In episode #511, Eric and Neil discuss how it’s possible to turn a failing company around. Tune in to hear their advice for turning shit into sugar.
Time-Stamped Show Notes:
- [00:27] Today’s Topic: How to Turn Shit into Sugar
- [00:32] Before Eric worked for Single Grain, they were an SEO agency. When Google made adjustments, Single Grain turned to shit, because what they were doing no longer worked.
- [01:00] When Eric took over, the balance was negative.
- [01:31] In the first year, his podcast was only getting nine downloads per day, but he kept going because he knew something great was beginning to happen.
- [01:49] He knew he would make things happen if he stuck to his goals.
- [02:04] Eric was afraid to lay people off, but when things are shitty, you have to make quick decisions in order to turn things around.
- [02:22] Getting help from his peers was extremely helpful.
- [02:39] Neil has learned that anytime you think you can turn shit into sugar, it doesn’t happen overnight.
- [03:02] Analyze your business and its problems. Set goals to attack the issues.
- [03:32] It typically takes well over a year to turn a company around.
- [03:49] When things are really bad, you can fix it if you don’t give up and have a good team around you.
- [04:11] The numbers should start improving once you have goals and people in place.
- [04:21] When Eric was leading the marketing team at another company, they only had funding for another five months.
- [04:42] He decided to cut everything on the marketing side and focus on the one thing that had the potential to be effective.
- [04:54] He bet the entire company on one marketing channel.
- [05:03] Sometimes, you have to have to the guts and focus to bet it all on one channel. Once it works, you can expand your approach.
- [05:24] Eric recommends learning how to play poker; it may help you learn how to deal with ups and downs.
- [05:40] Neil recommends you read Traction: Get a Grip on Your Business, because it will help you turn your shit into sugar; it will help you organize your plan of attack.
- [06:15] That’s it for today!
- [06:17] Eric and Neil recommend the Problem Solvers podcast, because there is a great episode about the Hello Fresh CEO. To listen go to singlegrain.com/solve.
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