Business Turnaround podcast

Don’t get me wrong – I live and breathe financial models. My team builds dashboards, tears apart P&Ls, optimises working capital to the decimal. But I’ve been around long enough to know this: the numbers can look “okay” while the business is quietly dying.

If you’ve been running a blue-collar business through tough times, you’ve probably said or thought something like:
“We’ll fix it once demand picks up.” “We’ll invest once cashflow improves.” “We’ll hire the right people when we’re more stable.”
The truth is, though, in a turnaround, the conditions will never feel perfect. You’re not operating in calm waters – you’re trying to patch the ship in a storm.

Most business owners I meet don’t realise how dangerous complexity really is. They think it shows how far they’ve come – multiple product lines, departments, systems, maybe even multiple locations. But in a turnaround, complexity is the enemy of speed, clarity, and control.

Growth is supposed to be a good thing. You’re taking more orders, hiring more staff, expanding your space. You’re busy, working hard – it feels like progress. But here’s the reality: some of the worst cash flow problems happen when business is growing. Because most SME owners aren’t prepared for what I call “profitless growth.”

It’s something I see in almost every struggling blue-collar business I walk into. The owner is usually hard-working. Loyal. Respected by the team. But they’re also too close – emotionally and operationally – to see where the real problems lie. It’s like living next to a slow gas leak. You stop noticing the smell, until the spark comes.

Loyalty is a value we’re taught to respect. Be loyal to your staff. Your customers. Your suppliers. Your old ways of working. But here’s the uncomfortable truth: In turnaround situations, loyalty can kill you.

If you’ve been in business long enough, you’ve had that moment. You walk through the workshop, or the warehouse, or the site, and you think, “Where’s the fire in people’s eyes? Where’s the pride? Why am I the only one who seems to give a damn about this company?”

One of the most dangerous things in business isn’t a big crisis. It’s the quiet, creeping loss of margin that looks small on paper — but adds up to disaster. And if you run a blue-collar business, where cost control and delivery are everything, this should keep you up at night.

If you're running a blue-collar business, you know the drill. The phone won’t stop ringing, deadlines are brutal, and you’re always three hires short. But here’s the truth: chaos is expensive. And worse, it’s invisible until it's too late. Most distressed businesses I step into have one thing in common: they’re addicted to speed. Rushing to quote. Rushing to deliver. That’s not momentum. That’s mismanagement in disguise.

Growth can be a gift. But it can also be a trap, especially for blue-collar businesses where the pressure to take on every job, say yes to every opportunity, or underbid to win market share can break the very core of the company.