Ep 244: How to Turnaround a Struggling Business With Byron Walker, Survival Frog
It’s one thing to grow an eCommerce store from scratch but recovering after losing more than half of your business is another matter.
In this episode, Byron Walker, author and CEO/Founder of Survival Frog, takes us on a journey of how he bounced back from what looked like the end of his business. He shares how this experience that seemed so dim turned out to be a story of victory and helped him learn what he wouldn’t have learned otherwise.
KEY TAKEAWAYS FROM THIS EPISODE
Instead of discounts, opt to give free products instead. The benefit for the consumers is the same, but it will cost you less.
Not all revenue is created equally. You have to check what it adds to the bottom line if it makes you more money or loses money.
You need someone with expertise to take care of your books. If your revenue is in the millions, it may make sense to bring on a fractional CFO.
Cash Flow forecasting is key to ensuring you know whether or not your business will last.
Bring in as many customers as you can, even at break-even in paid marketing, and then monetize it with a lifetime value at the back end. Once customers are in your company’s ecosystem, you can keep selling.
TODAY’S GUEST
Byron Walker is the CEO and Founder of Survival Frog. He is also the author of the book Small Business Turnaround Plan.
Survival Frog is one of the largest e-commerce stores selling Survival & Outdoor gear to consumers and organizations. Originally selling info-products, Survival Frog now sells hundreds of physical products and has nearly 1 million customers throughout the USA.
Connect and learn more about Byron and his company here:
Website: https://www.survivalfrog.com
LinkedIn: https://www.linkedin.com/in/walkerbyron/
Book: https://www.amazon.com/Small-Business-Turnaround-Plan-Profitability-ebook/dp/B08ZJWNCYD
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