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Many entrepreneurs don’t like to talk about restaurant turnaround consultants since they bring up bad memories and make them remember about the times when their business was struggling. But, if you own a bar or restaurant, or any other hospitality business, you have to realize that these consultants are some of the most important people you can have on board. This is particularly true when your venture is no longer making a profit and you’re having problems with cash.
But what exactly do restaurant turnaround consultants do? Generally, they take over the management reins and take the right steps to bring your business back into good shape. For instance, they can meet with your lenders and suppliers and negotiate loan covenant waivers and/or debt restructuring plans. This way, you won’t lose your assets and you can repay your debts without destroying your budget.
Turnaround consultants will also evaluate your current practices to determine where and how you can reduce your overall expenditure and improve your cash flow. They analyze staff’s performance and consider termination for those that don’t bring much to the table, so you can reduce your employee expenses. They also sell assets that your business can do without, stop producing products and services that are not really lucrative, and outsource non-core tasks to minimize costs.
With these in mind, it’s easy to see just how much a turnaround consultant can help you when your business is struggling to stay afloat. But, with the many consultant companies available, how can you choose the best one for your business? You can start by taking the following steps:
Find someone who’s familiar with your business
You want to work with an expert who knows your industry inside and out and has more experience and skills than you. If you run a one-off restaurant, for example, look for restaurant turnaround consultants who have either owned and/or managed several non-branded, independent businesses. If you have a beach bar, find a resort consultant who has years of experience in managing this or similar type of venture. This way, you have the assurance that your consultant knows what he’s doing and can put your business on the right track.
Check their track record
Do your research and find out how many clients your turnaround consultant has helped. Next, check how many of these clients have successfully saved their businesses and are now lucrative and profitable. By knowing your consultant’s success rate, you can gauge his expertise and decide if he’s the right person to help you and your business.
Get in touch with previous clients
Don’t be afraid to contact the business owners that your consultant has worked with. Get their feedback and ask them how it was like to work with the turnaround consultant. They’ll most likely share painful memories of the time when their business was in a bad place, but they might also talk about how effective the consultant was in implementing the necessary changes and improving their company as a whole. If you hear this type of feedback, it’s a sign that you’ve found the right person to hire for your business.
There’s no shame in admitting that your business isn’t running as smoothly as you want it to. As long as you have the right hospitality management consultants by your side, you can turn your business around and bring it closer to success.
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