The Business Journals recently published a piece that outlines 5 steps that any company looking to inject life into a struggling business should explore.
Before any drastic and/or irreversible measures are undertaken, interview the business leaders to understand exactly which existing products/processes are first on the chopping block and which new products are still in the process of rolling out, as well as which employees/teams are first to be cut and which if any new hires are in the process of being on-boarded.
Next, interview employees to suss out top performers and potential areas for cutting costs or increasing efficiencies, in addition to inquiring about any potential opportunities that management may have been overlooking.
After conducting management and employee interviews, reviewing expenses is a great next step to find unnecessary and/or redundant services, as well as any compensation packages or incentives that are not perfectly aligned with company performance.
Finally, interviewing clients (past and present) as well as outside vendors can bring a fresh perspective to the table and help identify any existing problems or opportunities that remain elusive.
You can find this piece here.
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