Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.
Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.
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Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.
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Implementing a successful corporate turnaround strategy is tricky, but totally doable if you know what you’re doing. As someone who’s helped multiple companies bounce back from tough situations, I wanna share some tips based on my experience.First up, you gotta fully understand why the company is struggling before making any big moves. Really dig into the financials, talk to employees at all levels, analyze market conditions – whatever you need to do to pinpoint the core issues. Some common reasons companies decline:
Once you’ve identified the main challenges, ask yourself if the company is even viable long-term or if it’s better to cut losses early. If it seems salvageable, here are key areas to focus your turnaround efforts:
Seriously slash spending wherever you can – but in a strategic way.
Cost-cutting alone won’t turn things around though. The key is boosting revenues, which leads me to…
Carefully analyze sales data to see which products and services bring in the most profits. Then, double down on marketing those winning categories across channels like:
A quick marketing refresh can work wonders.
Diversifying offerings to align with current demand is key. I’d research market and consumer trends pretty heavily before taking the plunge with new stuff. Some ideas:
And if resources allow, using something like Avvo’s small business section could give some helpful legal perspective too.
Company culture matters – like a lot. Boosting morale, productivity and retention comes down to:
Seriously, listen to your people. They’re the heartbeat that keeps things running day-to-day.While implementing changes, be super clear about:
This one can be tough if the current leadership team has been there awhile. But swapping management is often needed to get fresh perspectives.If finances allow, consider executives with experience managing:
But honestly, turnaround pros can be $$$. An affordable alternative is getting consultancy from:
Once the turnaround work kicks off, constantly track progress through:
Course correct in real-time if you spot issues. Be ready to double down on what works.
If despite all the changes, the business continues to deteriorate, it may be time to have the tough talk about next steps whether that’s:
Turnarounds can take years in even healthy markets. When forces are stacked against you, cutting losses to protect personal assets can be the smartest move.There’s no magic formula I can promise will instantly save a business. But taking a super targeted approach – while getting support from the right experts – gives you a real shot at steering things around. It takes patience and resilience too since setbacks happen. But I’ve seen amazing corporate comeback stories over the years. And I hope sharing my experience makes your path a little easier.Let me know if any other business recovery questions come up! Happy to chat more.
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