It was never my plan to be a turnaround CEO, yet 16 years ago I became one. I had to make sure the company had enough cash flow to pay salaries. It wasn’t what I signed up for and it caught me by surprise – much like this recession has caught us by surprise now. A turnaround is very similar to a recession and I want to share my turnaround experience with you.
In this episode, I explain what made me take the bold decision to postpone my own conference so early on and how I had to overthink my budget. In times of crisis, it’s better to do some cuts fast, rather than scrambling to do them when it’s already too late. Cash is queen, and businesses that have cash will survive. I talk about the cuts I had to make in my own business, affecting my team and me, and how in times like these, you need to pivot and create a new offer to meet your clients’ needs. A lot of companies are making a lot of money right now – I tell you why you shouldn’t feel scared about making your own sales.
In This Episode of The Sigrun Show:
- How I became a turnaround CEO
- Why early on, I took the bold decision to postpone the Selfmade Summit
- How I made my budget and got rid of extra costs
- Looking at the best and worst case scenario and aiming for the middle
- My decision to let two people go
- Why my husband and I are taking a 50% pay cut and my team a 20% pay cut
- Why you have to cut so deep that it bleeds
- What help you can get for your business and why you should ask for it before you need it
- Why you should pivot during a recession and create new offers or tweak your wording
- Why you shouldn’t be scared to make sales in this situation
Check Out Our Turnaround Resources
Here’s the truth: None of us have seen a global pandemic before. Some of us have gone through recessions and a few of us have turnaround experience. Personally, I’ve gone through two recessions that turned out to be great opportunities and was a successful turnaround CEO for a number of years.
It’s become clearer what we need to do in terms of the Coronavirus – social distancing is the new way – and now the bigger challenge is the global recession where every individual and company will be impacted.
But the impact will be smaller the more you prepare and do now.
That’s why my team and I are here to help. We have put together the following resources to support you in these challenging times. Click here to view all the resources.
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