Last October 2019, a local banker called me with an opportunity and asked if I could meet with a company that had been losing money for a number of years and was in trouble. When I met with the owners of this company I discovered that they had a business consultant working with them trying to make small tweaks and adjustments to their business that was not helping them overcome the losses they were experiencing and the current year had not improved as they had hoped it would.
Instead of making slight tweaks and adjustments to their current business, I informed them that based on the fact that they had progressively loss more and more money every year that tweaks and adjustments were not going to cut it and they were at risk of going out of business. What they needed was to make a sharp right-hand turn and do so immediately or they were going over the cliff to bankruptcy. The path they were on was not sustainable in any way, shape or form.
I strongly recommended, based on my decades of business experience and financial expertise, that if they were serious about getting their business back on track and were willing to do the hard work, I believed that we could turn this business around. They agreed that they couldn’t continue on the path they were on and they were tired of the stress of losing money every year with no light at the end of the tunnel. The owners agreed to have me help them turn their business around into a profitable business going forward.
We immediately took a deep dive into their financials. We focused on creating a marketing plan, a sales plan, a line item expense and COGS analysis, a budget and a weekly fiscal meeting to go over the numbers since the numbers drive everything in the business. Do to the Covid-19 virus there was a significant disruption to an annual event that they were accustomed to hosting, so we had to pivot and go to a virtual marketing plan to maintain the sales momentum.
After one year the results have been amazing.
- As of the end of November 2020, the company has had a 37.5% improvement in net profit
- The company is set to make their first profit in six years
- Optimism for continual growth is high
This has been a successful turnaround project so far and our projections are that this will be the company’s best year ever in last ten years, and we have done it during a pandemic. There are many companies currently struggling thinking that they will be unable to continue to operate and come out on top again. Here is an example of a company that has been able to so and you can as well.
If your business is struggling or if you are not getting the kind of results you think you should be getting, then reach out to me. I am an expert in business growth and success helping my clients to achieve greater success and take their businesses to a new level by increasing top-line revenue and bottom-line profit while enhancing valuation, liquidity, and equity. 503-312-3145