Business Turnaround Definition – Business Fixer Podcast 001

In This Episode You Will Discover

About The Business Fixer Podcast

Hosted by Haroon Rashid, the Business Fixer podcast is for any business owner who wants to know how to get from A to B in the simplest possible way. This business podcast is full of business tips including leadership, sales, marketing, finance, culture and much more. Does something need fixing in your business? Don’t know where to begin with your startup, grow or turn around your business? Whether you’re a startup, established business or a multimillion-pound business, the Business Fixer podcast will help you understand where you are, clearly define where you want to be and guide you on the road to get there.

TRANSCRIPTION

Hey, sports fans and welcome to the Business Fixer podcast. I am your host Haroon Rashid. And this is episode one. So the episode, one of this brand new business podcast, I’m so excited you could join me today and thank you very much for giving me your time. So I’ll give you a quick overview of who I am, what this podcast is all about and who it’s for, and then we’ll dive straight in.

So. I’m Haroon Rashid. I’m the Managing Director of Business Fixer in Leeds, West Yorkshire in the United Kingdom. We believe that clarity is king and simplicity is queen. You know, most businesses struggle with where to start. What’s the next thing I need to do to either start a business, grow a business, or turn around a business.

So we help people to understand, first of all, where they are. The next thing we do is we help people define clearly where they want to be. And then we guide them on that roadmap and make sure that they achieve it. That’s it simple. So, although we’re called business fixer, it’s not just for businesses who are in a turnaround situation.

This could be, if you want to start a business, you want to grow a business. All turn around a business, whichever States your route or whichever stage you’re at in your business career, this podcast is going to have something for you. So we have got tips coming out of areas around all kinds of things like finance and accounting, leadership, culture, sales, marketing, neuroscience, culture, embedding, all that good stuff.

Okay. I I’m sure that whatever stage of business you’re at, you’re going to find something great in this podcast. So a little bit about me is that I have been a part of, um, many multi-million pound turnarounds. I have done department turnarounds, one-to-one coaching and seen turnarounds in individual’s performances.

I just want to get the best out of people and make sure that they get the best out of the business. So with that in mind, let’s dive straight into episode one, which is all about a business turnaround definition. What is a business turnaround? A corporate turnaround, but what is the definition of a turnaround?

How do you know what good looks like once you’ve actually got there? How do you know you’ve arrived at that place at the, at the, the place where you go? Yes, we’ve done it. We’ve turned the business around. So I just want to start off with my business turnaround definition first and then we’ll go into it.

So here’s my business turnaround definition. Long-term security has been achieved by finding the root causes of the problems, putting corrective measures in place and ensuring they don’t happen again. Hmm, that sounds quite long-winded, but let’s just break this down. There’s three main parts into this.

So the first bit is long-term security has been achieved. So what does that mean? When I talk about long-term security, I’m talking about making sure that the financial performance is sustained for a period of time. Why do I say that? Because number one, let’s say that you have a good month or maybe you have two good months.

That’s great. But what happens in month, three and four, if the performance goes down and you make a loss, so you can’t have this kind of rollercoaster scenario where the numbers are going up and down, up and down, up and down, that’s not turn. Uh, that’s not a situation where a business has been turned around.

So we’re talking about long-term security and I would propose that a business that has managed to, uh, improve their financial performance for at least six to nine months. I think that’s a good indicator to say, yeah, you know what? We’ve stabilized and we’re starting to turn things around now. Six to nine months is generally enough data points for you to say, have we done it now?

Are things settling down? Have we actually sustained that performance? Or is it going, is it even growing as well? So six to nine months I would say is a good indicator. It’s not, definitely not. A long-term scenario. What we’re talking about long-term is Lee is years, but I’m saying to make sure you have an indicator to say that you’re on the right track, six to nine months is generally good.

The next bit of that, um, definition that I have is about finding the root cause of the problem. So you might’ve heard this, uh, in various scenarios, but when you’re fighting fires, you’re often fighting. Fruit of the situation, not the roots. That means that if you fighting fruits all the time and you spend your energy fighting fruit, you’re never ever going to finish the fight because the fruits that are going to keep on coming, because you’ve not addressed the roots.

So in a business turnaround, we have to make sure. That we found the root cause of those issues. What was the root cause of the financial issues? What was the root cause of the sales or the marketing issues? What was the root cause of the operations issues? What was the root cause of the cultural issues?

You’ll notice that all these things I’m mentioning are actually part of the business triangle that you can find on the website at businessfixer.co.uk. And I’ll also put that in the show notes, but. You have to make sure you find what was causing the issue in the first place. Once you get rid of the roots, you get rid of the fruit as bad as it may be.

So that is the bit about finding the root cause. And then the last bit is about putting him corrective measures to make sure they don’t happen again. Just make sure that whatever issue you had, you’d want to have that again. Do you just like go into a doctor, you go to the doctor cause you real, you’ve got an issue.

They find the root cause they give you the medicine you get better, but you don’t want it to happen again. So part of that. In a process might be, you need to exercise more, or you might need to change your diet or quit a bad habit like smoking or whatever to make sure that thing doesn’t happen again.

You don’t want to keep going back to the doctor. You don’t want to keep going back to a business consultant or a business coach, because you should have made sure that whatever issues were before aren’t happening again. Hey, you know what? Every business makes mistakes, but we’ll be on to us. If we make the same mistakes.

Again, and again and again. So how you put in those corrective measures? Well, it might be, you get better processes. You might put in different structures. You might put in different safeguards, whatever that looks like, but whatever you do, you’re going to make sure it doesn’t happen again. That was episode one of the Business Fixer podcast I’d like to thank you all for joining me for today’s episode.

Please do go check out the show notes and go and check us out on businessfixer.co.uk. And I’ll see you soon sports fans.