Key Strategies That Will Help You Build Up an Effective Business Rescue Plan

Creating a business rescue plan entails formulating effective strategies that will rehabilitate your financially distressed company as an alternative to liquidation. You will need to do an extensive review on the current state of your company so as to fully identify what is the primary cause on why you’re incurring a lot of debt instead of gaining any type of profit. From there, you’ll be able to map out what course of action that you should take so as to address this dilemma. So confused on how to initiate the entire process? Well look further as down below are key steps that will help you get started on the right track!

So that you won’t be overwhelmed with the entire procedure, we have broken down the steps in devising an effective business rescue plan into three different parts:

Part A: Assessment

• Set-up an appointment with your accountant and lawyer so as to fully evaluate the company’s present financial state.
• You need to make a comprehensive list of all of the material assets of the organization and identify which of those properties were used as security or collateral for your creditors when you first started on your business.
• Create a complete listing of the creditors of the organization. Classify them accordingly as per standards to the laws and regulations of insolvency on whether they are the secured, legal preferent and concurrent type of creditors.
• Calculate the probable dividend that might be received by creditors, within their specific classes, if the organization may be put into liquidation.
• Make an updated list of the present stockholders of the company’s released investments.

Part B: Research and Planning

• Conduct surveys so as to obtain consumer feedback. In that way, you’d be able to determine what your customers want and what they don’t want.
• Identify which products and services have low conversion rates and formulate a marketing strategy that will reinvent them so as to make them more appeasing to the market.
• Do brainstorming with the members of the team and identify all possible options and strategies that might be feasible to improve sales.
• Plan out how to best promote your product. Identify if there is a need to change the packaging and etc.
• Map out an advertising plan. Almost all people have access to the internet. So try to set-up a website wherein you can post articles, videos and other types of media that can best promote the kind of products and services that your company is currently offering.
• Identify which companies or other partnerships that you can affiliate with. Choosing the ones that can help complement the products and services you are currently offering can boost up sales.
• Create a referral rewards plan for your existing customers. This is one way that will help expand your market all the more. if you give your consumers rebates or discounts whenever they do a successful referral, they would be more inclined to spread the word and bring in more people to avail of your services and products.

Part C: Conclusion

• This final phase involves reaching an agreement with the members of organization, stockholders and creditors to implement the business rescue plan. A timeline should be determined on when you expect to see profits.