Does Your Business Need Chapter 11 Reorganization?
American Airlines filed for bankruptcy this week! What! American Airlines?? Bankrupt??
Not as bad as it sounds... The word "bankrupt" conjures up images of a destitute person, unable to pay bills, down on his luck, etc. Certainly there are some bankruptcy stories like that but American Airlines filed for Chapter 11 Bankruptcy, which is basically a reorganization of their business. So you might see a change in how the airline is structured or maybe fewer flights but for those with current reservations, you are safe. I see this as the company making a strategic move to "stop, explore their situation, and make appropriate changes for the future."
Ever think your business needs a Chapter 11 Reorganization? Sounds scary but maybe we don't call it "Chapter 11 Reorganization" - what if you just took the time to "stop and see what is going on?" For many of us, our daily to-do list leaves no time to look at the big picture; we are all so worried about today that tomorrow only gets looked at tomorrow. These recent challenging economic times have forced business to stop and re-engineer, similar to what American Airlines is doing.
I have personally seen The Allied Group stop and re-engineer. When I started with Allied almost 18 years ago, we sold business forms and maybe an envelope here and there. Through the years (mainly because of industry changes, technology, and client demand) we added promotional imprinted products, third party fulfillment, data to print, direct mail capabilities and various marketing services.
When will Allied stop adding products and services? My guess is never! The world changes faster than it did 18 years ago so our product offering needs to stay ahead of the curve so we maintain out ability to offer complete marketing and fulfillment services. If Allied kept the same plan as 18 years ago and stayed with the product offering of business forms and envelopes, the company would not be thriving, if not breathing at all...
What have you noticed in your industry the past 18 years?
Is it time for YOU to declare a "Chapter 11 Bankruptcy" and re-evaluate your situation?