turnaround managers

Turnaround managers

Most businesses experience difficulties sometime during their life brought about by economic pressures, bad debts or change in market conditions. All add extra demands on management and time. The key is to accept that there may be a problem before it is too late and hold early discussions with someone who can help. At McTear Williams & Wood we don't only deal with insolvency. In fact, our focus is on business rescue wherever possible. Our turnaround management network and the 5-step plan shown here can help avoid financial stress turning into company failure.

It's tough running a business while it is under financial pressure. The effects of that pressure carry through to your staff, your family and, in many cases, your health. To help ease that pressure and strengthen your management resources we have developed strategies to help manage your business through the crisis and a network of turnaround interim managers (t-im) who can work alongside you to bring your business back to profitability.

Our 5-step plan:

Step 1 - The warning signs

Recognising warning signs early will give you the best possible chances of avoiding insolvency. If any of

these factors apply to you, call us in confidence:

a need to juggle cashflow to pay bills
an increase in the time you spend dealing with creditors
red bills or being put on stop by suppliers
overdue HMRC payments

At an initial meeting we will make suggestions to ease cashflow or safely inject working capital and advise you on how to avoid wrongful trading. We won't judge but we will be realistic about the future of your business. There is no charge for this.

Step 2 - stabilise the business

Our priorities are to understand what is happening in your business - the short term cash need, the creditor pressure, the position that your bank is adopting and the stakeholder issues. When we have done that we will recommend a short term strategy to include:

an initial survival plan
a 12 week cashflow forecast

and, if you wish, we will talk to your bank and your creditors - including HMRC - to negotiate extended terms.

Step 3 - look forward

Once back in control a new business plan will move you forward. We can help by:

examining the infrastructure of your business determining its management needs or shortfalls, its funding structure and its assets, highlighting profit improvement opportunities
restructuring profitable areas and dropping less profitable ones
managing working capital
setting and monitoring KPIs

Step 4 - implementing your plan

Your business will need careful monitoring to achieve its potential and avoid future problems. We offer a mentoring service that gives you access to years of expertise in business management. We can:

attend board meetings
assess management strengths and weaknesses and highlight areas for training or development
assess and challenge your budgets and forecasts
provide an independent appraisal of your progress
>ensure you control the business rather than others controlling you

Step 5 - a 'hands-on' turnaround interim manager

Steps 1 to 4 are undertaken by our in-house team of professionals but in some cases a turnaround interim manager - a professional who will work alongside you to take the strain and provide expertise - is the perfect crisis management solution.

t-im is a network of professionals who can be called on at a moment's notice to work alongside owners and managers of businesses under financial pressure. They bring first rate management skills that create space in which the current managers can stop 'fire fighting' and re-focus on delivering results. Our t-im professionals have diverse skill sets ranging across financial, sales and marketing, production, operation and so on as well as general management and leadership. They have been there, done that and turned businesses around before.

You can expect your turnaround interim manager to focus on immediate issues and to get things done, as well as take the pressure off you, act as a mentor and steer your business towards success.

Interim managers are selected from our database of trusted managers, all of whom have enormous experience and wide skill sets. We don't only look for a good skill match - personality is equally important as this person will be part of your team for a period of time. The costs of an interim manager only begin once someone is appointed and you are happy with their fee level.

The costs

Step 1 - free of charge.
Steps 2 to 4 - agreed with you at the outset, usually on a cost/hourly basis.
Step 5 - only chargeable once an interim manager has been appointed and fees negotiated.

For more information on turnaround management call us in confidence on 0800 085 5070

Download our turnaround management brochure

Below are links to some of our t-ims. Please note that by clicking on the links you are leaving the McTear Williams & Wood website. We cannot be held responsible for third party content.