By David Williams MBA – Valyrian Consultancy Limited (MD & Founder)
The economic impact of the Coronavirus pandemic has been brutal and despite government aid in the form of employee Furlough payments, CBILS and other Financial stimulus initiatives, has still left many companies in a position of extreme difficulty. It is perhaps therefore particularly pertinent that I share some of my career experience and what I’ve learned, having spent a significant part of my career helping SMEs through turnarounds.
Straight off the bat, I’ll acknowledge that there is no silver bullet and that every turnaround situation requires specific actions tailored to individual needs.
That said, whatever the cause of business failure, be it failure to recognise change and react, owner ego / hubris, a toxic work culture, poor performance or something else, prior to commencement of a turnaround, there must be immediate recognition and on-going minute by minute attention paid to liquidity.