E274 – 3 Critical Steps to Turnaround a Struggling Startup
Derek O’Carroll is the CEO of Brightpearl, a retail operations platform for retailers and wholesalers. Derek worked with many startups and has made many exits in his career. He got involved with Brightpearl when it wasn’t profitable and is here to talk to us about how he facilitated Brightpearl’s turnaround. Derek details the process he went through to evaluate what was working and what wasn’t, to get rid of unprofitable customers, and the key project that he started when he first joined the company. Tune in to learn the impacts of changing pricing and customer focal point on Brightpearl’s churn and dollar retained revenue, as well as the strategies Brightpearl uses to get new customers.
During this interview, we discuss:
1:08 – A bit about Derek’s background
3:00 – Introducing the turnaround of Brightpearl
3:30 – What is Brightpearl and why did Derek choose to work for Brightpearl?
5:09 – How Derek identified companies in markets that could be disrupted
6:33 – The size and scope of Brightpearl: Now & Then
9:14 – How to win $100 just for listening to this podcast!
10:16 – The strategies they’re using to get new clients
13:01 – How Derek evaluated what was working and what wasn’t working at Brightpearl
15:20 – Adjusting pricing + Getting rid of unprofitable customers
17:30 – Changing the culture to drive profitability
18:27 – The key project that Derek started when he joined Brightpearl
19:50 – Big takeaways from that project
22:18 – Impacts of changing pricing and customer focal point on churn and dollar retained revenue
24:08 – What they changed within their engineering team to control the growth of legacy
26:27 – What is Derek’s dream business superpower?
28:22 – Derek shares his favorite growth driver.
28:58 – His most recommended books
29:30 – How to get in touch with Derek
Plus, a whole lot more!
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