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Some steps a small business can make for a successful turnaround:
Always start with people because it's always about people.
Hire true believers: After realizing you need to change strategies, the hardest part is making transition and keeping everyone focused. Hire people who truly believe in the company and it's mission and not just somebody picking up a paycheck.
Cut Unnecessary Costs: Make a list of all your expenses and eliminate what you don’t need. You need to buy time in order to fix your problems, and cutting expenses is a good way to buy “financial” time.
Symptoms that indicate a small business is in trouble:
> Cash is in short supply: The bank account may not have enough money for next payroll
> Sales are stagnant or slowing down: Orders are slowing down and Backlog is dwindling.
> Turnover is High: Employees are leaving constantly. People do not like instability in their employment and will change to more stable circumstances when possible.
> Customers are moving towards the competitors: Even thought the products and services are better.