These are troubling times for many businesses right across the board, regardless of the sector in which they operate. The fact is, everyone's tightening their belts, meaning sales seem hard to come by.
Despite that, many business leaders are quick to put their failing businesses down to the economic crisis which we are currently in, yet some would be advised to look a little closer to home in order to discover where they're going wrong. It's not acceptable to simply say, 'the recession has got to us' and to believe it. You need a proactive approach to turning the business around and as Charles Wilson states, that is simply down to managing the 'six Cs' a little more effectively.
Charles Wilson is the turnaround expert credited with saving the likes of Marks & Spencer, the Arcadia Group and cash and carry wholesaler, the Booker Group. Charles makes no secret of his blueprint for success and he still carries with him, a single sheet of paper with it all written down on. Charles believes that the model is the same regardless of who you're talking to. The 'six Cs' model looks to make a difference to cash flow (immediately), costs within about three weeks and to customers in about three months. The concept takes a little more time and culture takes much longer. You do however, need to be ready for crises on day one.
By managing cash flow, costs, customers, the concept, a culture and crises more effectively, you can turn any business around.
When Charles was brought in to save the Booker Group in 2005, he quickly reduced stock by 30%, managed capital expenditure down to 30% of what it once was, and also improved creditor management.
Charles believes that too many businesses run to the banks before they've actually looked at the business themselves in order to see where they could help themselves. The banks actually need to see that these companies are committed to sorting out its own problems.