Hello all, for those of you who might not know me, my name is Tom Carlson. I formerly worked with Jefferies and Co. and I have been in the business restructuring and turnaround business for many years. What I have learned in my time helping countless companies restructure their business is that there were missing components to their company processes. I wanted to share the best business turnaround methods that I have learned at Jefferies and Co. as well as my other ventures.
Testing the Business Model:
Simply put, a company’s business model can be defined as who you sell your goods and/or services to and who you buy materials or services from. This important part of a business is also determined by the terms on which you buy and sell goods and/or services. Just remember to keep in mind that you need to be competitively priced, while not being too cheap and cutting into your margins too deep or you will be sure to fail.
Know Your Company’s Costs/Pricing:
Any successful and smart company needs to make it a focal point of their business to know all costs and pricing across the board. A company needs to know where money in coming in and leaving for all its departments. Management needs to understand and regularly maintain the cost and pricing in regards to the company’s product, people, marketing, distribution, and administration.
Brand a Winning Proposition:
Customers do not have spare time or money. Don’t assume that your customers have all the time in the world or all the money in the world. You should give them amazing service and a fair price. Keep in mind that for a customer to buy your product or service they must stop buying it from another source, its your job to convince them you are better for them.
Invest in a Great Lead Generation Accelerator:
You need to ask yourself, “how can I be put in front of potential and interested consumers and offer them exactly what they need or convince them that they need us?” A great lead generation accelerator will help do that for you and put you in a winning position.
Establish Targets:
Through the use of your lead generation accelerator you can focus more clearly on leads and move in to close sales. Closing sales is one of the backbones to propelling a business forward and increasing overall volume. The company needs to have a plan set from a daily basis to yearly basis if it wants to succeed and surpass it’s competition.
Acquire Cash:
Every business needs cash, and every business needs cash to advance forward. Don’t confuse cash with profit. Profit is great and also drives a company but if you can’t convert profit into cash, you’re missing an integral part of your company. Keep all cash accounted for and know exactly where its going and when. Use this information to better this part of your business and make positive changes accordingly moving forward.
I hope all this information helps you with your company’s business turnaround. If you have any further questions please feel free to connect with my by using the contact page of this website or clicking here. Good luck!
-Tom Carlson
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