Home The Business Survey

Expert Small Business Advice:
Conduct Your Business "MRI"

When you're lost and in trouble, what's the first thing you do?

Right -- you look around you.

So the first thing to do is survey your business. Like a medical MRI, examine everything from the inside out. This will become the "meat" (sorry) of your Turnaround Action Plan.

But don't get bogged down. You'll need to quickly compile everything you discover, then review and prioritize it all -- in order of what most threatens your survival.

Information from all sources will be meaningful.
Things to consider include:

• everything that is a difficulty, danger or threat, such as:

• lack of cash to continue operations
• creditor lawsuits or judgments that can halt operations
• IRS liens or seizures

• everything that is a potential strength (but don't kid yourself)
• all your financial, sales, marketing and operational data
• employees, vendors, even customers can provide needed facts

This fact-finding mission will be the raw material for creating your Turnaround Blueprint, which in turn is your plan for structural and operational changes.

It can mean the difference between failure and success for your enterprise.

Later in the recovery process, you'll use this information to make decisions about your strategic options. In particular:

1. Is bankruptcy the best course of action? (Learn about Bankruptcy Options.)

2. Should I choose Voluntary Liquidation of assets through an Assignment for Benefit of Creditors (ABC)? (Learn about Asset Protection.)

3. Is the Dump-Buy-Back possible in your situation?

4. Are Notes Payable unrealistic? what are your options?

If you're not sure what all these mean, no problem. We'll get to it. Preview the pages in those links. But then come back here to resume. Remember:

a) Don't delay
b) Take things in order
c) Don't overlook anything

Next, we'll focus on resolving the problems you've identified, the keys to saving the failing business from either insolvency, Chapter 11 or Chapter 7 bankruptcy.

Click to learn about Bankruptcy Options (and how to avoid them).