The Turnaround

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

In this episode, Byron discusses: Looking deeply at your P&L, at each revenue channel, to better analyze your revenue streams.Cutting revenue on purpose.The four steps to optimizing revenue. Finding ways to optimize revenue without increasing revenue, as it is not a guarantee. Key Takeaways: If you had limited resources and could only focus on a percentage of your revenue sources, where would you put your attention and time? Increasing sales may not be the answer - you have to check the numbers.Focus on the 20% that gives you 80% of the results. Be willing to consider options you hadn’t before.   "You have to be purposeful about what you’re working on and you have to be working on the best things." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron, Jessica, and Chaz discuss: The products and services seeing an increase or a decline - for full list, see the bottom of the show notes. The changes that we will see after COVID in commercial real estate.Opportunities that may be seen due to COVID and the changes in the economy. Discretionary versus necessary businesses and how demographics play into that.Having the right mindset in these challenging times.   "In 10 years, this time will be known as the biggest opportunity that most people missed." —  Byron Walker  Connect with Jessica Fialkovich:   Twitter: @jfialkovich & @tworldbusinessFacebook: Jessica Fialkovich & Transworld Business AdvisorsWebsite: JessicaFialkovich.com & tworld.comShow: The Deal Board PodcastYouTube: Transworld Business AdvisorsLinkedIn: Jessica Fialkovich & Transworld Business AdvisorsInstagram: @jessicafialkovich Connect with Chaz Shively:   Facebook: Chaz ShivelyWebsite: LegendVen.comEmail: Chaz@LegendVen.comLinkedIn: Charles “Chaz” Shively Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker  Trending Products and Services due to COVID-19NOTE: this list was compiled in late May 2020 Increased demand:PRODUCTS:- Online shopping- Purchased food (grocery/clubs) sales are up, as people go to restaurants less- Alcohol, cannabis- In-home exercise equipment- Working from home (internet, Zoom, hardware, software, furniture)- Streaming services: Netflix, Hulu, Amazon Prime, Disney+, etc------------- Medical PPE; masks, gowns, etc.- Consumer PPE; masks, (N95 and cloth), gloves, etc.- Consumer disinfection made easy (spray, gel etc)- Survival niche, long term food storage- Consumer cleaning, disinfection products (wipes, sprays, etc)- disinfection/sprays for commercial uses- plastics shields in stores, restaurants, transportation- safe restaurants (cleaning, plastic pods, curtains, disposable menu, no touch pay)- commercial air filters/ozone- worker safety products and services--------- Online dating, harder to meet at bars/events- Immune boosting supplements- Other disinfection inventions- Puzzles- Freezers, to store meat SERVICES:- counseling, mental health (online or other)- home schooling, software to help parents and students- in-home tutoring, child care- Home delivery (grocery, restaurants and other)- in-home tech support- Cleaning/disinfection services (both commercial and consumer)- Outdoor everything? Shopping, restaurants, meetings, events, etc.- camping, outdoors adventure- Divorce counseling, attorneys- Office redesigning services, work pods, etc.- “disaster recovery” and business continuity (DRBC)   Declining, challenges areas:Pain points, friction:- meat processing plants, supply chain- food supply chain issues, now or future, farmer markets (skip bottlenecks)- Trucking, back bone of our country- Domestic UPS, FED-X, USPS delayed shipping- international shipping, air/freight- other supply chain issues (domestic and overseas)- Amazon only receiving essential items- Senior care, assisted living, facilities and at home careInvestments:- Commercial real estate! (work from home trends)- Residential real estate? Suburbs boom- Stock market- Investor cash, startups, PE  How do we move forward?- Gyms- Restaurants (lunch decline, 50% capacity, etc)- Bars, clubs- Sports (spectator) and concerts- Festivals- Camps- Theme parks, Disney down 31%- Sports for kids- Schools, colleges- Parties and social gatherings- Mass transit- Air travel, United down 57%- Hotel- Cruises, Carnival down 67%- Casinos- small cramped boutique stores- shopping malls- Vail, ski 41%- Conferences, business or consumer events- BEACH – (Booking, Entertainment & live events, Airlines, Cruises/casinos, & Hotels and resorts) PRODUCTS:- Small retail forced to close- Commercial office related products- Oil/gas demand- Apparel, temporary?- Beauty, make up, etc SERVICES:- Office related services (cleaning, etc)- Hair, beauty, etc stores- Medical care (dental, preventative care) 

In this episode, Byron and Isaac discuss: Isaac’s history in eCommerce and his transition from being an architect to an eCommerce entrepreneur.How eCommerce works and different types of selling. Lessons learned from his own business decline. Keeping to the fundamentals and those things that you know work.  Key Takeaways: Everything you do will have a learning curve. Test small and test fast. If you can find out if you’re going to fail quickly, it will be better than dragging it out. Follow the money. Don’t chase the shiny objects when you’ve got the right thing working. There is power in knowing your actual numbers. Buying habits have changed as a result of COVID and it is unlikely to revert back completely to what it was before.  "There is some percentage of total personal spending that is going to now shift to online. And I think that is going to be permanent." —  Isaac Smith  Connect with Isaac Smith:   Facebook: Next Level EcommerceWebsite: summitecommerce.coPodcast: nextlevelecommerce.coCash Strategy Session: summitecommerce.co/cashLinkedIn: Isaac Smith Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses the two factors that help determine your chances of business survival:How well you were prepared before this happened:Savings, multiple streams of revenue, efficient company, low expenses, & high margins.How well you handle your current situation:Your strategies and your turnaround plan. Have several plans of action, not just one that you will ride to the end.How quickly you act and the actions you take. Take action on a daily basis - keep moving every day.Your resources: cash, PPP, LOC, talking with business friends about your plan, etc.Take care of yourself physically, mentally, and emotionally to help your energy and your mindset. The process will be draining, your energy and mindset will be key.  "Bad things don’t happen to me, they happen for me - for me to be better, smarter, and stronger." —  Byron Walker   Book Reference: Rock the Recession by Jonathan SlainConnect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Josh discuss: The start of Wild Zora and the ups and downs during COVID-19.Restructuring your bloated accounting department.The new technologies that can optimize your accounting department.Finding automations and saving big money in the process. Key Takeaways: You do not need to put all data into one account management system. Many systems already exist that automate and give clean reports on the information you need.There are fantastic automation systems out there that are newer to the market but can, cost-effectively and easily, handle many of your accounting processes.Keep positive, think creatively, and find new, profitable solutions.  "[Cutting costs] can’t be the only thing you’re thinking about right now. You can’t cost-cut to success. Ultimately, you will have to grow again." —  Josh Tabin  Connect with Josh Tabin:   Twitter: @WildZoraFoodsFacebook:  Wild Zora FoodsWebsite: WildZora.comInstagram: @wildzorafoodsEmail: Josh@WildZora.comYouTube: Wild Zora FoodsLinkedIn: Wild Zora Foods & Joshua Z Tabin Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Chris discuss: Finding value in the downturn and turnaround process, even when it’s hard.The emotions of a downturn.Moving past the discomfort of admitting to the struggles.Making your business wicked efficient and the key metrics to focus on.Maintaining and building culture through big changes. Key Takeaways: Talking through what you are feeling and handling is vitally important. Multiple people can give different pieces of advice that you can piece together to help your business.Be open to ideas, conversations, tactics, and everything else when talking with someone else. If you go in with one focus, you may lose value in other aspects of the conversation. Know your numbers. Cut your costs. There is more that you can cut than you think you there is. Work on your priority list and make progress every day. Compare all new items to the 10 on the priority list to see if it makes the cut. Be transparent about the priority list.  "Your number one responsibility inside your company is to the company." —  Chris Guerriero Connect with Chris Guerriero:   Blog: ChrisGuerriero.com/BlogWebsite: ChrisGuerriero.comYouTube:  Chris GuerrieroInstagram:  @chrisguerriero_Twitter: @ChrisGuerriero_Podcast: Built to Grow with Chris GuerrieroLinkedIn: Chris Guerriero Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Having a plan in place on the chance you need to shut down your business.How to know when it is time to call it quits. The 4 factors to consider when contemplating your business.Consider making changes on things that seem to be impossible.  Key Takeaways: Get honest feedback from your fellow business owners, friends, and family. You don’t want them to just protect you, you need to know their honest opinions.If you’re burnt out in your business during good times, you will likely not want to continue to fight for it during the bad times.Consider changing the size or structure of your business if you can’t make the P&L forecast balance.If you’re going to go out of business, try to do a crash landing. You want to see it coming, and plan for it as much as possible.   "If you’re going to shut down anyway, be strategic about it...Your goal is not to run this business until you’re out of cash." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Lori discuss: The story of Truman and the start of TruDog®.Thinking through the contribution margin of your inventory.Adjusting pricing to make them profitable.Adding more value to your current customers to get more value out. Key Takeaways: You must have the reason, the why, that you will never quit. Find your reason.If you’re in ecommerce, you need to have a 65% margin of gross business unless you are extremely well funded.You need to work on your membership churn and repeat buyers. The only metrics that matter are the lifetime value of your customer and what it costs to acquire that customer then provide the product or service to them.Be courageous and curious - you don’t know what you don’t know. You can’t be everything for everyone.  "You’ve got to have a why that is bigger than your family." —  Lori Taylor  Connect with Lori Taylor:   Website:  LoriRTaylor.com & TruDog.com Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Steven discuss: The beginning of Xero Shoes and their journey since the beginning in the recession. Keeping things honest with your customers. Learning how to balance possible futures with an uncertain future.Living in unprecedented times and needing to do things differently. Key Takeaways: Keep your campaigns simple. You don’t need a heavy sales pitch, and keep it personable. Stay in touch with your customers and your employees. Nobody knows what is going to happen tomorrow and we are all in this together. Sometimes, getting out now is the better option than dragging out the exit.There is no one way to get through this situation. If someone says there is, they are taking advantage of you.  "I’m not a hard sales guy. We hear it so often. And if you’ve have something that’s legit, you don’t need to do that." —  Steven Sashen  Connect with Steven Sashen:   Twitter: @jointhemovemove & @XeroShoesFacebook: Xero Shoes & Join the Movement MovementWebsite: XeroShoes.com Show: Join The Movement MovementYoutube: Xero Shoes & Steven SashenPinterest: Xero ShoesInstagram: @xeroshoes Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Jonathan discuss: Jonathan’s own history through the Great Recession and what he has learned to Rock the Recession, not just survive. Breaking free from the victim mentality.  Creating your Recession Plan as a preparedness tactic and looking for opportunities to pounce! Thinking creatively about buying and preparing ahead for those opportunities.  Key Takeaways: Accepting the new world when the recession hits, especially prolonged recessions, and learning how to move forward is key for entrepreneurs. Take the FREE Recession Readiness Assessment to see how prepared your business is at Recession.com.Make your recession plan while you still have options rather than only being able to pick the least bad of the bad options. Think about what you can do to not only rock the recession, but also to rock the recovery.   "If you don’t have one, you need to create an emergency break." —  Jonathan Slain  Connect with Jonathan Slain:   Twitter:  @RockRecessionFacebook: RecessionWebsite: Recession.comBook: Rock the RecessionYouTube: RecessionLinkedIn: Rock The Recession & Jonathan SlainInstagram: @rocktherecessionUse coupon code “turnaround” to get 50% off ANYTHING at Recession.com/Shop!Book Reference: Blue Ocean Strategy by Chan Kim and Renée Mauborgne Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: The top ten steps to successfully navigate a turnaround with your company. Download the 10 Step Turnaround Plan now! (or see website link below)  Key Takeaways: You may not be good at forecasting when you start, but you will get better at forecasting every single time you do it. Cash and profit are not the same thing. During survival mode, you may need to focus on the cash, not the profit. If your P&L is a long, complex document, simplify it to the need-to-know information to make it easier to understand and use to forecast the next three months. When cutting a particular expense seems too difficult, you may want to just “pause” it instead. Then in 60-90 days if that expense is really that important, you can bring it back then.    "Lean into it. Cut expenses fast, and cut deep. A dollar less in expenses has way more value than an extra dollar in revenue." —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Jessica discuss: The upcoming shift in buying and selling small business.Buying multiple companies to increase your exit multiple.Reabsorbing “grunt work” into your day to day and taking the time to optimize and streamline those processes and departments. Key Takeaways: Humans, at a very basic level, crave certainty. During this COVID-19 pandemic, a lot of business is on hold which can affect cash flow across industries. Going down to barebones to protect your cash flow will help you to extend your runway and lengthen the pipeline until business gets back to normal. Small businesses selling for retirement purposes are already on the rise. With COVID-19, this number will likely increase even more. This is not the time to work “on” the business, this is the time to work “in” the business and optimize everything. You’ll come back to the plan, but for now you’re focused on this month.  "With the flood of businesses coming on the market, it’s going to put buyers more in the driver’s seat than they have traditionally been - meaning they’re going to get better terms, better prices, and a little bit of both." —  Jessica Fialkovich  Connect with Jessica Fialkovich:   Twitter: @jfialkovich & @tworldbusinessFacebook: Jessica Fialkovich & Transworld Business AdvisorsWebsite: JessicaFialkovich.com & tworld.comShow: The Deal Board PodcastYouTube: Transworld Business AdvisorsLinkedIn: Jessica Fialkovich & Transworld Business AdvisorsInstagram: @jessicafialkovich Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

Byron has some homework for you…Excercise #1:Pretend your business is your friend’s business - what advice would you give that friend on how to fix their business?What would a high end consultant suggest you do to turnaround your business? What would be the timeline?Get out of your own head, step outside of reality, and step away from the stories. Excercise #2:Find four things you can improve in your business by 10%4 x 10% = 50% improvement - yes, that is correct math.Find the small wins that will feed off each other.  “There may not be one big thing that fixes your business, it may just be several small tweaks that will add up to something huge.” —  Byron Walker Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Dylan discuss: Survival Frog and Byron’s own turnaround journey.The mental process during the downturn of the company in 2018.Taking the time to support your mental health.Action steps to take as soon as a downturn starts. Key Takeaways: If you or your business are struggling, reach out to your business friends. A downturn in your company is not just a financial hit, it is also an emotional hit. You are playing a mental game, having support from friends and family is critical. But it is also critical to support your own mental health with meditation, exercise, and affirmations.Improve yourself and you will improve your business.Run your business on the cash flow forecast, not on the P&L.If you want to be stressed less, know your numbers!  "The cashflow forecast was like a ‘sleeping pill’ during my downturn. I figured I’d probably go out of business, but I knew it wasn’t going to be in the next 3 weeks based on cash in the bank." —  Byron Walker  Connect with Dylan Kelley:   Website: Wavebreak.coShow: Wavebreak Podcast Book Reference:Stress Less, Accomplish More by Emily Fletcher Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: Thinking new in the changing marketplace.The one-step-removed philosophy.Shrinking and simplifying the company while playing defense. 4 Main Strategies for Playing Defense. Key Takeaways: Disruption in the marketplace often leads to huge winners and huge losers.Meet the market where it is at. The faster you get to profitability at a new, lower revenue level, the safer you will be.You may need to let a few people go to keep the rest of the team.Cutting expenses vs growing revenue, dollar for dollar, is not the same thing. Not all revenue streams are created equal.  "This is really the biggest opportunity; shrink the company, survive, then come back swinging. So when the market comes back, half your competition is gone, and you've got a full playing field." —  Byron Walker  Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and James discuss: Starting a business in a recession and coming through stronger. Looking for opportunities within the marketplace. Changes that we might expect after the current crisis. Having gumption, making decisions, and taking risks. Key Takeaways: Having multiple revenue streams gives you more of an ability to pivot when the market changes. This too shall pass. We want to help others where we can so everyone comes out stronger at the end.Taking advantage of opportunities when times are bad are what makes successful entrepreneurs.If you have to, cut hard, cut fast.   "While we have a great deal of responsibility and accountability to all of our people and all of our employees, we also have a great deal of accountability to the entire ship and keeping the entire ship afloat." —  James Turpen  Connect with James Turpen:     Website: CentumHealth.com  Email:  James.Turpen@CentumHealth.comLinkedIn: James Turpen Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron and Craig discuss: How Craig and his wife decided to start their company, Mindful Health, and the hockey stick growth of their company from the ground up.The challenges of growing $10M+ in 12 months.Shoring up the business during a downturn to maintain for the long term.Making the decisions when you see the writing on the wall. Key Takeaways: Sometimes you have to slow down in order to support the growth at your company. You need to have the team and infrastructure in place to grow.Build your team with anticipation of growth. Hire key members for growth.A turnaround may be after a failed business and starting a new business. It may be learning from a past failure and learning to play the defense.Don’t wait on making the tough decisions. Your job is to keep the business in business, whatever that takes.  "When you know what you have to do, don’t wait. The quicker you act, the better you will be long term." —  Craig Collins Connect with Craig Collins:   Website: DanetteMay.comLinkedIn: Craig Collins & Mindful Health LLC Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

In this episode, Byron discusses: One of the first steps of a turnaround plan, even if it's difficult  Document and journal everything you are doing and thinkingMaking quick decisionsCutting deeper than you want  Key Takeaways: Talk with others about your plan, brainstorm ideas and connect the dots Calculate your runway, then take steps to increase it (cut expenses fast)You will have a new company when it's all done; it will be better. Don’t wait for the market to come back, get to profitability right away. Don’t hold on to the old company.Don’t wait for the market to come back, take action now. Cut expenses to match new revenue levels and get to breakeven asap. Then grow as the market recovers. Nothing will be the same going forward. The market will be different. Your company will be different. Embrace the new reality and make the tough decisions required during a turnaround.    "Once you come up with a decision, you need to take action right away. Making the wrong decision is a better scenario than not making a decision." —  Byron Walker  Connect with Byron Walker: Website: TheTurnaroundPlan.comEmail: Byron@SurvivalFrog.comLinkedIn: Byron Walker

Welcome to The Turnaround Podcast with Byron Walker! If you are looking for ways to improve and grow your business, ways to scale your business regardless of size? If you are a little unconventional as a business owner, this podcast is for you. Running a business is hard and days where it feels too much, but it does pay off. Throughout this podcast, you will learn from Byron and other entrepreneurs who will add value to your business as they focus on strategies around making pivots in your businesses or, when needed, creating a turnaround plan to save your business. Join us on this journey as we see the big picture, connect the dots, and maximize the profit inside your business! "Come along on this amazing ride as I interview some of the smartest small business owners out there. We'll learn together, how to use pivot and turnarounds to maximize your growth, make a better business and make you a better businessperson!" —  Byron Walker Connect with Byron Walker: Website: http://theturnaroundplan.com/Email: Byron@SurvivalFrog.comLinkedIn: Byron Walker