In this episode, Byron discusses:

• One of the first steps of a turnaround plan, even if it's difficult
• Document and journal everything you are doing and thinking
• Making quick decisions
• Cutting deeper than you want

Key Takeaways:

• Talk with others about your plan, brainstorm ideas and connect the dots
• Calculate your runway, then take steps to increase it (cut expenses fast)
• You will have a new company when it's all done; it will be better. Don’t wait for the market to come back, get to profitability right away. Don’t hold on to the old company.
• Don’t wait for the market to come back, take action now. Cut expenses to match new revenue levels and get to breakeven asap. Then grow as the market recovers.
• Nothing will be the same going forward. The market will be different. Your company will be different. Embrace the new reality and make the tough decisions required during a turnaround.

"Once you come up with a decision, you need to take action right away. Making the wrong decision is a better scenario than not making a decision." — Byron Walker

Connect with Byron Walker:

Website: TheTurnaroundPlan.com

Email: Byron@SurvivalFrog.com

LinkedIn: Byron Walker