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In this episode, Byron and Lisa discuss: Getting started on your own turnaround, no matter the size of your organization. Visualizing the future to break down your problems. Making decisions quickly, even if it is wrong sometimes. Finding a way through when your back is against the wall (or you’re stuck in a box). Key Takeaways: Whatever your problem is, you have to take it into bite-sized decisions. Decide where to start, then start with the first bite-sized piece. Before you can start taking the bites, you need to understand what information you do have. Get rid of the variables. You can only work on so many pieces at once, so narrow down the number of modifications you have to make in the process. Find partners and recognize those things you don’t do well that someone else can do better for less time and money.    "What future do you want to see? What are the top three things that are going to get you to that future?" —  Lisa Gable    Connect with Lisa Gable:    Website: FoodAllergy.orgLinkedIn: LinkedIn.com/in/lisagableBook: amazon.com/Turnaround-Lisa-Gable/dp/1646870581/ref=sr_1_1?dchild=1&keywords=Lisa+Gable&qid=1616787869&sr=8-1 Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron WalkerNEW! See Byron’s Turnaround Plan book, Best Seller on Amazon!!: www.TurnaroundPlanBook.com

In this episode, Byron and Dominic discuss:Running (and growing!) an events management business during the COVID-19 pandemic. Moving from an in-office to remote work scenario. The ebb and flow of work based on government reactions to world events. Managing cash flow and knowing where every dollar is going.  Key Takeaways: Your priority is saving the company, then as many jobs as you can. To do that, you often have to cut employees, sometimes more than you think. Make the difficult decisions hard and fast. Don’t stagger them out little by little. You need to know what your information is so you know how the cash flow is going to function. Very few changes you make are terminal - you can usually reverse them somewhere along the line. There are very few things you can’t undo.   "It's about being human. You've got an agenda to execute as a company, but there’s always a huge human element, whether that is cutting down the workforce, or it is dealing with customers...there's a certain outcome you want, but you've got to recognize that the person you're dealing with has a very different perspective." —  Dominic Carolan  Connect with Dominic Carolan:   Website: skylineevents.co.ukLinkedIn: linkedin.com/in/dominiccarolanConnect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Steps to increase gross margins on physical products. Understanding every cost aspect of your products. Knowing when to raise your prices. Looking deeply at your shipping rates - both in and out.  Key Takeaways: Focus on your top products. Your goal is not to make everyone happen. Your goal is to make the majority happen, keep your company in business, and stay profitable. Incentivize a sale rather than discount products. Brainstorm! Push yourself and think of as many ways as you can to increase gross margins (even the stupid ideas).   "You can really push your numbers up, especially at net profit by increasing your gross margin." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron WalkerLook out for Byron’s New Book: Small Busines Turnaround Plan - Coming out March 2021!

In this episode, Byron and Mary discuss: Common early plateaus in small businesses. Mary’s story of House of Revenue and building her own company to help build other companies.Overcoming our perception of how we are “supposed” to build and run a company. Advice to someone finding themselves in a downturn situation. Key Takeaways: There is a huge shift that CEOs have to make mentally to be set for scale. Sacrifice is okay as long as there is something to show for it. There is a gift in needing to turnaround your company. You need to first define what you want. Disruptions in our lives are an opportunity to make a choice and say “yes” to something you can’t see right now.  "I needed to identify the biggest stresses and triggers and what caused those fires that made me a professional firefighter. I had to identify what were all the things that were wrong before and how to rebuild it so we never have to have those again." —  Mary Grothe  Book Reference: No Man’s Land by Doug Tatum - amazon.com/No-Mans-Land-Growing-Companies/dp/1591842492 Connect with Mary Grothe:    Website: HouseofRevenue.com  LinkedIn: linkedin.com/in/marygrotheTwitter: twitter.com/MaryLGrothe Instagram: instagram.com/marygrothe Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Isaac discuss: Having the right mental attitude to achieve your goals. The benefits of testing the market.  Making small changes to create a large difference. Running a growing business versus a business in the downturn.  Key Takeaways: Starting out as an affiliate is a great way to start. It allows you to test, see what works, and scale what does work.  Testing is not about making money - it’s about testing. It’s about finding out what is working and what is not working. 10% x 4 = 50%. Make several small 10% changes and it will add up to a big change later. You need to get your head around your finances. Don’t just turn everything over to your accountant or financial team. You can’t manage your finances on a P&L. In a downturn, run it on the cash flow forecast.   "If you’re in a downturn, you’ve got to tighten things up, and you have to do it quickly. You have to be vulnerable, you have to be honest, and you have to rip off the bandaid and fix the company." —  Byron Walker Connect with Isaac Smith:   Website: nextlevelecommerce.co/Bookkeeping: nextlevelecommerce.co/books   Show: Next Level eCommerce - https://podcasts.apple.com/us/podcast/next-level-ecommerce/id1484108437 References in the episode: Secrets of the Millionaire Mind by T. Harv Eker - https://www.amazon.com/Secrets-Millionaire-Mind-Mastering-Wealth/dp/0060763280Rich Dad Poor Dad by Robert T. Kiyosaki - https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Jeff discuss: Focusing on value to the customer even beyond the product you sell. Take a look at your finances before the hard times hit. Applying the same strategies of a turnaround during the good times.  Finding the way out, no matter what.  Key Takeaways: Unless you have a real, solid consistency to what you’re doing and knowing exactly what your demographic is, you can really be hurt by changes in the marketplace. If you got yourself into it, you can get your way out. It may just take some creativity and maneuvering. It’s just a matter of finding the answers that will get you to your intended destination. If things fail, it is on you. So take control of your finances and know what is happening to them at all times. Don’t just assume that everything is fine. The real success is in reducing expenses, not in selling more products or increasing revenue.   "Realize that it's going to suck, but understand that you're going to need your mental wits about you to be able to get out of it. You need to look at what you do have control over, from a mental standpoint." —  Jeff Anderson Connect with Jeff Anderson:   NonProfit: operationsaveoursoldiers.networkforgood.com/projects/108406-patriot-day-survival-frogWebsite: ModernCombatAndSurvival.com  YouTube: youtube.com/user/cqctrainingTwitter: twitter.com/mcsmagazineFacebook: facebook.com/warriorlifeready Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Understanding and working through the difficulties of laying off employees to save your business. How to use data to support your decision. Byron’s best practices for laying off employees when required.  Be prepared for everything you need before the layoff meeting.  Key Takeaways: Laying off employees is supposed to be awful, it shouldn’t be easy. If it ever gets easy, then there are probably bigger issues to worry about. Don’t forget to look at your contractors, consultants, and agencies when you are looking to cut employees. If you have to let multiple people go at the same time, do the meetings separately rather than in a group and have a witness whenever possible. Have a script ready and do not say why you are letting someone go. Keep it simple. Do not ever defend your decision.   "Immediately after you let someone go, or several someones go, you need to have a team meeting. This is super, super important. If you don’t rally the troops and get them together, they will come up with their own story. Believe me, their story is way worse than reality, always.  You’ve got to control the narrative. You’ve got to give them the truth. " —  Byron Walker  Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Mike discuss: Survival Frog’s turnaround journey and strategies. How free content changed online digital information purchases. Knowing your finances as the owner, not just trusting it to your financial manager. The blessing and curse of owning a prepper company during 2020.  Key Takeaways: Don’t drag your cuts out - make your decisions quickly. Sometimes raising prices is the answer, even when it feels like it is a counterintuitive choice. You can’t just increase revenue, you have to look at your revenue channels and see which is most profitable and if any are costing you money. Have your prep work done ahead of time in case you want to exit in the future, whenever that may be.   "It was a good business model...until it wasn’t." —  Byron Walker  Connect with Mike Dillard:   Website: MikeDillard.comShow: The Mike Dillard Podcast - MikeDillard.com/Podcast/YouTube: youtube.com/user/Dillard00/Instagram: instagram.com/realmikedillard/Twitter: twitter.com/Mike_DillardFacebook: facebook.com/mikedillardofficial Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Knowing how long of a runway you have before the end. What to look for in your P&L analysis.The timeline of the progression of your turnaround plan.Knowing what to trim and what to keep. The 5-Step Progression of a Turnaround PlanCashflow runwayAnalyze P&L - historical and forecastingCreate and execute a rough turnaround planFinetune your turnaround planOptimize and simplify the business  "You should be making your monthly salary - step one is to get to breakeven, but when I say breakeven, that is you getting paid as the owner." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Cutting costs is the key - cashflow is king. Diving into the financials and knowing them from every angle personally. Not procrastinating or putting your head in the sand about all aspects of your business and the situation. Stripping down to the core of your business.  The top 10 ways to fail at your turnaround: Not acting quickly enough Relying too much on your ability to increase revenuesTrying not to rock the boatNot personally diving into the financialsMinimizing or downplaying the severity of the problemAssuming things will get better over timeTrying to go it aloneNot finding the “profit core” of the businessNot forecasting your turnaround planAnalysis paralysis  "It's going to be your responsibility to get the business back and to profit mode. And so you need to just deal with it and not blame other things." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and  discusses: Write down your responses - don’t just think about it so it is more easily digestible. Digging deep into the questions - keep asking why to get deeper and deeper. The inevitable evolution of a downturn. Looking for the good, not just seeing the bad things.  Key Takeaways: What are the top 3 CORE reasons my business is in downturn - what is causing these issues? What are the top 3 things I can do this week that will help my business? How could this downturn help my company (in the long run)?   "When you come out of this downturn, you’re going to be lean and mean! Your expenses will be low, you’ll be agile, you’ll be able to move fast, and, if you hit another downturn, then you’ll be ready for it." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Finding the 20% of your company that is performing well. Where the profit core exists and how to focus on it. Having multiple revenue channels.  Finding Your Profit Core: 80/20 RuleCustomersEmployeesRevenue SourcesProducts/Services  "Within every company, there's a certain percentage of the company that although maybe a small core, it is highly efficient, profitable, and something that you want to be focusing on. And during a downturn, this is especially critical because you can't be spread too thin." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Paul discuss: The three major buckets to consider during a turnaround. Doing a white-sheet exercise for your company. Analyzing your customer relationships. Having a bias towards action - time is not your friend.  Key Takeaways: You can never have net income without gross margin.  Check your overtime - could that work be done during regular hours and is not due to inefficiencies?  The greatest opportunity is often by focusing on those key customer relationships. You have to get the people element right or you will likely lead your company to failure. People are invaluable and the key.   "The last thing I want to do be is a vendor; I always want to be a business partner. I don't want to be a vendor because I don't want to be in that commoditized, price-driven space ever. " —  Paul Fioravanti  Reference:Harvard Business Review: Staple Yourself to an Order by Benson P. Shapiro, V. Kasturi Rangan, and John Sviokla Connect with Paul Fioravanti:    Website: QadentManagement.com & Qorval.comLinkedIn: Paul Fioravanti Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Tips for turning around your e-commerce business. Focusing on your top 20% revenue streams. Keeping the bigger picture of keeping the business alive at top of mind. Knowing your customer base and who to keep and who to kick.   E-Commerce Turnaround StrategiesCashflow Booster (product)SimplifyCustomersSalesPivot  "The goal is not to keep everyone a hundred percent happy. The goal is to keep in business." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Jeff discuss: Similarities between large and small businesses with turnaround strategies. Learning the rules and bounds of banking to find flexibility. Assessing at the beginning of a downturn.Finding the way forward and finding the turnaround solution by seeing horizon-to-horizon.   Key Takeaways: Down is half of any cycle - even without COVID-19, turning around is something all businesses should know how to do. You have to focus on what will kill the company first - banks and regulators. All banks want is transparency, communication, and respect.  Cash flow is king - run your cash flow forecast. You have to know what is going on with your cash flow at all times - know at least 13 weeks out. Everyone can raise prices, you just have to have the guts to do so.   "Grab that ‘I’m going to kick the world’s ass’ attitude and grab it fast. Because all the math, all the spreadsheets, all the cajoling and persuasion and negotiation, everything else doesn't count as much as that.” —  Jeff Sands  Connect with Jeff Sands:    Website: DorsetPartners.comEmail: Jeff@DorsetPartners.comBook: Corporate Turnaround Artistry: Fix Any Business in 100 DaysEmail Jeff and get a copy of the 13-Week Cash Flow! Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Zack discuss: Focusing on the cash flow not just the P&L.Zack’s professional experience in a variety of industries and sizes of companies and lessons he has learned to manage a turnaround. The most effective short term levers and giving yourself, as the leader, decision points or levers to pull.  Breaking down different types of revenue and attributing the costs to each.  Key Takeaways: Focusing on the cash is critical. You have to know what your burn rate is.  Forecasting a quarter at a time to create visibility on what you are expecting. Your number one responsibility is the survival of your company. Go raise sales, but don’t rely on it. And raise them in the right streams of revenue.   "Do the scenarios of things out of your control. And then do what can you do to change the story in your sphere of influence." —  Zack DeLisa  Connect with Zack DeLisa:    Website: Level10CFO.comLinkedIn: Level 10 CFO & Zack DeLisa Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: The top 3, critical mistakes, that business leaders make during a turnaround. Making big changes even through the discomfort. Creating your P&L forecast for your turnaround plan.  3 Critical Mistakes: Trying not to rock the boat.Not mapping out a turnaround plan.Not talking enough with other people.   "The faster you can cut, the deeper you can cut, the longer your cash runway will be." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: What is a Turnaround Plan and what it encompasses. Having different variations for all of the different best and worst case scenarios. What the top four strategies are and some ways in which they can be executed.The things you need to keep an eye on during any turnaround plan.  Key Takeaways: Naming your turnaround plan will give something for your team to rally around and make it concrete and realistic for everyone.  When you cut a dollar of expenses, it goes directly to the bottom line. When you increase revenue by one dollar, there are other costs that go into that making less of that money hit the bottom line. You should increase revenue only after you have optimized it. Cash is different from profit. In a downturn, sometimes cash is more important than profit.   "If you do a bunch of little things, they start feeding off of each other over time. 10% x 4 = 50%." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Balancing negativity with positivityUsing NLP (neuro linguistic programming) to strengthen your subconscious mind. Ways to tap into the subconscious mind. The stories that we tell ourselves.  Key Takeaways: You can visualize and have positivity using NLP to help you on your turnaround. If you’re doing the practice digitally, consider printing it out and having it in your hands physically.  The more energy the better. Name your turnaround to give the team something to rally around.   "It’s about being intentional about what your goals are really putting that into your subconscious mind." —  Byron Walker Book Reference:Living Forward by Michael Hyatt and Daniel Harkavy Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Ron discuss: Seeing the big picture in your business when you’re stuck in the day to day.Creating your business plan, then navigating existing conditions. Navigating the changing rules in business.  The power of the 80/20 Rule.  Key Takeaways: Focus on the what, not the how, when you are creating your business plan. The how comes after you know your goal. People are running their businesses way too fat. Especially in the current situation, you need to redline non-essentials. You have to look at the long term. Sometimes you have to let people go to save others or even the business.Take the time we have now to streamline and clean up those things that you’ve been meaning to do (like subscriptions, finding deals, etc.)  "When in doubt, cut it out. If you hesitate at all, cut it." —  Ron Douglas  Connect with Ron Douglas:   Twitter: @Colorado_RonFacebook: Ron Douglas & Mentoring GiantsFacebook Group: Mentoring Giants (Local Business Assist Closed Group) - Use “The Turnaround Podcast” as the City to get in!Website: LocalBusinessAssist.com & MentoringGiants.comYouTube: Ron Douglas - Mentoring GiantsLinkedIn: Ron DouglasConnect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker