How to Revive a Struggling Business — Lessons from 25 Years of Turnarounds

“When a company starts bleeding cash, most leaders freeze — but speed, honesty, and focus are what save it.”

Every business hits rough patches, but some reach a point where survival itself is at risk. When that happens, leadership needs to move quickly and decisively.

As a turnaround practitioner with over 25 years of experience advising and owning fast-growth companies, I’ve seen firsthand what it takes to bring struggling businesses back to life.

Here are the seven essential lessons I’ve learned from transforming near-collapse into comeback stories.

1. Face the Facts Fast — but Never Lose Hope

Turnarounds start with truth.

Be brutally honest about what’s not working — the financials, the operations, and the culture. You can’t fix what you refuse to face.

Think like a doctor diagnosing a patient: run the tests, find the symptoms, and treat the cause — not the surface pain.

But honesty without hope leads nowhere. As a leader, your job is to balance realism with optimism — to say, “Here’s where we are, but here’s where we can go.”

Hope fuels resilience. Truth fuels recovery.

2. Cash Is King — Protect It Relentlessly

When a business is in distress, cash flow is more important than profit. Without cash, even a profitable business can fail.

Your first step is to understand your Profit and Cash Story — the true relationship between revenue, margins, and working capital.

One of my go-to tools is the Power of One, which identifies seven levers that directly impact profitability and cash flow. Small adjustments in pricing, collection days, or cost of goods can have enormous results.

Actions:

• Renegotiate supplier terms to free up short-term cash.
• Eliminate non-essential spending.
• Chase quick wins — short-term revenue that stabilises operations.

Cash buys time. Time buys options. Options create recovery.

3. Rebuild Trust Through Transparency

In crisis, trust erodes — within teams, among customers, and across stakeholders.

Rebuilding trust starts with open, consistent communication. Be transparent about challenges, decisions, and progress.

This means reinstating meeting rhythms: daily huddles for clarity, weekly reviews for accountability, and monthly updates for alignment.

Externally, keep investors, partners, and clients informed. People can handle bad news — they can’t handle silence.

Transparency creates alignment, and alignment accelerates recovery.

4. Refocus on Your Core — Simplify to Survive

When resources are limited, trying to do everything will sink you. Focus on your most valuable products, customers, and markets.

Cut distractions. Pause low-margin initiatives. Redirect energy to your strongest revenue drivers.

Think of your business like a leaking ship: the goal isn’t to sail faster — it’s to plug the holes and keep the ship afloat.

Focus is your greatest asset in crisis.

5. Empower the Right People — and Move Fast on the Wrong Ones

Turnarounds are powered by people, not plans.

Identify and elevate those who thrive under pressure — your problem-solvers and implementers. At the same time, don’t hesitate to replace leaders who lack the will or skill to drive change.

Use Lean tools like 2 Second Lean to involve your team in daily process improvement. Give them ownership of small wins — because every win restores momentum and morale.

The right people multiply effort. The wrong people drain it.

6. Speed and Adaptability — Act, Learn, Adjust

In a turnaround, perfection kills progress.

Move fast, test ideas, and adjust as you go. Agility is your biggest advantage.

Think like a Formula One driver — constantly making micro-adjustments at high speed. The best turnarounds are iterative: act → learn → improve → repeat.

Agility turns chaos into control.

7. Plan for the Future — Not Just Survival

Once stability returns, shift from survival mode to scaling mode.

Invest in systems that sustain growth: digital tools, training, culture, and strategic planning. Build resilience so you never face the same crisis twice.

A true turnaround isn’t just recovery — it’s reinvention.

The goal isn’t to return to normal — it’s to build something better.

Final Thought — Every Turnaround Is a Leadership Test

Reviving a struggling business takes courage, clarity, and conviction.

The leaders who succeed aren’t the ones who avoid failure — they’re the ones who act fast, communicate clearly, and lead with purpose through the storm.

If your business is under pressure and needs expert guidance, we can help.

At Strategy & Execution Advisors, we specialise in helping leaders stabilise cash flow, rebuild trust, and reignite performance.

Take our Scaling Up / Four Decisions Needs Assessment to benchmark your organisation’s health — or contact tedb@strategyandexecution.com.au for a free 30-minute discovery call.

TED BONEL, SCALING UP PRACTITIONER – STRATEGY & EXECUTION BUSINESS ADVISORS

Are you looking to scale your business and execute strategy with clarity and impact? I help CEOs and founders turn big ideas into real-world results, guiding small to mid-market companies through tailored strategic insights that drive growth.

My expertise lies in simplifying complexity – bridging high-level strategic frameworks with the practical realities of running a business. Unlike many consultants who focus solely on theory or execution, I specialise in both—translating strategy into actionable, transformative steps that deliver lasting results.

If your business is under pressure and needs expert guidance, we can help.

Contact me at tedb@strategyandexecution.com.au to schedule a free 30-minute discovery meeting.

ABOUT STRATEGY & EXECUTION

For over 20 years, Strategy & Execution has supported leaders and organisations in developing and executing winning strategies. We provide expert facilitation, executive education, and hands-on consulting to help businesses refine their strategic direction and implement it effectively.

Using proven methodologies like Scaling Up, E-Myth Mastery, Outthinker, and more, we challenge conventional thinking and equip organisations with the tools to accelerate growth. Our approach is dynamic—combining deep business experience with practical execution. We don’t just advise; we roll up our sleeves and work alongside you to make strategy happen.

If you’re preparing for a strategy development or execution challenge and are committed to creating real value, we’d love to hear from you. Learn more about our work or upcoming workshops