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Recession or not, during these volatile economic times it's worth taking a look at the playbook of turnaround specialists. And for many growth firms, who face the normal challenges of managing constant change, it can feel like a perpetual turnaround situation even during boom times. A huge weakness in small to midsize firms is the lack of accounting data and support. It's a natural instinct for entrepreneurs, given a marginal dollar, to want to spend it on either making/buying more stuff or selling it i.e. fund sales and operations. Accounting, in turn, is often underfunded and seen simply as a necessary function to keep the IRS off your back.
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