Startup Funding Espresso – Best Practices for a Turnaround

Best Practices for a Turnaround Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There's an old saying, 'never let a good crisis go to waste'. A turnaround is not only a crisis but also an opportunity to rebrand, redirect and reposition the company. Here are some best practices in working on a business turnaround. View each turnaround as unique and customize your approach to fixing it. Set goals for the turnaround to ensure you are on the right track. Apply the same standards to your turnaround as you would apply to other businesses. Review the skills the company needs and adjust the team accordingly. Review the team and recruit key players who can help with the turnaround. Engage the board into the process and make sure they are working at their full potential. Put cash as the central financial metric first and gear all decisions around it. Just as you have a story for raising funding for the business so you need a story around how the turnaround will work. Be action oriented and timely in doing so. Look for some early wins to build momentum with the team for the turnaround. Take the turnaround as an opportunity to rebuild compensation and incentive plans. Consider these points in running a turnaround at your company. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.