A friend asked me to help him reposition his second-generation company that was being impacted by forced bidding for the Medicare contract as part of the Affordable Care Act (the ACA).
The new law created statistical areas as part of the bidding process … his area included Long Island, New York City, and several counties North of the City to Albany, an area served by over 250 plus dealers previously.
We crafted a multi-step turnaround plan that included reducing staff, selling the building to free-up working capital, and securing exclusive distributorship rights to new upscale niche products for customers who did not need or use insurance.
In addition, we trained an in-store associate for Concierge sales when we saw how well he related to customers.
The turnaround took almost 3 years from conception. My friend’s company now has strong financials and a growing loyal client portfolio. We’ll meet again this summer to discuss a next step.
Big Picture change to a market, an industry, or the economy impacts every business. We are living through an unprecedented series of Big Picture changes that affect all of us, especially business owners and entrepreneurs.
A turnaround for a small business starts with a free-thinking top-down review of the business, its products and services, customers, and market differentiators. We’ll complete a fresh market analysis confirming brand strength and positioning, and also assess the industry itself.
We’ll look at change and variation in sales, including where you are experiencing growth, customer buying patterns, customer loyalty, and new customer acquisition. We’ll also look for different prestige-builders to connect with customers and reach more potential customers.
Each business owner has a story that needs to be told. Doing this nurtures customer relationships which is a significant business-builder and market differentiator.
In a few words … we’ll help you determine what needs to be changed, how to do this, and how to build an effective turnaround.
See what Latham Wade can do for you.
Comments are closed, but trackbacks and pingbacks are open.