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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