Turnaround

If a business is facing financial difficulties, the management will usually take some steps to improve the situation, either through attempting to increase sales or, more often, by reducing costs. However, what is often needed is a full independent review of the business to identify areas for improvement and then for the management to fully understand the implications of any decisions to be made. Often when directors attempt a turnaround plan without support, they may find themselves simply firefighting the historic problems rather than taking the business forward.

A detailed and practical Turnaround plan can take many forms. All will include a comprehensive review of the business, involving management, owners, key employees and professional advisors such as accountants.

A Turnaround plan will address key areas such as the business strategy, increasing sales potentials, reducing costs, and often a review of the business structure. Most plans will include the provision of financial forecasting and reporting functions. Many plans will also include a Time To Pay agreement with HMRC for any tax liabilities that are due. More complicated plans may also include sourcing fresh

investment, dealing with freehold or leasehold property, negotiating with major suppliers or customers, an enhancement or changes to the management team or possibly a structured exit route for existing owners.

As all businesses are different, all Turnaround plans are bespoke. We welcome clients or their advisors to contact us on the telephone number above to discuss any requirements for a Turnaround plan with us.