Top 10 Workout and Turn Around Mistakes

Avoid these top 10 workout and turn around mistakes.

turn around mistakes

  1. Taking money out of your retirement account or other protected assets to prop up your business or investment.
  2. Not being involved, giving up, being undependable or acting like a goof ball. Your business is on the line, you could lose it if you don’t take these matters seriously.
  3. Thinking that your lender cares about you or your business. They will mislead you and even be less than honest with you to get what they want. For them, their own interests will always come first. You need to prioritize your own interests and be diligent.
  4. Making your lenders creditors stronger and you weaker. Every dollar you give them does that.
  5. Not getting great professionals involved. Find the best professionals that you can afford and get them involved as soon as possible.
  6. Acting too late. Don’t think that the problem will go away or you will solve it. Act early and decisively.
  7. Being nice or caring about interests other than your own. Now is the time to be self-centered and selfish to save your business. Once the business is stabilized, you can go back to being nice and caring.
  8. Doing things the same way and resisting change. Think like an outsider would.
  9. Letting worry paralyze your progress. The company needs you at your very best to turn the ship around.
  10. Making the wrong cuts when cutting expenses. You need to cut every nonvital expense, but at the same time you need to bring in new income. Make expense cuts carefully and thoughtfully.

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