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:

• CEO Quickstart: https://jamespfriel.com/ceo-quickstart/
• Facebook Group: https://www.facebook.com/groups/hustledetox/
• Facebook Group (BulletProof Business): https://www.facebook.com/groups/1107362546297055/
• Site: www.jamespfriel.com
• Interested in being a guest on the show?

Dean Holland:

• Blog: www.DeanHolland.com
• FB Page: https://www.facebook.com/DeanHollandHQ
• Billion Dollar Project: https://www.facebook.com/groups/BillionDollarProject/

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