Preparing for uncertainty: As businesses reopen, most do not know what the new normal will be nor expect a quick ramp up in their business. A gardener does not know what the weather will be for the growing season, so they prepare the best infrastructure plan for watering, weeding and Read more…
Market planning is certainly strategic in nature, but it is not the entire business. Strategy is more complete when it evaluates the business comprehensively. Strategically examining your market focus in product design, placement, and pricing is the front end of strategy. In other words: MARKETING. But marketing does not examine Read more…
In 1970 the Harvard Business Review published an article launching zero-based budgeting as a 360-degree review tool. Today we have Simon Sinek asking the “why” of our actions. Believe it or not, the two approaches are not very far apart in concept. Zero-based budgeting (ZBB) was recently used by GM Read more…
“Uncertainty in the economy, society, politics, has become so great as to render futile, if not counterproductive, the kind of planning most companies still practice: forecasting based on probabilities.” -Peter Drucker, 1995. It has been 25 years and that message is more pertinent now than ever. Companies and other organizations Read more…
Determining Your Comeback Scenarios: As lockdowns are eased and your customers awaken, there is the opportunity for you to thrive. Most likely your business has suffered some damage but so have your competitors. Especially important lessons learned during the recovery from “the great recession” were how best to emerge from Read more…
Restart or reinvent? The PPP loan program was designed to provide paychecks and not save your business directly. There are three goals for you to consider how to use the funds: How do I save my business or better yet, how do I make it thrive? How do I best Read more…
This is the final blog after our 3 Steps in Dealing with a Financial Pandemic and Phase 2 Steps in Dealing with a Financial Pandemic blogs. Step 1: Discover your “new normal” You and your business have experienced a major life impact event which requires a change in thinking and Read more…
This is a follow up blog on our 3 Steps in Dealing with a Financial Pandemic published March 27, 2020. Step 1: Cash Management The newly approved federal rescue programs are now being put in place. Contact your banker to get in the queue and complete the SBA application forms. Read more…
Here is a three-part process summary that we recommend getting through the current economic shutdown. Step 1: Cash is King Contact your landlord and negotiate a 90-day rent delay. You may have to settle for a major reduction rather than 100% but you are in the driver’s seat. Many local Read more…
Currently interest rates are near historic low points and make long term borrowing attractive. On the other side is the bank that does not want to lend long-term at today’s rates. What can you do when the bank says no to fixed rate, long-term loans? It is called interest rate Read more…