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Business turnaround can be done on a formal or compulsory basis, such as business rescue, or on an informal basis where a company is either looking to avoid having to be subjected to a compulsory turnaround or to improve its financial performance.
While the process followed in these scenarios is similar, the fundamental difference is that in a compulsory turnaround the company is placed under the control of a third person to whom the company’s directors and management are required to report to.
With the unprecedented turmoil being experienced across the world, it is probable that most companies will have to review their business operations.
On a positive note, this environment also provides an opportunity for companies to better understand their core business, how their profit is generated and what areas or functions are essential.
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With over 50 years’ experience across various industries we are passionate about helping businesses survive and thrive.
If you would like assistance with reviewing or turning around your operations, please reach out to us by completing the form below and we will gladly contact you.
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With the sudden change in the business environment the previous ways of operating may no longer be effective. Don’t wait until your company’s is severely financially stressed to take action to change things.
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