How to develop a practical and realistic plan to satisfy creditors and to survive:
- Realize that the business is in economic crisis
- Reinvent the business mission and vision
- Redefine the business’ value proposition
- Refinance the business
- Redefine leadership and roles
- Rethink marketing and communication
- Redistinguish from competitors
- Redesign the organization and network
Ask yourself the following questions:
- What is the future potential of the business?
- Is restructuring worth the time and energy that it takes to work on a recovery process?
- Is the business willing to revise and renegotiate?
- Which debt need to be restructured and their amounts?
- What amount can be realistically put towards these debts?