How To Turn Around a Failing Business
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- Опубліковано 2 лис 2024
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Are you struggling in your business? Does each month feel like it's a mad dash to figure out who's going to get paid? I want to teach you what I do to turn around businesses to make them profitable again.
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Don’t be afraid to admit your business is failing. Own it. Reach out. Fix it. You don’t have to go at it alone. Here’s how I help entrepreneurs turn things around.
@@xSayllusx given that you are working with brothels I doubt you will get a reply.
Phenomenal and strong advice. I listen to this video over and over again, it's really the right path to go. Thank you Dan
7 years later this is still a gem... Inspiring watch.
thank you for this, viewing this from the PHILIPPINES!
Thanks for walking us through how to make a business profitable again.
Another GREAT resource on why businesses fail us a peace titled The Hatchet Man's Playbook - a LOT of eye-popping stuff!
Good advice. Even in larger troubled companies, its universal that the numbers are not a priority in the organization. You have to have immediate and accurate accounting. And if you can't model the business; you cant' run it.
100%
Thanks Dan, super helpful reminders, even for a business that isn't failing!
To Do Done Handyman Services 👊🏻
After watching this video, I knew it was confirmation. I had to let go of one of my partners this week due to my failure to make new sales. Most discouraging thing I've done in a while.
Justin, you made a tough decision but you did it.
Keep it up.
DM
I went through this 2 months ago. My expenses had to lose weight. He wasn't pulling his weight
Two questions Dan,
They may seem a bit irrelevant to this video but could play a role in helping a failing business or bring a new business into a new market.
1) Do you think, the one that markets the best for easy adaptation for a technology wins the market share?
2) How important do you think it is in getting the market share vs the technology if people are not ready to actualize the technology as its so new.
uzioky in all things business it requires solving a problem regardless of the technology (ex: 3D printing)
So if the technology is still primitive and not good enough yet, then it's the person who connects with their market best / the relationship with the early adopters in the market.
Over time the technology matures, and then marketing plays a bigger part.
Honestly you can't go wrong working backwards from the customers willing to pay / again - those are early adopters.
Many founders make the mistake of going to broad initially.
DM
Dan, a great video. I would like to emphasize your point of removing the emotion, and would also like to add the need for the leadership team to take responsibility for fixing the problem areas of the business. For example sales; I all too often see leaders who don't fully understand the sales process, struggle to find effective sales staff (and generally get frustrated with them). This then is compounded when looking to develop sales via a third party, reseller/channel etc, where the business tries to outsource the sales activity, without really understanding it themselves. It is really important to know how the sales side works so that staff can be trained and led effectively and for the third parties so that you can hand over (outsource) a proven sales model to the partner and then work with them to follow it and develop it, together.
Hey! This comment really resonates with me, how can I understand my sales and find staff that are great too?
You hit the nail on the head on all levels. This is exactly what I needed to hear. Thank You!
Did u solve it brother
@@faizyfaisal5464 Sure did
Thank you for your advice my hisband really need this i can see him stressing out😔😔😔
But this video will help him a lot.
Kasie, glad I could help!
DM
Thank you for the real talk!
Simple, to the point and motivational, thank you @danmartell
Hi Dan.
I'm blessed watching your video.
I own a boutique but its failing because I diverted each profit and capital that comes from the business into my education same year I started the business and the business is crashing really bad.
What can I do to save my business?
Focus on what helped your business get off the ground in the beginning and try to double down on that.
I am one year into owning a boutique. I managed to triple the sales from the previous owner in large part to layout and merchandising. Changing mannequins, displays frequently, color coding, ect. helps tremendously! I've gotten the majority of my new clients simply from my storefront window displays. Despite all of that, I've made several mistakes in the employee department (Don't hire friends). It's a tricky business for sure and takes tons of attention to detail. I hope this helps in some way and wish you all the best!
The day that turned my life around.
You got this!
This was one of your best videos.
Thx!
DM
Dan thank u for this advice, really put things in to prespective for me. Thanks from the UK
your advice is the best one i ever hear or read. i listen to it agan and again. icannot find maybe the solution by my slef. Do you think i am not good enough?
thnk yu
great content Dan! I will definitely review my finance...
Wise words. Thank you.
Thank you, I am glad it resonated 👊
Awesome! Thanks!
Hi Dan I have an opportunity to pay off a big debt with a personal guarantee... or we could use the cash instead to help keep the business solvent for a few more months and try to increase sales during that time. Do you recommend paying off the debt with the personal guarantee or using the funds to keep the business operating at a healthy level for a few more months?
Pay off the PG’d debt.
Thank you!
Very useful advice, Dan. Thank you!
Thanks dan your helping me scale. Can we do a podcast?
A very educative video.Bigup tothe trainer
True that!
Nice video thanks for this
Thanks Dan, as always these videos help a lot. It's been a tough couple months. Is there another space I could reach out to you?
Kinetic Symmetry comments on my videos are best / how can I help?
Really needed this to save this one company
Glad to hear.
DM
We went from 150 to 1.5. My problem is not necessarily profitability, but slowing my want to grow down as now, unless I am growing insane month over month, I am not happy. Similarly, I do not pay myself a salary per say, because I invest more in employees that can do functions that need to be performed. Great video though, really hit home.
I believe you should pay yourself a salary... even a small one or it doesn't force you to build a business model that is actually sustainable. Something sounds off about your lack of focus on profitability.
Either way, keep up the hustle.
DM
@@danmartell I don't have a lack of focus on profitability. I am indifferent to the idea. I want to see the business grow and investments made early to catapult the value of it to over half a billion within 5 years time. Focusing on bringing home $ means I am taking away from the business $ that should have been spent on growing it. This may also not sound normal to you, but I do not believe in comfort. You either are in the mindset that you are broke all the time and at War for survival or you will get Bayoneted by someone who IS in that mindset. Suddenly making sure you had $ sounds dumb compared to making sure your army is paid so they fight all the way to the edge of the known business world for you.
Hi Dan. Great video. I am into education industry in India and I made bad decisions over time and my business is loosing big time. I took the first step you told, finances. Did layoffs. Started focusing on my present students (customers) and am working on my USP, which is high quality teaching. I am sitting right next to the biggest market player which i think is both an opportunity as well as a threat. What can I do to for a faster turnaround and getting ahead of everybody eventually.?
Do whatever you can to increase sales. The more you sell at high gross margins, the more cash you'll have to fix things and grow.
I'm all about high marging revenue.
DM
Dan Martell Thankyou for your quick response. Sales: Should i incrntivise my sales team more or should i focus on aligning them more with my vision, or both?
Ravideep Singh typically they need help getting better qualified leads, or improving their sales scripts.
Dan Martell plz pardon my jagron insight..but better qualified leads wud mean...????
Ravideep Singh google it
This may save my life
Wow!!! Thanks for this advises. Really good video.
Thank you!
DM
All this was great.. my only thing that I feel is working against me is an abusive ex. He has spread that in closed he has vandalized my business he has public humiliated ke on social media and has caused me to lose clients. While all this makes sense I'm learning Lot of business amd how hard it is to grow let alone stay in business at the same time my ex is fighting even harder to ruin me. So yes this is helpful I appreciate it. I'm going to break this down and use this tool. Hopefully itll be enough in my case. Btw I'm my only emplyee. I have myself a nail salon.
Just saw your comment, Shannon. It has been a year. I hope that you were able to turn your business around and aren't struggling with business growth anymore.
@@Crownyourself morning. Yes I have. Took a lot of patience. He has left me alone for the most part but likes to lerk. Business is doing good tho. Looking to start another business as well
@@shannondunham2809 Look at you go Queen!!! Well done!!!
Hi Thanks for your video. a Question, will the Founders need to pay back their investors money in case of business fail or bankruptcy?
Gary no, unless you personally guaranteed it, which is absolutely not normal for an equity investment - usually only the banks ask for this.
I see. So if the founders do not need to pay back, who will bear all the risks for the Startup Founders?
I'm not following your question?
Investors assume risk hence why they get outsized returns.
www.thebalance.com/understanding-risk-3141268
DM
Thank you for your reply. To put that into another sentence - What if a Company takes a debt equity and the Company is not able to pay back. What will happen in this scenario?
Gary if the company fails the investors loose their money.
👍 subscribed. Great info.
Thx Anna, glad to have you part of the community.
Here to help.
DM
Great video but I wouldn't agree that the accountant doesn't care if you're not doing well. They rely on people like you to live and so they would try and help you if they can. A good accountant will offer advice on how to turn it around. If yours doesn't.... maybe find another accountant!!
Exception not the rule in my experience but love your perspective!
Nice 😌
I see this all time it's unhappy employee's keep your employees in game. Learn their lives. Conserns be ready back them up I can make my boss millions if I want but theirs nothing it for me is attitude. Good people cost money why they worth their weight in gold. By way gold's worthless it's very expensive and soft.
Nice!!!
Best advices👍
Thx Julius!
DM
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🎉🎉🎉🎉🎉🎉🎉❤❤❤❤❤❤❤😮😮😮😮😊😊😊😊😊
Lol wtf is this a video about? Nobody's stupid enough to say oh we grew 3x this year and not notice there's no extra profit. Come on man.
Thank you!
🙌🏻