Doing Business In Recession

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Ways to jumpstart your business in a recession

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  • EASY TO GET CAUGHT UP IN ALL THE NEGATIVITYTV/RADIO/NEWSPAPER LOVE SHOCK & TRAUMADAILY HEADLINES INTENDED TO SCARE
  • ANYONE KNOW WHAT THAT SYMBOL IS? CRISIS = DANGER + OPPORTUNITYOUR MOTHERS WERE RIGHT – WHEN LIFE GIVES YOU LEMONS WHAT DO YOU DO?TIME TO GET BACK TO BASICS – BLOCK & TACKLEGET CREATIVE PET AIRWAYS – IMAGINE AN AIRLINE STARTING NOW? LUNCH ON FLY – UPSCALE LUNCH TRUCK/ROACH COACH STARTED NOV 2007 WITH 1 TRUCK, NOW 8 + CATERING CO\\
  • PREPARE BUDGET – BEST CASE & WORST CASE – BE PREPARED, KNOW WHAT TO DO ANALYZE ACTUAL PERFORMANCE AGAINST BUDGETCASH – PREPARE A WEEKLY CASH FLOW FORECAST CONSIDER THE IMPACT OF EVERY SINGLE DECISIONSTRATEGIC COST CUTTING – NO ACROSS BOARD CUTS BE SURGICAL (NO CHAINSAW)SPEND ON MARKETING – MCGRAW-HILL STUDY, 1981-1982 COMPANIES THAT MAINTAINED MKTG BUDGET SAW SALES GROWTH OF 275% IN NEXT 5 YEARS, VS 19% FOR COMPANIES THAT CUT MKTGASK EMPLOYEES FOR IDEAS – STAPLES SAVED $21M THIS YEAR FROM EMPLOYEE IDEAS
  • Doing Business In Recession

    1. 1. SURVIVING A RECESSION ??? It’s all aboutTHRIVING<br />Jennifer H. Elder, CPO, CPA, MS, CMA, CIA, CFF<br />Financial Strategist<br />
    2. 2. NO MAGIC ANSWER !!!<br />72 !<br />
    3. 3. CURRENT ECONOMY<br />What’s bad for business?<br />What’s good for business?<br />
    4. 4. WHAT DOES THIS MEAN TO YOU? <br />
    5. 5. BACK TO BASICS “DON’TS”<br /><ul><li>DON’T BE STATIC
    6. 6. DON’T BURY YOUR HEAD IN SAND
    7. 7. DON’T MAKE RASH CUTS
    8. 8. DON’T SELL EVERYTHING
    9. 9. DON’T START PRICE CUTTING</li></li></ul><li>BACK TO BASICS “DO’S”<br /><ul><li>THINK STRATEGICALLY
    10. 10. EXECUTE METHODICALLY
    11. 11. MANAGE CASH
    12. 12. GET CREATIVE
    13. 13. FIND THE POSITIVE !!!!</li></li></ul><li>THINK STRATEGICALLYEXECUTE METHODICALLY<br /><ul><li>SWOT ANALYSIS
    14. 14. CREATE BUSINESS PLAN
    15. 15. PREPARE BUDGET
    16. 16. ESTABLISH KPI’s
    17. 17. COMMUNICATE EARLY/OFTEN
    18. 18. FOLLOW UP
    19. 19. REVISE</li></li></ul><li>MANAGE CASH #1<br /><ul><li>RECEIVABLE COLLECTION
    20. 20. DELAY PAYABLES
    21. 21. ASK FOR DISCOUNTS
    22. 22. ACCEPT ACH PAYMENTS
    23. 23. PAY BILLS ELECTRONICALLY
    24. 24. REDUCE INVENTORY ON HAND</li></li></ul><li>MANAGE CASH #2<br /><ul><li>CASH FLOW REPORT</li></li></ul><li>GET CREATIVE - MANAGEMENT<br /><ul><li>GET INVOLVED
    25. 25. KNOW YOUR BUSINESS
    26. 26. ANALYZE EVERY PROCESS
    27. 27. ASK QUESTIONS
    28. 28. ANSWER QUESTIONS
    29. 29. EMBRACE CHANGE
    30. 30. CONSIDER PROFIT SHARING</li></li></ul><li>GET CREATIVE - EXPENSES<br /><ul><li>CUT SURGICALLY
    31. 31. REVIEW ALL PURCHASES
    32. 32. REDUCE # OF VENDORS
    33. 33. NEGOTIATE CONTRACTS
    34. 34. REVIEW INSURANCE COVERAGE
    35. 35. SEND INVOICES ELECTRONICALLY
    36. 36. UTILIZE ALL YOUR SPACE
    37. 37. GET CREATIVE WITH BENEFITS</li></li></ul><li>GET CREATIVE – GO GREEN<br /><ul><li>LIGHTING
    38. 38. THERMOSTATS
    39. 39. WATER USAGE
    40. 40. SAVE ON PRINTING
    41. 41. RECYCLE
    42. 42. ENCOURAGER CUSTOMER RECYCLING</li></li></ul><li>GET CREATIVE - COMMUNICATE<br /><ul><li>TALK TO CREDITORS/BANKERS
    43. 43. EMPLOYEE NEWSLETTER
    44. 44. INCREASE “CUSTOMER TOUCHES”
    45. 45. VOLUNTEER IN COMMUNITY
    46. 46. E-MAIL NEWSLETTER
    47. 47. SOCIAL MEDIA</li></li></ul><li>GET CREATIVE - EMPLOYEES<br /><ul><li>FREEZE HEADCOUNT
    48. 48. ELIMINATE OVERTIME
    49. 49. INDIV. PERFORMANCE TARGETS
    50. 50. INCREASE TRAINING/CROSS TRAIN
    51. 51. SUGGESTION PROGRAM
    52. 52. UPGRADE TALENT
    53. 53. COMPETITIONS
    54. 54. EVERYBODY SELLS</li></li></ul><li>GET CREATIVE - PRODUCTS<br /><ul><li>KNOW YOUR PROFIT MARGINS
    55. 55. KNOW YOUR TURNOVER
    56. 56. PRIVATE LABEL
    57. 57. SURVEY CUSTOMERS
    58. 58. ADDITIONAL SERVICES
    59. 59. NEW PRODUCT LINES</li></li></ul><li>GET CREATIVE - ROUTES<br /><ul><li>ROUTE CONSOLIDATION
    60. 60. SAVE ON FUEL –
    61. 61. REDUCE IDLING
    62. 62. REDUCE LEFT-HAND TURNS
    63. 63. DRIVE AT SPEED LIMIT
    64. 64. INCREASE VEHICLE MAINTENANCE
    65. 65. WHAT ARE DRIVER INCENTIVES?
    66. 66. PROXIMITY CUSTOMERS</li></li></ul><li>GET CREATIVE - SALES<br /><ul><li>ANALYZE SALES
    67. 67. UPGRADE CUSTOMERS
    68. 68. COUPONS
    69. 69. REFERRAL PROGRAMS
    70. 70. CUSTOMER LOYALTY PROGRAMS
    71. 71. ADD-ON SALES
    72. 72. TARGETED MARKETING
    73. 73. CUSTOMER LOYALTY PROGRAMS</li></li></ul><li>BECOME THE CIO<br /><ul><li>LEAD WITH OPTIMISM
    74. 74. BE VISIBLE
    75. 75. LOOK FOR VICTORIES
    76. 76. FIND THE FUN</li></li></ul><li>WHAT WILL YOU DO NEXT?<br />Next steps – what and when<br />_______________________<br />_______________________<br />_______________________<br />
    77. 77. Jennifer H. Elder, CPO, CPA, MS, CMA, CIA, CFF<br />Financial Strategist<br />Consulting/Training/Coaching<br />410-231-1881 jhefl@yahoo.com<br />RESOURCES<br />

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