When times get tough, it is a good idea to revisit your plan.
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The Street – How to turn around a failing business
In How to Turn Around a Failing Business, Marc Kramer gives 10 steps to help you turn things around.
- Trim the fat.
- Do a new business plan and share it to get input.
- Identify what people you need to keep in your organization.
- Open the books and share your financial information.
- Reduce your clients’ fears.
- Be honest with your vendors.
- Embrace alternative financing.
- Get rid of your least profitable clients.
- Never take your eye off the cash.
- Encourage risk.