Business Turnaround podcast

If there’s one thing I’ve learned after years of turning around businesses—from logistics to retail to homecare—it’s this: speed beats strategy when you’re in trouble. In normal times, it’s okay to debate. To polish the PowerPoint. To wait until you have 90% of the data. But in a turnaround? That luxury is gone. Delay is the enemy. If you wait for the perfect plan, you’ll miss the window for any plan to work...

When your business is in trouble—sales dropping, costs rising, cash getting tight—your first instinct might be to cut, freeze, or fight. But here’s a turnaround truth most leaders miss: your biggest asset isn’t what’s on your balance sheet. It’s the trust of your stakeholders.

In a turnaround, it's easy to fall into the trap of thinking the answer is just more effort. Work harder. Push sales more. Squeeze costs harder. But in reality, when a business starts slipping, it’s often because the very strategy it's built on no longer fits the market. The world has moved. Customer needs have shifted. Competitors have evolved. And you? You might be selling the right product… to the wrong customer… or delivering it in a way that doesn’t make sense anymore. That’s where Strategic Reorientation comes in.

In the early stages of decline, most leaders freeze. They wait, they hope, they delay hard decisions. And in doing so, they surrender the steering wheel. But a business in trouble needs the exact opposite—it needs someone who grabs the wheel, decides the destination, and gets everyone on board with urgency and clarity.

When a business is struggling, cash flow is often the first alarm bell that rings. It’s not just a number on a spreadsheet—it’s the oxygen your company needs to survive and thrive. Without a stable flow of cash, even the best products, the strongest customer relationships, and the most innovative ideas can’t keep your business afloat.

I’ve worked with plenty of struggling companies—some in manufacturing, others in care, retail, logistics—you name it. And one truth always shows up: turning around a business isn’t just about fixing the numbers. It’s about shifting the culture and the internal systems that allowed the decline to happen in the first place.

When a business starts struggling, there’s often a rush to hire consultants, spend money on reports, or brainstorm high-level strategies in a room full of executives. And don’t get me wrong - those things can help. But too often, the people who really know what’s going wrong are the ones who are never invited to those meetings - the forklift driver, the machine operator, the warehouse supervisor, the customer service rep who deals with client complaints all day long. 

When companies are in trouble, merging with another business often seems like a quick fix—a way to scale, cut costs, or breathe new life into operations. But here’s the hard truth: most mergers between private companies don’t work out. Instead of solving problems, they compound them. And if you’re not careful, what you thought was a lifeline can end up being an anchor.

In an ideal world, every struggling company would have a team of top-tier managers and high-performing employees ready to execute a turnaround plan. But that’s rarely the case. When a company is in trouble, instability makes it difficult to attract top talent. Often, you’re working with the same team that got the business into trouble in the first place—or a team that’s already demoralized and skeptical about the future.

A business turnaround isn’t just about fixing problems—it’s about reframing them into opportunities for growth, innovation, and transformation. Think about two business owners facing the same challenge. One sees declining sales as a sign that the business is failing. The other sees it as a sign that the market has changed and that there’s an opportunity to pivot, adapt, and improve.