turning around your business.

Expert Solution

answer-

Business turnaround is a big level business strategy in which a business facing decline in growth and loss of profitability opt for this stratgey. Under this stratgey,we try to make business profitable again by turning it aroud. Turnaround is a restructuring process that converts the loss-making company into a profitable one. It brings the industrial unit into its original position and stabilize its performance.

The means i would use to address the problem first is to increase control because control will help me to make effective decision by analyzing the situation.second is Cash which would help me to fund the business. This refer to making the right investment in right business at right time.Third customer because customers are king of our business. Their satisfaction is necessary. If they are satisfied then they will come to our business and bring profit.Last Culture means culture is where your employees live every day. Improving the culture helps productivity. When they are happier and more productive, that improves the customer experience which translates into more sales.

The potential occurences that would cause me to consider turning around my business could be Decrease in my business market share, decreasing in profitability, increased debt, wrong diversification of funds, Lack of planning.

A sick unit is not in a position to make optimum utilisation of the resources. Turnaround involves reorganizing of physical, financial and human resources by making optimum utilisation of the available resources.

keosha answered 4 months ago

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