Ben’s 10 commandments for a turnaround

Ben’s 10 commandments for turnaround

Liquidity issues

Liquidity issues are symptoms – find the root causes

Actively manage credit

Actively manage credit

Customer mix

Review the customer mix and steer away from bad payers

Keep up-to-date financial records

Keep up-to-date financial records

Don't put prestige over profit

Don’t put prestige over profit

Don't have too few customers

Don’t have too few customers

Set a target growth rate that is not too high

Set a target growth rate that is not too high

Treat your employees like human beings

Treat your employees like human beings but manage by objectives

Downsize the business

Don’t over expand – you should probably downsize

Manage your loans

Don’t borrow too much or at to high interest rates

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