Aug 27, 2020
A lot of businesses had to close
their doors in the year 2020, and for some, those doors will never
re-open. Even outside of this year’s events, plenty of companies
close up shop because things go south, and they have no idea how to
fix it.
Sometimes throwing in the towel
is the answer, but most of the time, a solution is out there, if
only the business owner was aware of it. Most of the time, your
problem isn’t a lack of resources, it’s a lack of resourcefulness
(even in times like these).
To help you see for yourself
that closing up shop isn’t your only option, James and Dean welcome
Greg Spillane, aka The Turnaround Guy.
As his nickname suggests, Greg
specializes in helping companies on the brink turn things
around.
Greg will show you exactly where
to start if your business is on the rocks, how to identify and use
the resources you DO have, and ways you can think outside the box
and keep the doors open.
Even if your company’s thriving
right now, make sure you tune in for what Greg has to say. You may
need these strategies at some point in your business journey. Plus,
several of them apply even if your company’s not on the rocks.
Apply them and watch your profits get even higher.
Outline of This Episode
- Where
to start turning things around [5:15]
- Why
you need to be a survivor (and what that means) [11:00]
- Lack
of company culture = death of your company [19:00]
- The
characteristics to look for in people you hire [27:00]
- How
and where to get capital [31:00]
3 major points discussed
- Identify your
assets. If you were
stranded on a desert island, the first thing to do is focus on what
you DO have. What’s available to you? What do you have to work
with? Turning your business around works the same way. Look at the
assets you do have, like a raving fanbase, your product, your
employees--anything you can use. A lot of people want to focus on
what they can create, and that’s important, but what you already
have is equally important.
- Create and clarify your
company culture. Company
culture may sound like foo-foo, but if so, it’s because you’ve got
the wrong idea about it. True company culture gets everybody
aligned with the company vision, mission, and values. When your
team isn’t aligned in those areas, when they don’t believe in the
same things, and aren’t working toward the same goals, it leads to
drama, dysfunction, backstabbing, and poor productivity. Having a
team who’s only there for the paycheck, and doesn’t care about your
mission, makes it VERY difficult to be successful.
- Investment opportunities are
everywhere. The right
investor(s) can help plug the leaks in your sinking ship. And
investing in other businesses can create additional revenue and
take some pressure off. If either of those options leave you
feeling squeamish, don’t rule it out without listening to Greg’s
take on this. There’s a lot of opportunities to acquire capital now
that there didn’t used to be. Greg will share several of his
favorites, including what he’s used to help his clients turn their
companies around.
Resources & People Mentioned
- Fancy.com
- Twitter: @greg_spillane
- LinkedIn:
https://www.linkedin.com/in/spillane/
Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod
(http://incompetech.com) Licensed under Creative Commons: By
Attribution 3.0 License
Connect With James and Dean
James P. Friel:
Dean Holland:
JTT Facebook Page - https://www.facebook.com/justthetipsshow/