Many factors contribute to a company’s decent into a crisis. Examples include loss of a major customer, weak economy, disruptive competitor’s product or service, and loss of a key person.
Typically the crisis doesn’t just happen one day but is the result of several factors that collectively create an immediate crisis. When it occurs swiftly cash is depleted, vendor payments are overdue, loan payments are delinquent, owner’s pay is diminished or curtained, and sometimes employee pay is late or cut.
Vendors may halt deliveries or require COD and lender’s will demand meetings with the owners and managers so that they can determine the cause and protect their loan collateral. Your former friendly banker is now not so friendly.
We can step in and quickly appraise the core issues and create a multi-step plan to stop the hemorrhaging and save the company. Your creditors and lenders typically view an experienced outside party as a positive step and will work with them. Why? – because they will get the current status of the company and be informed of the critical first steps to return the company to stability. They know that if you do nothing to positively affect the crisis they will lose all of the money owed to them. See PDF Business Crisis Intervention.
Our Group has worked with numerous companies of all sizes and industries in various states of crisis. We can help you work though the crisis.
If your company is struggling the worst thing you can do is to delay taking positive action – delay exacerbates your problems!