Mastering Business Turnarounds: Strategies from Darlene Ziebell
- Mastering Business Turnarounds: Strategies from Darlene Ziebell Carol Ventresca and Brett Johnson 58:53
On this episode of “Looking Forward Our Way,” hosts Carol Ventresca and Brett Johnson welcome expert Darlene Ziebell to share her strategies for turning around failing businesses and to dive into the challenges small business owners face.
Darlene Ziebell, a seasoned strategist and consultant, begins by discussing the critical process of assessing a struggling business. She stresses the importance of understanding financials and monitoring economic indicators to make informed decisions and establish a backup plan.
Top Takeaways
1. **Recognize When to Bail**: Darlene stresses the importance for small business owners to know when it’s time to sell and not pour more resources into a failing venture, much like intelligent stock market strategies of selling high and buying low.
2. **Stop Bleeding Cash**: A struggling business must stabilize by ceasing spending on activities that don’t generate sales, such as ineffective social media advertising, which often diverts focus from more productive avenues.
3. **Employee Efficiency**: It’s crucial to measure the revenue contribution of each employee.
4. **Financial Literacy is Key**: Knowing and understanding financials thoroughly is necessary for assessing business profitability and making wise, informed decisions.
5. **Competitive Vigilance**: Regularly evaluate your business against the competition and stay ahead of market trends to maintain a competitive edge. Constantly adapting to changing market dynamics is vital for survival.
6. **Expert Insight**: Leverage the expertise of professionals in HR, legal, and financial domains. However, vet these experts carefully—poor advice can lead to mishaps.
7. **Strategic Communication**: Communicate effectively with both customers and employees, ensure that financial concerns are clearly addressed, and ascertain that everyone has the skills needed as the company grows.
8. **Marketing Wisdom**: Refrain from wasteful spending on ineffective marketing strategies. Seek advice on understanding customer preferences and collect regular feedback for more targeted and successful marketing efforts.
9. **Be Ready to Adapt**: Understand the signs of a failing business and the importance of having backup plans. A failing business may require a completely new strategic approach, including cost reductions and seeking the right expertise for specific issues.
10. **Empowerment for Female Entrepreneurs**: Darlene advises female business owners to practice saying no to avoid steering the business off course and to focus on sales-generating activities. Women should not hesitate to seek help when necessary and be candid about the challenges they face.
Memorable Moments
05:24 Prepare for economic changes with backup plans.
08:38 Business owners need to monitor operations closely.
12:26 Non-profit public speaking, lack of market research.
19:34 Be careful what you read and watch.
21:53 Small business owners should measure employee revenue.
25:58 Small business owners need to monitor financials.
29:21 Evaluate previous marketing, seek expert advice, adapt.
36:28 Sharing knowledge through webinars and consulting.
44:22 Revise strategic plan based on past failures.
49:20 Redirecting individuals to gain necessary skills first.
51:31 Fear of saying no affects business success.
57:22 Success requires constant effort.
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Recorded in Studio C at 511 Studios. A production of Circle270Media Podcast Consultants.
Copyright 2024 Carol Ventresca and Brett Johnson
