Startup Funding Espresso – How To Turnaround a Business

How To Turnaround a Business Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. A business turnaround is just like any other aspect of running a business. Here are some key steps in running a turnaround program for your startup: Identify the problem to be solved. There's typically 2-3 major issues to address. Develop a plan to move the business in a new direction. Consider the stage of business and the resources available to it. Gain commitment on the plan from the team and the investors. It's important to get the shareholders on board. Implement the plan to stabilize the business. Go for cash flow breakeven and a stable customer base first. Move the business to profitability. After stabilizing, start looking to increase profits first. After achieving profitability, you can start to grow the business. In the turnaround consider the following actions: Review all budgets for expenses. Review past customers to see who can be reactivated. Reformulate the organization chart. It's important to be transparent about the condition of the business. Be willing to drop favorite projects that no longer fit the core focus of the business. Show commitment to the new plan and inspire others to support it. 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.