7 Powerful Turnaround Strategies To Revive A Dying Business

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7 Powerful Turnaround Strategies To

Revive A Dying Business
BY TITO PHILIPS, JNR. — 18 COMMENTS
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7/19/2016 7 Powerful Turnaround Strategies To Revive A Dying Business naijapreneur
Sad as it may sound, the health of a business is not

guaranteed forever. Virtually all entrepreneurs will
face the daunting task of managing the recovery
of a dying business. Every business during the
course of its existence will experience a near
death experience.
This is a period characterized by harsh business

conditions; low sales, low morale, low cash, low
market share, and low innovation. Some recover
from this and bounce back stronger than before,
and some don’t.
There are many factors responsible for this near

death experience; those that are self in icted like;
a major project failure, incompetent management
or poor nancial control are generally termed
internal forces.
While those that are not self in icted like; government intervention, economic recessions, the
presence of low-cost competitors, or natural disasters are termed external forces.
The continuous survival and success of a business greatly depends on managing these forces
internally and externally. Neglecting them can spell doom for any business regardless of size!
How To Revive A Dying Business

If you nd yourself struggling with a failing or dying business, here are 7 turnaround strategies
to help you resurrect your business.
1. Re-Evaluate: Situation

To treat an ailment, we need to diagnose the patient. The rst place to start if your business is
dying or failing is to look within the company. This is known as self-evaluation or self-
assessment. You have to know what the situation is and what the problem is. When you
already know the circumstances, you can now take appropriate actions. When looking within,
focus on the following key areas;
Strategy
Does the business have a direction? Does the business know why it exists? What problems it
solves and for whom? Is the business focused on the right things?
People
Are the right people running the company? Are the right people in the right places? Are
employees committed to organizational success? Are employees properly incentivized to
share in the ongoing success of the rm? Are commission plans driving sales persons to focus
on gross revenues or gross pro ts? Are di cult policies, internal strife or the behaviors of
speci c individuals driving down the collective spirit of the organization? Are there bad eggs in
your company that are contaminating the whole organization?
Customers
Are customers satis ed? Do they know, like and trust your brand? Is the business focused on
pro table customers versus unpro table and di cult clients? Are you targeting the right
customers?
Product
Are you o ering innovative products/services? Can the business better utilize technology to
create better products, reduce costs and improve competitive advantages?
Process
Are systems in place to get work done e ciently? Are things being done in the right way? Are
policies facilitating work or hindering them? Is the business structured for high performance?
Finance
Are you competitive and pro table? Are cash ows su cient to sustain ongoing commitments
and operations? Is this business largely indebted?
Re-evaluation is the most critical turnaround strategy; without it all other things are just frantic
moves that will yield little results. Before you begin to act, know why, what and how a ected
your business is. Only through re-evaluation can discover all these.
The suggested articles below will help you get started.
Further Reading;
7 reasons why entrepreneurs fail in business
7 warning signs of a dying business
What To DO When Business Is Slow
How To Diagnose The Problem of Low Sales
How Entrepreneurs Are Unknowingly Killing Their Business
2. Re-De ne: Strategy

After re-evaluation comes re-de nition. Re-evaluation reveals what’s wrong with your business
and re-de nition is putting the business back on track. This is where you go back to the
drawing board to set the overall direction for the company. This is where you create the
turnaround game-plan.
Failing in business is often as a result of not having a clear direction or having derailed from the
set path. So you need to revisit the foundation of your business by touching the following key
areas;
Purpose:
“ “Why do we exist as a business?”
“What need or needs are being met by this business?”
Vision:
“ “What do we want to achieve using this business as a tool?”
“How far do we want to go in pursuit of our purpose as a business?”
Mission:
“
“ “How do we intend to succeed in this business?”
“How and what must we primarily focus on as a business to be the No.1 choice of
our target customers?”
Values:
“ “What principles, standards and tenets must we hold to be true and never
compromise as a business?”
“How must we collectively think and behave as a business in order to ful ll our
purpose, achieve our vision and execute our mission?”
Brand:
“ “Who are we as a business to the general public?”
“What is our promise to those we intend to serve?”
“How do we want to be perceived by our target customers?”
“What do we want to be remembered, recognized or respected for in the

marketplace?”
Further Reading;
Business DNA: Why Your Company’s Success Desperately Depends On It!
3. Re-Employ: People

Hardly can you turnaround a dying business without talking about the people behind it. A
business cannot function by itself, people make it function. People make or break your
business. This is why you need to re-employ. To resurrect a dying business, get the right
people on board and get the wrong people o , period!
To learn more about the qualities of the right people, make sure you click on the suggested
article under further reading below.
Further Reading;
The Almighty Formula For Business Success!
4. Re-Innovate: Product

Lack of innovation is one of the warning signs of a dying business. It is impossible for a
business to remain relevant in the market if it fails to introduce new products/services. People
change, market change, technology change and so must your business. If you refuse to
change, by constantly innovating your products/services, you are doomed. To bring your
dying business back to life, do something new!
Further Reading;
How To Unlock The Power Of Creativity For Cutting-Edge Innovation
How To Create An UNTAPPED Market For Your Business
5. Re-Brand: Marketing

One of the consequences of a dying business is the negative impact it has on the brand. Your
customers begin to lose trust in the brand as their satisfaction level declines. Negative word of
mouth marketing starts to spread and the brand is no longer known, liked or trusted in the
market. To correct this negative association with the brand, you have to kill the old brand and
create a new one!
This doesn’t necessarily require a total change in the brand name; only do this as a last resort.
What rebranding means is to give your business a new meaning, a face-lift and a new brand
identity. This is why in almost every turnaround situation; the company comes up with new
marketing campaigns, new logos, new brand colors, and new slogans to let the market know
that things are not the same as before.
Further Reading;
Corporate Branding Strategy 101
The 4 Elements Of E ective BRANDING
6. Re-Finance: Money

As much as I would like to tell you that you don’t need money to resurrect your dying
business, we both know that would only be a lie. One of the most obvious signs of a dying
business is lack of money. You are almost out of business because you are running out of
cash. So to get your business back to life, you need to pay close attention to nance.
The easiest option would be to seek external funding, but this can be a very daunting task
especially if the money in question is much. So what do you do? Start sourcing for funds from
within the business by doing the following;
“ Take from your personal savings.
“ Sell o some of your xed assets to raise immediate cash.
Cut costs by reducing your operational expenses. Look for every unnecessary
expenses and cut them o . Lay o every redundant sta . Stop every extra
incentive or bene ts for a while.
Don’t try to solve all your nancial needs at once; it will only further put you in
more nancial mess. Break down your business nancial needs into sizeable
chunks tied to speci c needs and begin to ll them with the excess funds
gathered.
Seek for strategic alliance from your partners like your suppliers, they can
o er you trade credits.
Only after you have exhausted these internal funding options should you seek external
sources like; borrowing from family and friends, angel investors, bank loans, factoring, hire
purchase, equipment leasing etc.
7. Re-Work: Execution

After all is said and done, there is no way to bring your dying business back to life by mere
words; you need to do the work. And not just as you have always done before, you need to re-
work the way you used to work. You’ve probably been engaged in random work rather than
focusing on performance-driven work or goal-oriented work.
It is one thing to work and it is another to align your work with the strategic goals of the
organization. Only by doing so can the business be saved from dying. Every work must be
broken down into processes, must have a owner and must have a goal or key indicators to
track performance.
Over to You
What new thing or things did you learn from reading this unusual article?
Have your business ever experienced a near death situation and how did you recover from it?
What other ways besides these 7 listed above would you recommend for reviving a dying
business?
Additional Reading....
7 Proven Warning The 3 Essential MANAGEMENT Outsourcing Modern Cash The Psychology
Signs Of A Dying Roles Of 101: How To Checklist For Wrap Solutions Of Business
Business Successful CEOs Organize Your Entrepreneurs: for Modern Retail Success: How To
Business For How To Know Management Succeed As An
Sustainable When To Entrepreneur
Growth Outsource
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Comments
Ojukwu says
APRIL 2, 2013 AT 1:36 PM
An interesting article but it doesn’t really tell you. Putting ‘re-‘ in front of words doesn’t
begin to explain why any entrepreneur should buy a dying a business. Perhaps if Philips
has purchased a dying business and listed his experience it would have more of an impact…
Reply
Tito Philips, Jnr. says

APRIL 2, 2013 AT 8:44 PM
Thanks Ojukwu,
Really like the candid feedback. For starters, the object of the article isn’t about buying
a dying business per se; it’s about reviving one. In this case, yours, if you nd your
business in such a situation.
And yes, I certainly have my own experience about taking over a dying business and
reviving it with the very turn around strategies outlined above. It was a cyber cafe
business and I have shared the story several times on naijapreneur. Regular readers
are familiar with the experience.
You can read these articles to nd out more about my business turnaround
experience;
http://www.naijapreneur.com/outsmarting-competition/
http://www.naijapreneur.com/beat-the-competition/
Reply
Bizsuccess says
MAY 4, 2013 AT 1:14 AM
This is an interesting article. I quickly want to make this contribution that after doing all
what Philips has mentioned in the post, there is need for such a business owner to revisit
his/her business plan to know what things that are not working for him and remove them
and introduce new things he thinks can take the business forward. He must also do
research to know the latest happenings in his/her niche so that he will not be using
outdated method which does not work any longer. Thanks
Reply
Tito Philips, Jnr. says

MAY 4, 2013 AT 9:28 PM
Thanks for stopping by and sharing your feedback. Reviewing a business plan is great,
but also working on a business model is better. Business plans in most cases are
simply guesses, but a business model generation will help you minimize the guesses.
To learn more, visit http://www.businessmodelgeneration.com
Reply
reynold jose says

JUNE 24, 2013 AT 9:31 AM
the blog was so useful for me.

nice initiative..
Reply
Kestrel Solutions says

JULY 15, 2013 AT 4:44 AM
The points laid out here are spot on for not only helping a dying business but also provide a
good checklist for any healthy business. If all these items are re-visited, re-evaluated and
re-worked on a regular basis, the business will thrive. If not, it will start to die. It’s always
easier to make smaller adjustments along the way than having to try and do a major
resurrection. Good article, thanks.
Reply
Vanessa pereira says

FEBRUARY 5, 2014 AT 5:08 AM
Great article. It was really helpful for my assignment.

Thank you for sharing this with us.
Reply
Hezekiah Edwin says

APRIL 16, 2014 AT 9:43 AM
Nice piece Philips. I could not help but take notes as I read through. Quiet helpful.
Reply
Bonile Jack Pama says

JANUARY 11, 2015 AT 9:00 PM
This is indeed a good article and I wish that it could be read by those with businesses that
are going through di culties as well as those who are aspiring to operate sustainable
businesses. One needs these strategies on a continuous basis in order to avoid the pitfalls
against which this article has been written. In other words, prevention is better than cure.
We need more emphasis on the management of investments and cash ow. What is
interesting about the article is that it speaks to practical issues of business management
and administration.
Reply
Tope Ben says

FEBRUARY 7, 2015 AT 10:08 PM
Powerful article. Really helpful. Tnx a whole lot Phil.
Reply
Mpumi Malangabi says

JULY 16, 2015 AT 1:03 PM
Indeed, a really a great and enlightening article. I represent a number US hedge funds and
pension funds that wish to invest in africa. Our website is
http://www.nexuscapitalmarkets.com.
Reply
Kenny says
JULY 29, 2015 AT 5:22 AM
Quite immpresive and educative, it’s an eyes opener for every unhealthy organization . If all
these can be utilize and e ectively internalize by all dying company, it’s no doubt a rescue
mission. Thanks .
Reply
Owolabi Ebunoluwa Ruth says

SEPTEMBER 9, 2015 AT 6:49 AM
Dis article is realy helpful to me as it will help me to retrace my step and see where i av got
it wrong as a manager so as to make necessary corrections and put the business back on
course. Thanks Tito.
Reply
Misheck Mwape says

SEPTEMBER 13, 2015 AT 4:41 PM
Your article made my life simple.Am per-suing my Bsc in Project Management and
currently taking courses like Strategic Management, Change Management and Operation
Management,and when you look at the way you coming out .Its like you know what i need.
Thanks a lot
Reply
Ogunsakin omoayo says

OCTOBER 8, 2015 AT 10:32 PM
The article is really nice and it helps in making my research on reviving a dying business
Reply
Mrs J. Thomas says

JUNE 21, 2016 AT 11:53 AM
Nice piece though. But my kind of business is being hunted by the Nigeria harsh economic
melt-down. My customers who patronize me (printing) are having great challenges in their
various business hence printing their document or whatever need to be printed become
optional. So you see!
Reply
Saheed Oladele says

JULY 3, 2016 AT 8:57 AM
Re-check your competitor’s‘ method, then improve on them
Reply
Trackbacks
BizSugar.com says:
April 3, 2013 at 11:10 pm
7 Turnaround Strategies To Revive A Dying Business…
If you nd yourself struggling with a failing or dying business, here are 7 turnaround strategies to
help you resurrect your business….
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7/19/2016 7

HOME ABOUT MADPHILIPS DIGITAL MARKETING COACHING CONTACT US

Search this website …

ENTREPRENEURSHIP LEADERSHIP MANAGEMENT MARKETING START UP STRATEGY

PROFITABILITY INTERVIEWS ARCHIVE

7 Powerful Turnaround Strategies To

Sad as it may sound, the health of a business is not

This is a period characterized by harsh business

There are many factors responsible for this near

How To Revive A Dying Business

1. Re-Evaluate: Situation

The suggested articles below will help you get started.

7 reasons why entrepreneurs fail in business

7 warning signs of a dying business

What To DO When Business Is Slow

How To Diagnose The Problem of Low Sales

How Entrepreneurs Are Unknowingly Killing Their Business

2. Re-De ne: Strategy

“ “Why do we exist as a business?”

“What need or needs are being met by this business?”

“ “What do we want to achieve using this business as a tool?”

“How far do we want to go in pursuit of our purpose as a business?”

“ “How do we intend to succeed in this business?”

“ “Who are we as a business to the general public?”

“What is our promise to those we intend to serve?”

“How do we want to be perceived by our target customers?”

“What do we want to be remembered, recognized or respected for in the

Business DNA: Why Your Company’s Success Desperately Depends On It!

3. Re-Employ: People

The Almighty Formula For Business Success!

4. Re-Innovate: Product

How To Unlock The Power Of Creativity For Cutting-Edge Innovation

How To Create An UNTAPPED Market For Your Business

5. Re-Brand: Marketing

Corporate Branding Strategy 101

The 4 Elements Of E ective BRANDING

6. Re-Finance: Money

“ Take from your personal savings.

“ Sell o some of your xed assets to raise immediate cash.

7. Re-Work: Execution

FILED UNDER: MANAGEMENT, THOUGHT BANK

Tito Philips, Jnr. says

Tito Philips, Jnr. says

reynold jose says

the blog was so useful for me.

Kestrel Solutions says

Vanessa pereira says

Great article. It was really helpful for my assignment.

Hezekiah Edwin says

Bonile Jack Pama says

Tope Ben says

Powerful article. Really helpful. Tnx a whole lot Phil.

Mpumi Malangabi says

Owolabi Ebunoluwa Ruth says

Misheck Mwape says

Ogunsakin omoayo says

Mrs J. Thomas says

Saheed Oladele says

Re-check your competitor’s‘ method, then improve on them