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!

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?

Transcript

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