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Essay / Research Paper Abstract
This 4-page paper details the way to help turn around a failing business. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTbusfai.rtf
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Unformatted sample text from the term paper:
sometimes, turning around a business that has failed can be even more of a challenge than starting a business from scratch. In this paper, well provide some recommendations as to
how a business can be revived from failure. Much of the literature involved in business turnaround tends to focus on one thing;
namely understanding the cause of the business failures. This is essential to know, but recognizing the causes mean that the solutions are somewhat easier to come by.
Experts point out that one of the main causes of business failures is ineffective management style (Orme, 2004). Other causes of failure include too much
diversification, weak financial function, poor lender relations, a lack of operating controls and a market lag (in other words, change in marketplace that have bypassed the company) (Orme, 2004). In
addition, growing too fast can signal the demise of a business as well (Orme, 2004). Can a turnaround be successful? Orme (2004)
notes that in Canada, one-third of companies coming from bankruptcy protection end up closing their doors within five years once again (Orme, 2004). Orme notes that the success of a
turnaround is dependent on "strategic and operational structuring beyond the initial triage of financial and asset restructuring" (Orme, 2004, p. 27). In other words, its the long term, beyond the
immediate, that determines the turnaround of a business. Orme, in his article notes that there are many stages when it comes to
turning a business around. The first involves changing the management (Orme, 2004). But this, he says, needs to be done carefully - due to ego, many CEOs and company presidents
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