A Turnaround Artist Can Keep Your Business Afloat

Using a Part-Time Specialist

If you are using a part-time specialist, you need to develop a written scope of work you expect them to do and a time period in which you expect them to accomplish their tasks.

Duties: Assign them duties and give them authority to carry out those duties. Make sure your expectations and their ability to deliver are in sync. All too often, the owner has a set of expectations that aren't based on reality, especially when bringing on someone part-time.

There are three effective uses of a part-time specialist. The one with the greatest impact is the specialist who focuses on working with outside vendors to develop new payment terms and payment schedules. The second-best use of a part-time specialist is to develop a sales and marketing plan and work with the sales team to execute that plan. The third-best use of a part-time specialist is as an adviser to the business leader on what they should do and how they should do it; this person serves as someone to bounce ideas off.

Hours: If you are using a part-time specialist to work with outside vendors and the bank and develop sales and marketing plans, you will want to engage them for 20 to 30 hours a week for one to three months, depending on the complexity of the business and its problems.

Compensation: Negotiate with the part-time specialist and see if he or she will take a combination of cash and stock options and/or cash bonuses based on performance. Remember, you want to conserve as much cash as possible so the business will survive.