Stephen Barnes rescues businesses that are in decline.
I wanted to know more about how he did this and so I read his book “Triage”.
For me, the stand out was how many tools he has up his sleeve for analysing and restoring cashflow.
Without cashflow, your business is dead.
There was so much on just this topic, I think Stephen could have written a separate book on just that:
💵 1. Ruthless Cashflow Forecasting
📥 2. Collect Receivables Fast
🧾 3. Slash Non-Essential Spending
🤝 4. Renegotiate Terms
⛔ 5. Pause Capital Expenditures
🔁 6. Free Up Trapped Working Capital
For a failing business, there are so many things you can do before reaching formal insolvency.
In Australia, there is “Small Business Restructuring”.
This is about restructuring your debts and staying in control, giving you time to breathe to get your business back above water.
This same concept applies in other countries; they just have different names.
Here were my key takeaways from the book:
1. Treat Your Business Like a Patient in Crisis
Just as emergency doctors triage patients, business leaders must assess, prioritise, and act fast.
Immediate issues get immediate attention, others are stabilised, observed, or let go.
Emotions out. Strategy in.
2. Trouble starts slow, then hits fast
Most businesses don’t crash overnight.
They slip. Bit by bit. Like a frog in hot water. You don’t notice the boil until it’s too late.
Watch the signs. Fix things early.
3. Turnaround Happens in Phases
The triage roadmap is clear:
Analysis → Emergency → Crisis Stabilisation → Growth
Each phase matters. Jumping to growth without fixing the core guarantees relapse or worse.
4. Cash is King. Control is Queen. Together They Rule
You can’t fix what you can’t see.
Gain visibility over cash, implement financial controls, and manage stakeholders with transparency.
Survival starts with control of liquidity and ends with restoring confidence.
5. Tough Leadership
You’ll need to make tough calls. Cut things. Change fast.
No more waiting. No more hoping. Lead like it matters—because it does.
6. Avoid the Formal Insolvency Trap
Insolvency should be a last resort.
Small Business Restructuring offers a path forward if you act early.
Delay guarantees value destruction.
7. Most failures come from inside
Blaming the economy won’t save you.
What sinks the ship isn’t the storm outside, it’s the leak inside.
Talk soon,
Lloyd
PS – Does it feel like your operation is heading for trouble? Let’s chat.