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Get well soon: your business about to flatline? Clear!
Entrepreneur, June, 2002 by Mark Henricks
MORE COMPANIES FAILED IN 2001 THAN IN ANY YEAR on record, According to Carter Pate, the U.S. head of PricewaterhouseCoopers' turnaround team, more will fail in 2002. But Pate and Northeastern University business professor Harlan Platt argue failure need not be final in The Phoenix Effect (John Wiley & Sons, $27.95). By applying proven techniques for resuscitating cash flow and energizing performance, many companies recover from hard times and reemerge stronger and better, they say.
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Pate and Platt's account is both practical and inspiring. Pate has headed the rejuvenations of a marquee roster of corporations. Platt contributes a professor's quality of objectivity and thoroughness to examples such as the analysis of how changing a product's characteristics can help or hurt a troubled company's chances for a rebound. One interesting conclusion on that point: Managers of companies in trouble should not cut prices in hopes of generating additional cash, the authors say. It often makes more sense to raise prices.
While The Phoenix Effect is aimed at companies in trouble, it's hard to think of any entrepreneur who couldn't benefit from looking over its nine powerful strategies.
RELATED ARTICLE: In 2006, 30% of new online consumers will be 50 or older.
Austin, Texas, writer MARK HENRICKS has covered business and technology for leading publications since 1981.
COPYRIGHT 2002 Entrepreneur Media, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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Most Popular Articles in Business
- Research and Markets : Tesco Plc - SWOT Framework Analysis
- Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors
- eBay made easy: ready to start an eBay business? These 5 simple steps will ...
- Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...
- Wal-Mart's newest distribution center opened last month near the southwest ...
- More »