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04 May How to Save a Company

Posted at 06:13h in Business by Orange Bergamot 0 Comments

Hello Boss!

“If you’re the CEO of a struggling business, let’s hope we never meet. I’m Gary Sutton, a turnaround guy. When I arrive you leave. Results usually get better and fast.”

If you’re the CEO of a struggling business I’m sure your questions would be “how to save a company?”

I’ve been revisiting some great books I’ve read over the past few years. One of them is the Six Month Fix by Gary Sutton.

Gary is one of the business world’s most sought-after “triage specialists,” and has salvaged nearly a dozen failing businesses, in nearly every type of company: from printing, waste management, and alarm companies to aerospace, and tech firms.

Some of Sutton’s tips?

Stop the bleeding – Cut any product & service that isn’t making money, now.
Specialize or die – Find a niche and focus, focus, focus.
Nudge up your value – Incrementally create products that provide worth.
Figure out what business you’re really in – Don’t be the last buggy whip maker.
Publish your firing policy – Clarity is king.
Manage from one piece of paper – Simplicity rules
Kick down the virtual walls – Flatten the hierarchy
Use the CPA more than your accountant – They aren’t the same thing.
Convert bleeders into winners – promote off the beaten track thinking.

Gary is honest and offers no holds bared counsel that we all need to hear. His straight-from-the-hip advice is for CEOS who are fighting for their lives.

Put up your dukes.

Let’s do this.