Be Proactive…don’t wait until a small problem grows into one that challenges the survival of your business.

Blumenfeld Financial Group has worked with hundreds of businesses in solving problems and creating a new narrative.

Quick Actions you need to Take Now!

BFG Action Plan©…

1. List Problems

Put all problems on the table, analyzing and listing them in order of importance. Start with the easiest-to-solve first then put a full press on those problems for which there seems no solutions. Assign responsibility and review weekly.

2. Face Reality

Review the Action Plan and realize its gravity. Recognition is the first step toward rehabilitation. At BFG we call it “Coming to the Party.” It’s amazing how many people let unbridled optimism cloud sober realty.

3. Protect Assets

Troubled companies are threatened from all sides. Creditors won’t supply materials; customers won’t pay bills; employees lose loyalty. Your first order of business is to safeguard what you’ve got. Build cash reserves. Monitor collections. Watch company property. Be Vigilant.

4. Force a Positive Attitude

It’s tough after facing brutal facts but try. Be strong, a bit arrogant if you must. Beat back discouragement. Destroy despondency. There’s an answer out there somewhere.  Eliminate negativism and generate a “can-do” Aura: “I’m as smart as anyone and I’m going to find it. “Transform “It can’t be done” to “How can we do it?”  Be aggressive not passive, proactive not reactive. Play the right role. In Rocky’s immortal words, “go for it!” 

5. Establish a Braintrust or Network

Set up a group of close professionals and associates (even friends) who have critical expertise and experience.  Lay out your list of problems. Brainstorm. One pivotal idea might be key. Test alternatives strategies with the group.

6. Position Personnel

It is especially important, though more difficult, to get the right person for the right job in a troubled company. Strive for positive people. A salesperson must be particularly buoyant to motivate the sales force while fielding customer complaints. 

7. Communicate Constantly

Keep in touch with all constituencies, both internal and external. Open, regular, and direct contact with creditors goes far in mitigating fears and softening attitudes. Give frank, frequent updates to employees. All associated with the company are at risk, and nothing defeats uncertainty better than current honest information.

8. Implement in Order

Granted, everything must be done at once in troubled companies---expenses cut, new funds found, customers mollified, creditors pacified. Nonetheless, implement in order of problem difficulty, easy ones first. Attack the more solvable problems just as you listed them. In this manner, you will begin to make some progress. Often, solving easy problems sooner helps solve harder ones later.

9. Be Persistent

Don’t close any doors.  Never take No for the final answer. It’s difficult to be rejected, when your sales pitch is turned down. But that’s the time for rethinking and repackaging. Why did your original approach fail? What did you neglect to offer?  When going through the front door doesn’t work…look for a backdoor to go through.

10. Have Vision…Re-Invent…Be Courageous

Sure, you must think short-term, but look long term? Do not let your past blind your path to a new future.  Stand tall.  Show confidence.

Blumenfeld Financial Group can turn distress into new opportunities for your business.