Business Turnaround podcast

When we talk about turning around a struggling business, it’s easy to focus on immediate fixes like cutting costs or boosting sales. But a long-term turnaround isn’t just about survival—it’s about building a business that can with-stand future challenges. And that starts with your balance sheet. Let's talk about your fortress balance sheet.

Letting employees go isn’t just a financial decision—it’s a deeply personal and emotional one. People are the heart of your company, and having to say goodbye to some of them can feel like you’re tearing apart that heart. But when your business is in survival mode, tough decisions are inevitable. The key is to approach this process with clarity, fairness, and humanity—balancing the needs of the business with respect for the people involved.

Imagine you’re in the middle of a battle, facing a fire-breathing dragon. The heat is unbearable, the flames are closing in, and all you can see is the monster in front of you. That dragon represents the immediate crisis your business is facing—whether it’s a cash flow problem, mounting debt, or plummeting sales. It’s easy to become so fixated on the monster that you lose sight of everything else around you. SWOT analysis can help you fight the dragon of business distress and come out on top.

Running a business in crisis is not just a test of strategy or execution—it’s a test of emotional resilience. The highs can be euphoric, like landing a critical deal or seeing cash flow improve. But the lows—missing payroll, dealing with tough employee decisions, or facing criticism—can feel like the weight of the world on your shoulders. Let’s talk about how to navigate the highs and lows effectively.

Raising money during a turnaround is different than raising money in a growth phase. Investors are wary, and you’ll need to prove that your business has the potential to recover and thrive. Can you raise money during a turnaround? Yes. Is it easy? No. But with the right strategy and focus, it’s absolutely possible.

When a business is in trouble, one of the first places to look for improvement is in how efficiently labor is being utilized. Labor costs are often one of the largest expenses for a company, especially in blue-collar industries. If your team isn’t operating efficiently, it could be draining resources and holding the business back from profitability. Let’s explore how you can approach this strategically in your turnaround.

No one starts a business with the intention of walking away. We pour our hearts, energy, and resources into our companies, and when things start going downhill, we fight tooth and nail to save them. But sometimes, despite all the effort, the best decision for the future of the business—and for you as an owner—is to step away. The key is recognizing when that time has come.

In a business turnaround one of the most impactful decisions you’ll make is who you bring onto your team. The right hires can transform a struggling company into a thriving one, while the wrong hires can keep you stuck in crisis mode. Hiring in a turnaround situation isn’t like hiring during a growth phase. Let’s talk about how to approach hiring during a turnaround and what qualities to look for in people who will help you rebuild and grow.

Dealing with employee challenges can be one of the hardest parts of leading a business turnaround. As leaders, we want to protect the people who’ve been with us, who’ve contributed to the business and its culture. But the truth is, not addressing employee issues can make things far worse—not just for the company, but for the entire team.

When you’re in a turnaround situation, cash isn’t just king - it’s your lifeline. Determining your cash runway, or how much time you have before cash runs out, can be the difference between making a successful recovery and watching your business slip away. It gives you a concrete timeline and lets you plan, prioritise, and make the necessary adjustments to keep the doors open.