STEP FOUR: PREPARING A TURNAROUND PLAN

Step Four: Preparing a Turnaround Plan

Before the ink is dry on step three, the crisis management team

begins to develop a rehabilitation plan that will return the

company to normalized operations, albeit possibly as a different

size or type of business. The plan will include restructuring debt,

negotiating new terms with suppliers, redeploying assets and

personnel and raising capital (if the cash on hand is inadequate).

Extracted from a book titled: RECESSION BUSINESS STRATEGIES by Prof John C. Mbuya

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