Why Turnarounds Fail

Just as not all startups succeed so not all turnarounds succeed either.

Here’s a list of reasons why turnarounds fail:

Failure to adapt.

The market continually changes so it’s important to keep up.

Make sure you are following the market and change to meet it.

Failure to embrace the challenge.

Turnarounds require major changes to the business.

Plan for these changes as small steps won’t cut it. 

Failure to raise funding.

Turnarounds require funding and lack of funding can kill it.

Check your funding requirements to see how much you need to execute on the plan.

Failure to innovate.

Technology can become obsolete.

Review your offering to see if you are innovating. 

Failure to gain buy-in.

Turnarounds require commitment from investors, suppliers, employees, and others.

Gain commitment for the turnaround from all the stakeholders. 

Failure to commit to the plan.

Everyone needs to contribute to the success of the turnaround through pay cuts and longer hours.

Watch out for these points of failure in your turnaround.

 

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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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.