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How To Restructure A Dying Business - Recipe For Small Businesses - Business - Nairaland

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How To Restructure A Dying Business - Recipe For Small Businesses by Appleberry: 9:15pm On Mar 04, 2010
[b]Running a small business isn't easy. Inevitably, profits sometimes wane and customers may walk away. When that happens — maybe even before it does — it's time to make some changes. Occasionally, those changes can be small. If the wounds are large, however, the bandage will need to be big, too. Restructuring your business — reorganizing your employees, products and financials — might just be the big solution you need if your company:
Is in financial distress.
Wants to re-focus its core business holdings.
Needs to adapt to rapid growth, distressed economy and organizational change.

Action Steps

- Evaluate your problems
Analyze your situation to determine if your problems have solutions. Are your company's ailments a symptom of its organization, or are they a sign that your business simply isn't viable? Restructuring can save a salvageable business, but it can't help a failed idea succeed.

- Develop a plan
Create a restructuring plan with which to grow your business and consolidate it. Share the plan with your staff and important third parties, including your creditors and vendors.

- Realign your team
Restructuring should include reorganization of your employees. Start at the top with an evaluation of your management team and work your way down the company totem pole. Replace weak members of your team.

- Restructure your debts
Use the restructuring process to put your finances in order. Take out new loans, if necessary, to fund restructuring, but work with your accountant to make sure your fiscal plans are sound.[/b]

Like the popular saying, every problem has a solution, am sure you can solve your business problems.
If you feel inclined, lets discuss this and craft a solution together. . .

Tayo,
Appleberry Business
appleberrybusiness@gmail.com

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