Do More with Less – Or is it Less with Less?

Monday October 31st, 2016 at 10:00am
Written by Chuck Mouranie - Partner and Managing Director

Organizations are constantly challenged with increased market pressures and declining budgets. This is even more prevalent as we approach a slowing economy. In order to optimize staff efforts, tough decisions are required, potentially resulting in layoffs, elimination of benefits, reduced customer support, or closing facilities.

The result of this “more with less” philosophy ultimately causes increased stress on existing staffs. It tends to place more burden on the highest performers who remain from downsizing. Eventually, these performers become disenchanted with the organization, yielding reduced customer satisfaction and inevitable revenue reduction. Another downside of this decision is when valued employees give up on the company or organization and seek employment elsewhere.

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Eight Things You Must Do When Creating a Turnaround Plan

Friday September 9th, 2016 at 10:00am
Written by Jim Bitterle - Consulting Managing Partner

Is your company struggling financially?

If so, it may be time to create a turnaround plan. Turnaround plans assist companies in identifying the cause of underperformance; reverse it and return to profitability. There are a few essential elements to any financial turnaround business plan. Following are some basic actions and best practices to consider.

  1. Don’t waste time. If the company is performing poorly, don’t procrastinate. I’ve seen far too many financial disasters occur simply because managers and advisors are passive. If things are degrading, act now. Time can be your friend, or it can be your enemy. For turnarounds, unfortunately, it is too often the latter.

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When to Use an Asset-Based Lender

Tuesday January 26th, 2016 at 7:30am
Written by Jim Bitterle - Consulting Managing Partner

Virtually every mature company has gone through rough financial times. If you’re around long enough, your company will go through rough times again. When this happens, you may get moved to your bank’s “Special Assets Group.” Many banks have different names for this group, but in generic terms, they are all “workout” groups. The purpose of a workout group is to reduce the bank’s risk. Typically, this is accomplished by getting rid of accounts that have become too risky. In some cases, the workout group will work with the company to remediate it, then return the company to the original lender. Unfortunately, this scenario occurs infrequently. Most workout scenarios require the company to find an alternative lender, then pay off the current bank.

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