The "Flip reversed faces" tool will flip all reversed faces in all SOLID groups and components. The tool is only working on solids.
Sometimes it is not enough to have the solid model for correct 3D printing.Also the faces orientation is important for some model slicing software.
It is possible that you have to use this tool 2 or more times to correct all faces orientation.
If the tool is unsuccessful after few clicks means that is something wrong with the model. In that case it is good to edit the solid,select all with double click and use the intersect with selection from Sketchup menu.Then it is advisable to check and repair the model.