1. Write business, sales & marketing and operations plans
It is always easy to know in your head what you want - but writing these down will help you to focus on achieving your goals and seeing where you are going off track. Written plans show you where you went wrong and how to correct this in future. Everyone involved in the company needs to know what the company's future plans are, so that they know where they fit in and what they can do - a written plan will facilitate this.

2. Meet with key personnel and a board of directors or advisors
It is important to speak openly with key people in your business on how to fix the company. Have a plan of your own to present at the meeting, and be self-assured, open-minded and flexible - people will lose confidence in you if you do not have a plan and vision for the future.

3. Revise plans
Once you have heard what other key people in your business have to say, revise your plans and ask executives to review this a second time before presenting to your employees and board of directors.

4. Meet with employees
Be open with your employees - have a meeting with them, explain the situation and discuss what plans Management have to amend the problems. Give employees a copy of the plan and ask them for their input - this will give them more confidence in the future of the business.

5. Meet with customers
Bad news travels fast, and if your customers get wind of any problems they are likely to start looking for new vendors. Don't ignore them - be honest yet reassuring in telling them about the situation and how you plan to move ahead.

6. Meet with vendors
As with customers, vendors also get nervous if they hear via the grapevine that one of their customers is in trouble. Prepare a statement for your vendors and respond to all resulting calls of concern.

7. Contact tax authorities
If you are unable to pay your taxes, speak to the tax authorities - they are more likely to work with you if you are open with them, than if you fail to pay and look as if you are trying to avoid them.

8. Contact your bank
If you have loans or credit with the bank, meet with the manager in person and explain your situation and your future plans - appear confident and reassuring.

9. Cut down on redundant workforce
Nobody likes retrenching staff, but in order for your business to survive you will need to keep only those who are essential to the business.

10. Cut unnecessary costs
Make a list of all of your expenses and see where you can cut back in order to buy time to fix your problems.

Adapted from "Ten Steps to a Successful Turnaround" from businesstown.com

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