Essential Steps for a Successful Business Turnaround

LONDON, April 8, 2013 /PRNewswire/ --

Turning around the fortunes of a failing business requires careful strategic planning.  

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. They have been awarded Corporate Recovery Firm of the year 2012.

The expert restructuring specialists has outlined the essential steps all business leaders need to follow if they are hoping to ensure a successful business turnaround.

Phil Smith, Partner, Moorfields Corporate Recovery says;

"The environment many businesses are operating in this year is extremely tough. The budget may have increased optimism among some SMEs, but continued economic uncertainty means that all businesses need to ensure they act fast to address difficulties they may face.  

"Seeking the advice of recognised restructuring experts such as Moorfields Corporate Recovery sooner rather than later can make all the difference. Our partner led approach and wealth of industry contacts with creditors and suppliers means that we can facilitate a successful business turnaround where many business leaders may struggle. So if your business is struggling, contact us today."

Areas companies may need to address in a bid to create a more positive outlook for their business includes:

Assess the factors that led to failure of the business

Conducting a thorough assessment of a company's current processes and management structure will help businesses to identify ineffective management or failure to adequately tap into opportunities presented by the sector in which they operate.

Outline key company values

Clearly defining the culture and values of a business will help all members of staff and investors to have a clear vision of the company's aims and objectives. This well-defined culture can also form the foundation of the action plan needed to drive the company forward.

Invest in people

Employing the services of outside organisations and individuals with a proven track record of supporting the process of a business turnaround may also help to provide the expertise and perspective needed to return a company to growth.

Create and promote a new vision for the business

A failing business may have some work to do to convince employees and investors that it can return to a strong position in the market. This is where creating and communicating a new vision for a company can serve to boost morale and give all facets of the company a benchmark to measure their businesses' progress against.

Formulate a strategic plan

Creating a strategic plan for the company, and working with members of the management team to implement this, will help to solidify a company's vision and corporate culture.

To find out more about insolvency practitioner and business restructuring services from Moorfields Corporate Recovery email: info@moorfields.com or call +44-(0)-207-186-1144.

Notes to Editors

About Moorfields

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

Moorfields Corporate Recovery is proud to have been awarded Corporate Recovery Firm of the year at the Insolvency and Rescue Awards 2012.

For further enquiries please call Katie Smith on Tel: +44-(0)-207-186-1143 or email ksmith@moorfieldscr.com