Many businesses do not understand the importance of hiring a Turn Around Specialist, or do not know when to hire one.
We wanted to outline what to expect when you hire a Turn Around Specialist and the benefits.
Strategic Business Analysis and Strategy
On appointment meeting with our turnaround specialist you will have a meeting which will conduct a strategic review on your company, focusing on the major points below:
_Financial Statements _Operations, Processes and Procedures _Management _Capital utilisation and requirements _Marketing _Sales _IT Integration
Our turnaround specialist will begin to review financial statements as they often indicate areas of concern and underpin where needs improvement.
Management Reporting and Discussions
Management discussion occur prior to meeting and generally upon meeting in further depth. We will usually highlight management’s or specific department areas and views on the any major crisis points which need to be addressed immediately.
This review will pull out all of the meat of all management and department concerns, the reason why the concerns occurred, possible solutions, industry comparisons, threats as well as any other major concerns which may come to light during this discussion.
Cash Flow and Reporting
Additionally, the cash flow reporting system will be reviewed and improved upon recommendations and the current company’s financial position so that this can be used as the basis of a future cash flow forecast and detailed budgeting.
Your turnaround professional then provides a draft report to the internal stakeholders to ensure that the facts and observations are agreed. Scenarios are canvassed for review and approval and eventually arriving to a turnaround plan and structure.
The agreed scenario is then discussed with the major external stakeholders to obtain agreement on the structures to be put in place and to move forward.
Even during the review period, results of the observations and suggested solutions/changes to management and workplace practices are, if possible, incorporated into the plan. The cash flow forecast is also refined and tested so that accurate forecasting can be put in place.
After the initial phase of producing the report and obtaining confirmation of the agreed direction from the stakeholders, phase two will “kick in”.
During phase two, various initiatives are implemented and a “three-way forecast” (Cash Flow, Profit & Loss and Balance Sheet) is produced.
This is the hard but rewarding phase as the team consisting of management, staff, stakeholders and the turnaround specialist can see the predictions unfolding and the strengthening of the core business.
Turnaround Specialist | Business Transformation | Turnaround Consultant | Business Consultant | Business Turnaround | Turnaround Solutions Brisbane
Let’s chat about your business today https://5ivestar.com.au/contact-us
P: 07 3084 3692
5ivestar Business Services are tax agents located in Carina Heights on Brisbane’s Southside. We service all areas of Brisbane, Ipswich and the Sunshine Coast for tax, BAS and bookkeeping. We also practice as virtual CFOs, take on interim CFO engagements as well and financial management, reengineering and restructures including business turnarounds and transformations and expert financial modelling.