What are your recommendations for a business coming out of bankruptcy and starting all over?
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Aug 15, 2013
The real questions are:
1. Is there a demand for your product or services? Consider surveying your target market to discover the answer to this question.
2. If there is a demand for your product or service, was the bankruptcy a result of bad management? If so, find out what lessons management has learned. If management cannot be corrected, then those people must be let go. When you interview for replacement staff or management, find out two things:
a. Do they have aptitude?
b. Can they passionately support your products or services? That is, do they buy into your mission statement?
Above all else, if you are serious about starting over, sell!
If you have follow up questions, contact me directly at ken@kenconecpa.com.
Jul 18, 2013
If this is for your Convention Hotel in Downtown Fort Worth, it breaks into two pieces. Sell convention space and manage your expenses. Somewhere in there provide exceptional service, make the employees happy so they do provide exceptional service and find out what the problem was before and dont repeat it (or fire them).
Jul 10, 2013
Dave, There are many good suggestions here. I would just add 2 more things :
1. What ever you focus your energy on is likely to happen. Focus on what you want for yourself and the business going forward. Be as clear as you can get.
2. Observe your patterns that don't serve you well. Understand the immunity to change.
Much of this is best done with help from a trusted advisor or Coach.
Jul 7, 2013
1) research the key probles which were the causes of bancruptcy
2) analyze causes abd resources (previous and present)
3) creation of new startegy
4) firstly synchronize financial and operational business process (to increase cash flow)
5) simulteneously reduce (if it is available regards current tax model - especially nuance in Russian) costs or optimize
6) try to automize some process and hire new optimistic team (to push sales)
7) hyper activate sales (totally) inc new cross sales channels etc...concentrating only on sales ...no other
8) when you reach your first target (as a result of active sales) you could simulteneously work with refinement of business process (doc flow) and teambuilding because step of first success is very important and it needs celebrate to infect tighty all your team for further successes (as a leader!) + motivate team
9) here all you need is to control and monitoring business figures daily towards your targets and foresee some narrow places in the reaching it
Jul 3, 2013
You need to re-establish trust with the old customer base. Indicate that the new ownership, I assume there is a new owner, is commited to the success of the hotel and is putting the customer first.
You need to go after new customers and demonstrate the ability of the hotel to serve their needs, whether it is based on cost, amernities or other services.
Good Luck
Jul 1, 2013
First of all you must know what the reason of the bankruptcy. And I don't mean the lack of money. That's only the result of bad finance-management. Above all. Is the business you're in worth for a restart. Is there still business. To me you should redo your business-start-up-plan. After that you may conclude what you like, but first ask yourself the right questions as if you start a complete new businessmodel.
Jul 1, 2013
Jul 1, 2013
My recommendation would be to do this only after a deep down analysis of what led to the bankruptcy in the first place has revealed that either market pressures have changed or that company infrastructure has changed. Are all vendors and creditors on board as you move forward, with access to product and cash flow at a level that will allow your business to prosper? Are you laying out a new footprint directly over the old, or has your geography changed? Has your product mix changed? Or are you now able to offer your product or service with a lower cost basis?
Assuming that this has been done, there is no better teacher that the hard knocks of reality to remove inefficiencies from a business.
Jul 1, 2013
As a business owner, the reason you file for bankruptcy in the first place is because you could not service your loans anymore and therefore sought protection from the available laws to avoid harassment from creditors. If you want to start all over without being considered a fraud by those who advanced you credit then you need to work out a way to pay up as new income starts coming in. It is an integrity issue. Those you owe money will not be too pleased seeing you start over and not paying up what you owe.
Jun 30, 2013
1 - do not make the same mistakes twice
2 - anylise why you failed the first time
3 - consider cash flow and what can be done within that amount
4 - outsource to reduce monthly costs
5 - keep inventory relevant to turnover
I have a list in 24 hour survival guide that helps