Key Steps in a Turnaround

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

There are many sources of problems in a startup.

For each problem there is a key step to solve it.

Consider these problems to be solved.

Lack of funding.

This is one of the most common reasons businesses fail.

They lack the capital to carry out the functions of the business.

The solution is to cut expenses and increase sales and consider raising funding.

Shrinking customer base.

You’re losing customers faster than you're signing them up.

The solution is to identify the ideal customer and make a focused effort to sign up those clients.

Too many bad customers.

There are some customers who cost you more to support than they bring in revenue.

Set a plan to move bad customers out of your business.

Changing markets.

The markets are constantly changing and shifting which can put your business in a difficult position to grow.

The solution is to know your industry and move to update your position in the market when it changes.

Bad employees.

You may have employees who are running off customers, misspending resources, and demoralizing the other employees.

The solution is to find replacements and move the bad employees out.

Consider these sources of problems and take steps to correct them.

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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