Leaving it too late

The rewards of running a business can be massive and not just financially, the pride that establishing a new venture that grows into an ongoing successful venture cannot be measured. Sadly for many, this kind of success can be elusive.

A successful business needs to have all segments of the business operating seamlessly to ensure success, along with a great strategy and be operating in a market that can sustain the businesses future potential.

This is not always the case and identifying the issues that are restraining a business is vital to correcting the situation. Identifying these issues will more often than not mean engaging an expert to examine every segment of the business.

Many business owners are reluctant to engage an expert until it’s too late. Possible reasons for this include their own pride, a belief that “things will get better” or as we see continuously, an attitude from many business owners that “no one knows this business as well as me”. These excuses (and many others) only delay the process and can mean the difference between turning the business around and liquidation.

Having a salvageable business is so important in being able to turn a business around, it opens up options with financiers, suppliers and even customers. Many business owners also forget the fact that groups like current financiers and current suppliers have a vested interest in the success of their business. If a business is not salvageable then no other party will want to be associated with it, thus making its future untenable. By contacting an expert early a business owner can also open themselves up to the opportunity to sell their business as an ongoing venture rather than selling assets at fire-sale prices as would be the case in a liquidation.

At Condon Associates, we have seen so many businesses that should have put their hand up earlier to ask for help and had they done so, they would have never ended up insolvent and ultimately liquidated.

A business need not come to this end if they ask for help early, so much can be achieved if advice is sought. Reviewing cash flow, inventory management, strategy and marketing can identify many issues and as we find quite often, the issues that Condon Associates identify for their clients are quite often different issues than the client believes that they have. From this point we start to address the problems, quite often with our industry expert partners and return the business to profitability.

Condon Associates are experts in business turnaround and have been assisting businesses Australia wide for many years. Condon Associates and their “industry expert partners” work to identify and correct the issues that are effecting a business’s performance and return the business to profit. We work across a wide range of industries and have a high success rate of turning around a business`s situation. Please contact us for an honest appraisal of a situation before it’s too late.