Startup Funding Espresso – Business Turnarounds

Business Turnarounds Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. A business turnaround is taking a company that is underperforming and modifying its operations and strategy so that it recovers financially. Startups who are candidates for a turnaround are not doing well. They suffer from a lack of leadership, focus, strategy, or execution. Consider these steps in a turnaround situation: Identify the problem. This could be lack of funding, missing leadership, little or no sales and marketing, incomplete products and more. Set a goal. Some businesses need years to recover while others can recover more quickly. Gain consensus on the goal of the recovery. Determine a strategy. Focus on the core problem and write out a plan to solve it. Implement strict financial controls. Apply strong cash management and tight expense controls. Work to achieve cash flow breakeven first and then move to profitability. Increase sales by improving the product, raising the price and converting more leads into revenue. In running a business, be candid and frank about the current situation. Be willing to make tough choices around hiring and firing and what roles each one takes. Everything is open to change including the management team, the product, the target market, and more. 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.