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\u2019s 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\u2019s 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\u2019s 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.\xa0 \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .