Startup Funding Espresso – Key Strategies To Turnaround a Business

Key Strategies To Turnaround a Business

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

To turnaround a business you must take action early and not wait till it’s too late.

Here are some key strategies to take to turnaround your business:

Assess the situation.

Review the market to see if the company is still competitive in the current landscape.

Check to see if you have sufficient revenue, customers, support, and profit to maintain the business. 

Identify what revenue and cost structure you need to achieve break-even.

Review the outstanding debt to see who is owed and how much.

Solvency may determine the turnaround path and steps.

Check your cash runway to see how much time you have to recover.

Identify the core problem to be solved.

With this information write out a turnaround plan.

Make sure everyone knows the plan and buys into it.

If there are creditors who must be paid then show them the plan and work out a payment schedule.

Renegotiate outstanding debt to give you more time to rebuild the business.

Set up metrics to track the progress on achieving the plan.

Implement strict cash and expense controls.

Strive to hit break even and then profitability without increasing costs.

It’s important to execute on the plan in a timely manner.

 

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.

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