In this episode, Byron discusses:
- Cutting costs is the key - cashflow is king.
- Diving into the financials and knowing them from every angle personally.
- Not procrastinating or putting your head in the sand about all aspects of your business and the situation.
- Stripping down to the core of your business.
The top 10 ways to fail at your turnaround:
- Not acting quickly enough
- Relying too much on your ability to increase revenues
- Trying not to rock the boat
- Not personally diving into the financials
- Minimizing or downplaying the severity of the problem
- Assuming things will get better over time
- Trying to go it alone
- Not finding the “profit core” of the business
- Not forecasting your turnaround plan
- Analysis paralysis
"It's going to be your responsibility to get the business back and to profit mode. And so you need to just deal with it and not blame other things." — Byron Walker
Connect with Byron Walker:
Website: TheTurnaroundPlan.com
Email: Byron@SurvivalFrog.com
LinkedIn: Byron Walker