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Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
Doing Business In Recession
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Doing Business In Recession

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Ways to jumpstart your business in a recession

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
  • Transcript

    • 1. SURVIVING A RECESSION ??? It’s all aboutTHRIVING
      Jennifer H. Elder, CPO, CPA, MS, CMA, CIA, CFF
      Financial Strategist
    • 2. NO MAGIC ANSWER !!!
      72 !
    • 3. CURRENT ECONOMY
      What’s bad for business?
      What’s good for business?
    • 4. WHAT DOES THIS MEAN TO YOU?
    • 5. BACK TO BASICS “DON’TS”
      • DON’T BE STATIC
      • 6. DON’T BURY YOUR HEAD IN SAND
      • 7. DON’T MAKE RASH CUTS
      • 8. DON’T SELL EVERYTHING
      • 9. DON’T START PRICE CUTTING
    • BACK TO BASICS “DO’S”
      • THINK STRATEGICALLY
      • 10. EXECUTE METHODICALLY
      • 11. MANAGE CASH
      • 12. GET CREATIVE
      • 13. FIND THE POSITIVE !!!!
    • THINK STRATEGICALLYEXECUTE METHODICALLY
    • MANAGE CASH #1
      • RECEIVABLE COLLECTION
      • 20. DELAY PAYABLES
      • 21. ASK FOR DISCOUNTS
      • 22. ACCEPT ACH PAYMENTS
      • 23. PAY BILLS ELECTRONICALLY
      • 24. REDUCE INVENTORY ON HAND
    • MANAGE CASH #2
      • CASH FLOW REPORT
    • GET CREATIVE - MANAGEMENT
    • GET CREATIVE - EXPENSES
      • CUT SURGICALLY
      • 31. REVIEW ALL PURCHASES
      • 32. REDUCE # OF VENDORS
      • 33. NEGOTIATE CONTRACTS
      • 34. REVIEW INSURANCE COVERAGE
      • 35. SEND INVOICES ELECTRONICALLY
      • 36. UTILIZE ALL YOUR SPACE
      • 37. GET CREATIVE WITH BENEFITS
    • GET CREATIVE – GO GREEN
    • GET CREATIVE - COMMUNICATE
      • TALK TO CREDITORS/BANKERS
      • 43. EMPLOYEE NEWSLETTER
      • 44. INCREASE “CUSTOMER TOUCHES”
      • 45. VOLUNTEER IN COMMUNITY
      • 46. E-MAIL NEWSLETTER
      • 47. SOCIAL MEDIA
    • GET CREATIVE - EMPLOYEES
      • FREEZE HEADCOUNT
      • 48. ELIMINATE OVERTIME
      • 49. INDIV. PERFORMANCE TARGETS
      • 50. INCREASE TRAINING/CROSS TRAIN
      • 51. SUGGESTION PROGRAM
      • 52. UPGRADE TALENT
      • 53. COMPETITIONS
      • 54. EVERYBODY SELLS
    • GET CREATIVE - PRODUCTS
      • KNOW YOUR PROFIT MARGINS
      • 55. KNOW YOUR TURNOVER
      • 56. PRIVATE LABEL
      • 57. SURVEY CUSTOMERS
      • 58. ADDITIONAL SERVICES
      • 59. NEW PRODUCT LINES
    • GET CREATIVE - ROUTES
      • ROUTE CONSOLIDATION
      • 60. SAVE ON FUEL –
      • 61. REDUCE IDLING
      • 62. REDUCE LEFT-HAND TURNS
      • 63. DRIVE AT SPEED LIMIT
      • 64. INCREASE VEHICLE MAINTENANCE
      • 65. WHAT ARE DRIVER INCENTIVES?
      • 66. PROXIMITY CUSTOMERS
    • GET CREATIVE - SALES
    • BECOME THE CIO
    • WHAT WILL YOU DO NEXT?
      Next steps – what and when
      _______________________
      _______________________
      _______________________
    • 77. Jennifer H. Elder, CPO, CPA, MS, CMA, CIA, CFF
      Financial Strategist
      Consulting/Training/Coaching
      410-231-1881 jhefl@yahoo.com
      RESOURCES

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