by Stuart Mason
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14 October 2025
Turnaround Strategies for Small Businesses 20 Practical Ways to Save Your Small Business (Before It’s Too Late) Let’s be honest, running a small business right now has its fair set of challenges. Even businesses that were flying last year and finding things a bit tougher. The key is not to ignore this, or act too late, that’s what killed my business. It wasn’t the issues, it was the speed of action around them. Costs are up, customers are cautious, and it can feel like you’re hanging on by your fingertips. But here’s the good news: most struggling businesses can be saved. You just need a plan, a bit of honesty, and a willingness to make some uncomfortable changes. So, if you’re in the “something has to change” phase, here are 20 practical, usable ways to save your business before it’s too late. 1. Face the truth (don’t sugar-coat it) Stop guessing and start measuring. Look at your numbers, turnover, profit, cashflow, debts, costs. You can’t fix what you won’t face. Honesty, however painful, is step one. 2. Cut costs – ruthlessly but wisely Not all cuts are good cuts. Don’t slash the things that bring in customers or keep the lights on. But do question every line on your bank statement. Subscriptions, software, suppliers, if it’s not earning its keep, it’s out. 3. Focus on cash, not vanity metrics Turnover is nice, but cashflow is king. Cash keeps your business alive. Prioritise cash-generating work and delay or ditch anything that doesn’t bring money in soon. I see this a lot with things like Podcasts, great for the ego, not so much for the bank balance. 4. Talk to your suppliers If cash is tight, don’t ghost your suppliers. Pick up the phone, explain your situation, and agree better payment terms. Most suppliers prefer a plan to radio silence. Most industries have their own “grapevine”, so be sure to get the facts and not the fiction presented. 5. Chase every penny owed It’s amazing how many businesses are “struggling” while thousands sit in unpaid invoices. Chase overdue payments like your business depends on it, because it does. This could also mean selling off old stock to raise cash. 6. Renegotiate everything From rent to insurance to utilities, don’t assume what you’re paying is fixed. Ask for better terms, discounts, or a temporary reduction. You’d be surprised how flexible companies can be when asked. This includes personal stuff too, that way you can drawn less from the business. 7. Prioritise profitable work Look at each product or service and ask: does this actually make money? If not, either price it properly or drop it. Focus your time on the work that gives you the best return. 8. Raise your prices (sensibly) If you haven’t reviewed your pricing in a year or two, you’re almost certainly undercharging. A modest increase can make a big difference, especially if you explain it clearly to customers. If you’re not passing on increased costs, that’s just a discount in disguise. 9. Get closer to your customers Talk to them. Ask what they still want, what’s changed, and how you can help right now. Businesses that adapt to their customers’ reality tend to survive. 10. Make it easier to buy from you Reduce friction, improve your website, simplify your checkout or quoting process, and accept more payment methods. If buying is awkward, people walk away. 11. Trim your product or service list When you’re struggling, complexity kills. Drop the low-margin, high-hassle stuff and focus on a few things you can do brilliantly and profitably. 12. Market like your business depends on it (because it does) Cutting marketing is like turning off your oxygen when you’re short of breath. You don’t have to spend loads, but you do have to show up. Social media, emails, local networking, stay visible. The key with marketing is CONSISTENCY. I created a short booked called “Marketing on a Shoestring Budget”, drop me a message for a FREE copy. 13. Ask happy customers for referrals Referrals are free, warm, and powerful. If someone loves your work, ask them to introduce you to one more person who might need your help. Make it a habit, it should be part of your after sales follow up. 14. Reignite old relationships Scroll through old client lists or quotes that never went anywhere. Reach out, check in, and see if the timing’s better now. There’s often money hiding in your old inbox. We estimate that over 80% of businesses don’t revisit old proposals. 15. Streamline your systems Wasting time is as deadly as wasting money. Tighten your admin, automate simple tasks, and get clear processes in place. Every hour you save is an hour you can spend winning business. 16. Don’t bury your head about debt If debts are stacking up, talk to your accountant or a reputable business debt advisor now. There are always options, but the earlier you act, the more choices you have. 17. Review your team If you have staff, this bit’s hard, but essential. Are people doing the right things, or are roles bloated, duplicated, or unclear? Sometimes a small restructure can make a big difference. 18. Revisit your vision Why did you start this business? What’s the goal now? Reconnecting with your why helps you make better decisions and see a path forward that’s worth the effort. 19. Ask for help Get a mentor, coach, or trusted advisor. An outside pair of eyes can see solutions you’ve missed. You don’t have to do this alone. Too often we only see and hear what WE want to. 20. Don’t give up too soon Many businesses look doomed before they turn around. But recovery is messy, not magical. Stick with it, take daily action, and focus on the next right step. Final thought Saving a business isn’t about one dramatic rescue moment. It’s a series of small, smart, consistent moves in the right direction. Start today. Take one action, however small, that makes your business a little stronger by this time tomorrow. Then do it again the next day. This was a HUGE mistake I made. A hugely successful business that made a few wrong turns, I was too slow to act and too slow to react. That cost me DEARLY. Because your business might be down, but it’s not out, not if you decide to fight for it. If you need help - give me shout here