I’m the guy that gets the call when a business is in trouble...
... when a business is on the verge of bankruptcy.
Friends call me.
Banks call me.
If I’m lucky, the entrepreneur calls me before it’s too late.
The truth is, it’s always challenging for me to see another entrepreneur failing...
... especially when they have major debt owed, personal guarantees and their biggest dreams hanging in the air as collateral.
It’s even more heartbreaking when kids are involved.
It crushes me inside.
That being said, the game plan to turn things around is ALWAYS the same.
The #1 thing it takes is uncomfortable discussions, honest assessments and quick decisions.
Hard? You have no idea.
However, staring at the light waiting for the train to hit you isn’t the right move either.
Recently I was able to take a company losing tens of thousands each month, to profitable in 14 days.
In this week's video I provide a step by step process for getting you off the tracks, and pulling a sharp 180 regardless of the challenges you're facing.
When it comes to the steps and process they go like this:
1. Get clarity from the numbers (scary as hell, but necessary)
2. Test the business model
3. Cut deep but not the bone
4. Focus on the customers
5. Write the rules
6. Build it back up
The truth is, this strategy is something most companies should use to evaluate their real success.
Too many times I’ve had founders tell me their business is doing “GREAT” only to ask a few questions and have them realize they’re way below the market norm.
Stop being romantic about your business and get serious about how you’re measuring your progress.
Leave a comment below with your business, industry and top question you have about your business model or challenges and I’ll be sure to provide some insights to help you evaluate your progress!
Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. (Get the free 3 videos to grow your business here.) He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter@danmartell for tweets that are actually awesome.
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