Michael Jackson fans were donning their black armbands and gathered to mark the anniversary of his death last week – but his estate’s accountants are counting up stacks of cash.
“To date, Michael Jackson’s executors have been both aggressive and savvy,” said Lacey Rose, staff writer at Forbes.
Jackson’s revamp into a posthumous money-making machine is even more stark when compared to the financial woes he faced while he was alive. The Wall Street Journal estimated his debts at $500m.
Achieving this incredible turnaround for your business brand might need you to make some very hard, yet crucial decisions. Breaking the pattern of routine can sometime be the hardest part, but once you have positive forward momentum you will be able to – breathe – and reflect on what wasn’t happening.
When we work with distressed businesses and meet entrepreneurs we help them make clear and effective decisions for their business. We show them that their procrastination is much more damaging to progress than doing something, or anything.
My Grandfather, a successful entrepreneur in the 1970’s once told me that it is better to make a decision than not to make one. “If you really don’t know which way to turn, take advice, but always decide, customers and employees respect that, people like decisive leadership.”
You can make it as simple as yes or no. Being clear on what your business needs is a good start.
Our team always look at the daily cashflow first – that is one of the reasons why we don’t charge fees. The last thing a financially distressed business needs is one more debt.
It’s likely that you may, like Brand MJ, need to cut spending.
“Michael Jackson had amassed fame and squandered fortune like no other entertainer in history,” Ms Rose added.
“What you had was a millionaire spending like a billionaire. The result: he is worth more dead than he was alive in his later free-spending years.”
Cutting spending is twice as effective, if at the same time, you call in all your cash from debtors.
Just by putting a stop on all outgoing payments whilst collecting all outstanding debt – can result in a significant improvement to cashflow.
This won’t fix the leaking bucket, but whilst our team are “firefighting” – you, the business owner, will find breathing space to focus on the really important issues in the business, like keeping exiting customers happy and finding new ones.
We make it our mission to relieve entrepreneurs of the day-to-day strangle of cashflow.
They can do what they do best – run their business. And we can do what we do best – pointing the business in the right direction, and setting it moving forward again.
We try to break paradigms – many entrepreneurs; when asked – will say – cash is the one thing that could help their distressed business. Sometimes this is true in the long term, but we have to fix the problem first!
To quote the business turnaround maestro – Jeremy Harbour – “Giving money to a distressed business is like giving crack to children; they always come back for more”
Michael Jackson’s death turned his brand around, it’s never been stronger.
Perhaps we can take lessons from this – what can we do to re-launch your company’s first mission?
MJ’s estate acted swiftly and they turned his death into a positive. They leveraged his unique talent and bought it back to life for a new audience. They re-released his music and videos for a new generation who then realised how amazing his talent was.
Leveraging your businesses unique selling points is part of your turnaround. Reminding your fans/customers what you do best.
Some of your existing customers might not even know about all your products and services.
You may have an ‘acre of diamonds’ in your own back yard. Cross selling is a quick and easy way to build revenue.
It’s clear with the pressure off and your focus back on the business you will find answers quicker, with fewer resources.
Business owners can miss the simple things in the heat of battle. And by battle, I mean the daily struggle against cashflow.
Turning a loss into a profit is achieved with several simple actions – whilst – at the same time making the most of an opportunity. Whatever that oppportunity is…