When a company finds itself in trouble, sooner rather than later, they should seek professional assistance to reverse the trend. If a business owner holds out too long thinking they can right the ship, it could very well be too late for anyone to help. There is a whole industry of professional consultants who go into troubled companies to assist in tough situations. These “turnaround management” experts bring a whole array of expertise to the problem. Many times there can be complicating factors to why the financial condition of the company is in decline.
An excellent example of this sort of firm is Genesis Turnaround. You can see they have the staff, the knowledge and experience to fix a broken business. In many cases these days a failing relationship with a lender can leave a business high and dry without access to additional capital. Restructuring the debt obligation is a crucial skill that can unlock the logjam and free up assets so a company can continue to grow. Again, it is vitally important to reach out for help early before the situation becomes too untenable for fruitful negotiations.
Read about Genesis Turnaround and get an sense of how they operate.