The document provides a 20-point checklist for business owners to take action during an economic downturn. The checklist includes recommendations to over-communicate with employees and customers, watch cash flow closely, renegotiate expenses, continue advertising, and maintain a positive attitude. The overall message is that a downturn requires focused action to minimize pain for all stakeholders and position the business for success when conditions improve.

1. Checklist for Business Owners in an Economic Downturn

3. “ The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy” - Martin Luther King, Jr.

5. Sounds great, but Exactly what do I need to do?

6. I worked with Business Owners, Lenders, Suppliers, and Employees through periodic Up’s and Down’s. I’ve developed and shared a checklist of 20 key things Business Owners need to be doing, now. Let’s get started

7. “ I always tried to turn every disaster into an opportunity” - John D. Rockefeller

14. When times are good, you tend to hold on to “marginal players” that may be friends, family or other. Their business skills are probably no longer in line with the needs of the position and the Company. You can only afford to employ people that are committed to giving 150% to get the job done. You need to be “Lean and Mean” 4. Re-evaluate Your Staff

21. Customers don’t think “referrals” It’s not that they don’t care, they just don’t think about it. Make a habit of asking your good customers if they have any colleagues or friends who own businesses that could use your product or service. Once asked, they really will try. 11. Ask Your Customers for Referrals

24. You know that some customers generate most of the sales, but are they generating more than their share of costs? Are you really making money on your high volume product lines? Are some of your products actually costing you money to sell them? Now is the time to dig into the numbers with your accountant and answer those questions. 14. Dig Deeper into your Profit Model

25. You have already re-evaluated your workforce. However, you may still have some people that could be moved to part time or from part time to termination. If you can move someone to part time, do it immediately. If you have a part timer whose work can be redistributed to others, make the change and share some of the salary savings with the those left. 15. Eliminate Unnecessary Positions

31. You may not have the time or capability to implement all of these actions. But, try the ones that may have the “Biggest Bang for the Buck” for you and your Company. Doing nothing is not an option!

32. “ It’s not whether you get knocked down, it’s whether you get up” - Vince Lombardi

33. Questions?