(Extra) Step 13 to Financial Recovery: When Recovery Fails

Over the course of this Financial Recovery series, we have told you there are 12 steps to recovery (as defined by the Government Finance Officers Association (GFOA)) – but, in point of fact, there is a 13th Step.  This step is about what happens when all prior 12 steps just aren’t enough. Unfortunately, the financial … More (Extra) Step 13 to Financial Recovery: When Recovery Fails

Step 11 to Financial Recovery: Managing the Recovery Process

In our series on the 12 Steps to Financial Recovery, we now come to the second-to-last step: Managing the Recovery Process. Now that the necessary leadership has been determined and has been seeing to the success of the recovery endeavour, it is time for the leader(s) to be put into action by making the difficult … More Step 11 to Financial Recovery: Managing the Recovery Process

Step 10 to Financial Recovery: Recovery Leadership

For the past 9 steps in our 12-step series on Financial Recovery, we’ve been taking you, our readers, through the steps (originally outlined by the GFAO, see http://www.gfao.org) that you have to walk to get your business (or company’s business) back in the black and on the way into recovery and out of whatever hole … More Step 10 to Financial Recovery: Recovery Leadership

Step 8 to Financial Recovery: Long-Term Therapies

In continuing with our series on the 12 Steps to Financial Recovery, we are now moving on to the next step.  So once you’ve done your in-depth diagnosis and have figured out your Recovery Plan for bringing your business back onto the road to financial recovery, you now need to discuss Long-Term Treatments, which is … More Step 8 to Financial Recovery: Long-Term Therapies

Step 6 to Financial Recovery: Detailed Diagnosis

Here we are now at the mid-point in the process of financial recovery.  We’ve talked about recognizing that the business is in trouble, getting your core team of executives to get some strategies figured out, running some generic treatments to eliminate certain options, and also putting together a plan of the available treatments that you … More Step 6 to Financial Recovery: Detailed Diagnosis

Step 5 to Financial Recovery: Fiscal First Aid

In our series on the 12 Steps to Financial Recovery we have so far talked about recognizing that there is a problem, mobilizing resources (including your team), trying out some generic treatments (which is the beginning of the process of elimination, really) and then getting a more in-depth diagnosis underway.  This brings us to Step … More Step 5 to Financial Recovery: Fiscal First Aid

Step 3 to Financial Recovery: Generic Treatments

As we continue through the Process to Financial Recovery (as defined by the Government Finance Officers Association) we come to Step 3: Generic Treatments. At this point, after recognizing the problem(s) in the business and mobilizing a core team to carry out the strategy for recovery, cost-cutting techniques may need to be enforced without hesitation … More Step 3 to Financial Recovery: Generic Treatments

Introducing Our New Series: The 12 Step Process to Financial Recovery

As part of our ongoing effort to talk about the world of finance, and taking into consideration the present financial situation of many companies and individuals alike all over the world, we are starting a new series that will cover the 12 step process to financial recovery that was developed by the Government Finance Officers … More Introducing Our New Series: The 12 Step Process to Financial Recovery