How to Save a Struggling Business: Mark Bailey’s 5-Step Turnaround Method
How does the 5-step troubleshooting process help struggling businesses achieve a financial turnaround?
Mark Bailey’s 5-step process is a deep dive into the root causes holding your business back. We use a proven 5-step troubleshooting framework to identify the underlying issues that make outside expertise necessary. This process gives management the “breathing room” to see the bigger picture, providing support on two critical levels:
1: Business Support
Business Support focuses on the practical side of the business, including financial details, operational processes, systems, sales teams, and marketing strategies. We achieve this through a five-stage process:
Step 1: Discovery & Observation
– Where is the business today? Clearly identify which stage the business is in (e.g. start-up, growth, maturity, or decline).
– How did the business reach this stage?
– What are the ambitions of the business?
– Does the business have a clear plan to achieve its ambitions?
– Assess the overall health of the business. (e.g. are there urgent issues to fire-fight, or is the business performing well and looking to scale?)
– Will the financials support the business’s ambitions? (i.e. can it self-fund, or is external investment required?)
– Define where the business needs to be to suit your lifestyle. (Recognising that everyone’s personal requirements differ).
– What hurdles does the business need to overcome?
Step 2: Diagnosis & Agreement
– What diagnosis have we learnt from Stage 1?
– Do all stakeholders agree on this diagnosis?
– If there is disagreement, have we missed anything from Stage 1? Do we need to revisit any previous steps?
Step 3: Strategy & Planning
– What are all the ideas everyone must improve the business and/or reach its ambitions?
– Are all the ideas credible or realistic?
– Prioritise ideas into the most impactful.
– Are the ideas in line with the overall ambitions?
– Is there a detailed plan and strategy to achieve the ideas?
– Do all the stakeholders agree with the plan and strategy?
Step 4: Action
– TAKE ACTION!
– DO THE PLAN!
Step 5: Review & Refine
– Take time to regularly review progress, ensuring that we learn every step of the way.
– Identify our successes; what made them successful? Did we find out any information that could help us along the way?
– Did we fail to take action on any part of the plan? If so, why?
– Were the ideas implemented in the plan an effective use of our resources? For example, how much ROI did we make? Do we keep investing in these resources, or did we find something which has a better ROI?
– Repeat steps 1 to 5.
2: Director Support
Beyond a structured plan, Directors receive help and guidance from an experienced consultant who has been in their shoes and faced similar challenges. Implementing changes or tackling business challenges can be overwhelming.
We provide ongoing support to help you navigate these situations. You will know when it comes to your business, we’ve got your back:
A Sounding Board
Running a business can be isolating. Making decisions alone is daunting but having a consultant to challenge your thinking and provide perspective boosts confidence in decision-making.
Hit the panic button
If faced with a crisis in business, we can panic or jump into decisions before thinking. A quick consultation call during a crisis can help make the right decision and avoid costly mistakes.
Watch – My 5 step process to troubleshoot struggling businesses:
Read more about how Mark Bailey Consulting can help your business achieve financial turnaround >
Why I Do What I Do.
I know how heavy the weight of leadership can feel, especially when your family’s name is on the door. My goal is always to ensure the business thrives while the family remains united.
Can I help?
Choosing the right consultant is the first step in protecting everything you’ve built. If you’re looking for someone who prioritises people and purpose to drive performance, I’d love to hear from you.
What is Business Consultancy?
At its core, business consultancy involves helping a business work toward its vision and deliver on its mission while adding value to its stakeholders, such as directors and shareholders. Explore my services >