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Surviving The Recession
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Surviving The Recession

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  • Transcript

    • 1. A Strategy for Small Business
    • 2. Indexed and Jessica Hagy http://thisisindexed.com/2008/12/might-as-well-own-this-meltdown/
    • 3.
      • Look for changes that result from a downturn
      • Analyze SWOT (strengths, weaknesses, opportunities, threats)
      • Review what is working and what is not
    • 4.
      • Cut costs and/or grow sales
      • Look for money on the balance sheet
      • Outside sources of funding
    • 5.
      • Develop & implement a
        • 3-6 month plan
        • Set specific, measurable goals
        • Create deadlines
      • Focus on the 5 largest expenses
      • Focus on the 3 most successful sales strategies
      • Make visible the key business measurements
        • Sales, cash flow, expenses, customer satisfaction
        • How do they compare to budget/plan?
      • Get help from an objective 3rd party
        • Mentor, accountant, banker, lawyer
    • 6. STRENGTHS What do we do well? INTERNAL FOCUS EXTERNAL FOCUS WEAKNESSES What is wrong now? OPPORTUNITIES What possibilities exist? THREATS What can go wrong?
      • What are your advantages?
      • What do you do well?
      • What relevant resources do you have?
      • What do other people see as your strengths?
      • What could you improve?
      • What do you do badly?
      • What should you avoid?
      • Where are the good opportunities?
      • What are the interesting trends?
      • Useful opportunities can come from:
          • Changes in technology
          • Changes in government policy
          • Changes in organizational structure
          • Changes in business priorities
      • What obstacles do you face?
      • What are other companies doing?
      • Is the playing field changing?
      • Is changing technology, trends, directions threatening your position?
      • Could any of your weaknesses seriously threaten your business?
    • 7.
      • Take a step back….
        • Don’t go chasing every dollar that blows by
        • What are you good at?
        • Where can you make a few easy sales?
        • What can I do to keep my top customers?
        • What is essential and what is not?
      • Don’t be nice, be smart.
    • 8.
      • First thing to do:
        • Increase revenues
        • Reduce expenses
        • …… or both
      Expenses Revenues
    • 9.
      • Review top 5 expenses
        • Reduce wherever possible
      • A few of your options:
        • improve workflows
        • reprioritize your “wish” list
        • uncomfortable is OK
        • consider outsourcing
    • 10.
      • Adjust staffing for efficiency
        • Unnecessary positions?
        • Train & cross train-combine positions?
      • Review payroll costs
        • Local competitive pay rates?
        • Review/Adjust benefits package?
      • Assess individual performance
        • Incentives to retain high performers?
        • Terminate low performers?
    • 11.
      • Evaluate price increases/decreases
        • Actively monitor competitors price changes
      • Use discounts cautiously
        • Don’t grow sales without profits
    • 12.
      • Focus on the 3 most successful sales strategies
      • Contact current customers & past prospects
        • Ask for referrals
        • Solicit new product & service ideas-likes & dislikes
        • Focus on best customers
      • Use internet/email
        • Review/upgrade website
      • What makes you stand out from the crowd?
    • 13.
      • Be plugged in to the details
        • Owners should review all company expenditures and sign all checks
        • Make sure bills are being entered
      • Make visible the key business measurements
        • Sales, cash flow, expenses, customer satisfaction
        • How do they compare to budget/plan?
    • 14.
      • Shorten collection cycle
      • Early pay discounts
      • Secure extended payment terms from suppliers
      • Ensure efficient inventory levels
        • Review supply chain
        • Reduce inventory of slow selling items
    • 15.
      • Communicate tirelessly – listen
        • Employees, Customers, Vendors
      • Keep your sense of humor
      • Instill a sense of urgency
        • Measurements & results weekly
      • Encourage employee involvement
      • Build your team
    • 16.
      • Think strategically; act tactically
        • Focus on next 3-6 months
      • Implement your Tactical Action Plan
      • Focus on profitable business
      • Measure, measure, measure
      • Question?
        • Contact SBDC at The Business Incubator Center for free, confidential business counseling
    • 17.  
    • 18.
      • GJEP
      • Market information and data
      • Site selection assistance
      • Labor market analysis
      • Custom research
      • Financial contacts
      • Employment recruitment
      • Workforce development assistance
      • Access to public officials and regulatory authorities
      • Coordination of state and local incentive and financial assistance programs
      • Building and build-to-suit coordination
      • Communications and media contacts
    • 19.
      • The Business Loan Fund
        • an alternative lending source for Mesa County
      • Small Business Administration (SBA)
        • Small Business Finance Corp
        • Colorado Lending Source
      • Colorado Housing & Finance Authority (CHFA)
    • 20.
      • Workshops and Counseling
        • FREE one-on-one business counseling
        • Through the Small Business Development Center (SBDC)
      • Financing
        • Through the Business Loan Fund
      • Business Development
        • Through the Business Incubator Program
      • Tax Incentives
        • Through the Enterprise Zone
    • 21.
      • The Business Incubator Center
      • (970) 243-5242
      • www.gjincubator.org
      • Chris Reddin
        • [email_address]
      • Julie Morey
        • [email_address]