Finding the Upside Of Downturn

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There are opportunities to be found in a recession. Think creatively and positively and strengthen your business for the future!

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  • SURVEY – SHOW OF HANDS HOW IS YOUR FIRM DOING THIS YEAR COMPARED TO LAST YEAR? BETTER…..SAME……WORSE WHAT PERCENTAGE OF YOUR CLIENTS ARE WORSE OFF THAN LAST YEAR? UNDER 10%...10-25%.....25-50%....MORE THAN 50% WHAT PERCENTAGE OF YOUR CLIENTS ARE BETTE R OFF THAN LAST YEAR? UNDER 10%...10-25%.....25-50%....MORE THAN 50%
  • ATTEST SERVICES – AUDIT & REVIEW FOR BANKS, CREDITORS & INVESTORS FORENSIC SERVICES – ANALYZE WHAT WENT WRONG – BANKRUPTCY/LAWSUITS ASSETS RECOVERY EXPERT WITNESS TEMP STAFFING – PICK UP WORKLOAD OF LAID-OFF EMPLOYEES (BOOKKEEPERS, ACCOUNTANTS) BUSINESS CONSULTING SERVICES – HELP CLIENTS SURVIVE RECESSION
  • EASY TO GET CAUGHT UP IN ALL THE NEGATIVITY TV/RADIO/NEWSPAPER LOVE SHOCK & TRAUMA DAILY HEADLINES INTENDED TO SCARE
  • B UT IT DEPENDS ON YOUR PERSPECTIVE GLASS IS HALF EMPTY OR GLASS IS HALF FULL
  • WEAK WILL FAIL AND STRONG WILL SURVIVE
  • WHICH FISH DO YOU WANT TO BE?
  • Finding the Upside Of Downturn

    1. 1. Helping your clients find the UPSIDE in a DOWNTURN ! Jennifer H. Elder, CPA, CMA, CFF
    2. 2. GOOD NEWS FOR CPA’s <ul><li>Baltimore Business Journal </li></ul><ul><ul><li>Average revenue at CPA firms up 10.2% </li></ul></ul><ul><ul><li>Accounting Industry in top 20 sectors nationwide </li></ul></ul>
    3. 3. WHY? <ul><li>ATTEST SERVICES </li></ul><ul><li>FORENSIC ACCOUNTING SERVICES </li></ul><ul><li>TEMP STAFFING NEEDS </li></ul><ul><li>BUSINESS CONSULTING SERVICES </li></ul>
    4. 4. IS ALL THE NEWS NEGATIVE? <ul><li>JOBLESS RATES </li></ul><ul><li>BANKRUPTCY FILINGS </li></ul><ul><li>STOCK PRICES </li></ul><ul><li>DECREASED SALES </li></ul>
    5. 5. OR IS IT POSITIVE? <ul><li>JOBLESS RATES = AVAILABLE TALENT </li></ul><ul><li>BANKRUPTCY FILINGS = M & A OPPORTUNITIES, </li></ul><ul><li>REDUCED COMPETITION </li></ul><ul><li>LOW STOCK PRICES = DISCOUNTED BUYING </li></ul><ul><li>DECREASED SALES = OPPORTUNITIES TO </li></ul><ul><li>NEGOTIATE WITH VENDORS, MORE TIME </li></ul><ul><li>TO FOCUS ON STRATEGY </li></ul>
    6. 6. WHAT IS A RECESSION? <ul><li>TECHNICAL DEFINITION </li></ul><ul><ul><li>“ NEGATIVE GDP FOR 2 OR MORE CONSECUTIVE QUARTERS” </li></ul></ul><ul><li>MY DEFINITION: </li></ul><ul><ul><li>“ ECONOMIC DARWINISM” </li></ul></ul>
    7. 7. ECONOMIC DARWINISM <ul><li>DONALD TRUMP </li></ul><ul><ul><li>“ THE NUMBER ONE KEY TO BEING AN ENTREPRENEUR OR A BUSINESS PERSON IS HOW YOU RESPOND TO ADVERSITY” </li></ul></ul>
    8. 8. WHAT GOOD HAS COME FROM A RECESSION? <ul><li>FORTUNE MAGAZINE </li></ul><ul><li>IPOD </li></ul><ul><li>DJIA </li></ul><ul><li>NEW BUSINESSES </li></ul><ul><ul><li>BALTIMORE – PET AIRWAYS </li></ul></ul><ul><ul><li>DC – LUNCH ON THE FLY </li></ul></ul>
    9. 9. WHAT DOES THIS MEAN TO YOU? <ul><li>NEGATIVE TIMES CALL FOR POSITIVE THINKING </li></ul><ul><li>BUSINESS ISSUE AND HEALTH ISSUE </li></ul><ul><li>BECOME A VALUED RESOURCE </li></ul>
    10. 10. HOW TO BECOME A VALUED RESOURCE <ul><li>CLIENT COMMUNICATION </li></ul><ul><li>INFORMATIONAL SEMINARS </li></ul><ul><li>CONSULTING SERVICES </li></ul>
    11. 11. VALUE ADDED SERVICES INDIVIDUAL CLIENT <ul><li>INVESTMENT PORTFOLIO </li></ul><ul><li>REVIEW </li></ul><ul><ul><li>ANALYZE CASH FLOW NEEDS </li></ul></ul><ul><ul><li>REVIEW RISK TOLERANCE </li></ul></ul><ul><ul><li>PORTFOLIO PERFORMANCE ANALYSIS </li></ul></ul><ul><ul><li>PORTFOLIO BALANCING </li></ul></ul>
    12. 12. VALUE ADDED SERVICES BUSINESS CLIENT <ul><li>5 RECESSION DON’Ts </li></ul><ul><ul><li>DON’T PANIC </li></ul></ul><ul><ul><li>DON’T BURY YOUR HEAD IN SAND </li></ul></ul><ul><ul><li>DON’T MAKE RASH CUTS </li></ul></ul><ul><ul><li>DON’T REPEAT LAYOFFS </li></ul></ul><ul><ul><li>DON’T START PRICE CUTTING </li></ul></ul>
    13. 13. VALUE ADDED SERVICES BUSINESS CLIENT <ul><li>5 RECESSION DO’s </li></ul><ul><ul><li>PREPARE A BUDGET </li></ul></ul><ul><ul><li>MANAGE CASH </li></ul></ul><ul><ul><li>CUT COSTS STRATEGICALLY </li></ul></ul><ul><ul><li>KEEP SPENDING ON MARKETING </li></ul></ul><ul><ul><li>ASK EMPLOYEES FOR IDEAS </li></ul></ul>
    14. 14. <ul><li>INSPIRE CREATIVITY </li></ul><ul><ul><li>LOOK FOR FREE & LOW-COST MARKETING OPPORTUNITIES </li></ul></ul><ul><ul><li>BUSINESS PROCESS IMPROVEMENT </li></ul></ul><ul><ul><li>GO GREEN! </li></ul></ul>VALUE ADDED SERVICES BUSINESS CLIENT
    15. 15. <ul><li>ADDITIONAL IDEAS </li></ul><ul><ul><li>FINANCIAL STATEMENT ANALYSIS </li></ul></ul><ul><ul><li>DEBT RESTRUCTURING </li></ul></ul><ul><ul><li>STRATEGIC PLANNING </li></ul></ul><ul><ul><li>TALENT MANAGEMENT </li></ul></ul><ul><ul><li>MERGERS & ACQUISITIONS </li></ul></ul><ul><ul><li>IMPROVING CUSTOMER SERVICE </li></ul></ul><ul><ul><li>REVENUE GENERATION </li></ul></ul><ul><ul><li>A/R COLLECTION </li></ul></ul><ul><ul><li>INVENTORY MANAGEMENT </li></ul></ul>VALUE ADDED SERVICES BUSINESS CLIENT
    16. 16. GOOD NEWS FOR CPA’s & CLIENTS <ul><li>BARON NATHAN ROTHSCHILD/JOHN D. ROCKEFELLER </li></ul><ul><li>FOCUS ON POSITIVE </li></ul><ul><li>MANY OPPORTUNITIES TO BECOME STRONGER AND BE POSITIONED TO TAKE ADVANTAGE OF THE NEXT UPTURN </li></ul>
    17. 17. Helping your clients find the UPSIDE in a DOWNTURN ! ???????????? Jennifer H. Elder, CPA, CMA, CFF

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