Post on 14-Jul-2015
Indexed and Jessica Hagyhttp://thisisindexed.com/2008/12/might-as-well-own-this-meltdown/
Look for changes that result from a downturn
Analyze SWOT (strengths, weaknesses, opportunities, threats)
Review what is working and what is not
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
STRENGTHSWhat do we do well?
INTERNALFOCUS
EXTERNALFOCUS
WEAKNESSESWhat is wrong now?
OPPORTUNITIESWhat possibilities exist?
THREATSWhat 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?
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.
Review top 5 expenses Reduce wherever possible
A few of your options: improve workflows reprioritize your “wish” list uncomfortable is OK consider outsourcing
Adjust staffing for efficiencyUnnecessary 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?
Evaluate price increases/decreases Actively monitor
competitors price changes
Use discounts cautiously Don’t grow sales without
profits
Focus on the 3 most successful sales strategies
Contact current customers & past prospectsAsk for referralsSolicit new product & service ideas-likes & dislikesFocus on best customers
Use internet/emailReview/upgrade website
What makes you stand out from the crowd?
Be plugged in to the detailsOwners should review all company
expenditures and sign all checksMake sure bills are being entered
Make visible the key business measurementsSales, cash flow, expenses, customer
satisfactionHow do they compare to budget/plan?
Shorten collection cycleEarly pay discountsSecure extended payment terms from
suppliersEnsure efficient inventory levelsReview supply chainReduce inventory of slow selling items
Communicate tirelessly – listenEmployees, Customers, Vendors
Keep your sense of humor Instill a sense of urgencyMeasurements & results weekly
Encourage employee involvement
Build your team
Think strategically; act tacticallyFocus on next 3-6 months
Implement your Tactical Action PlanFocus on profitable businessMeasure, measure, measureQuestion?Contact SBDC at The Business Incubator Center
for free, confidential business counseling
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
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)
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
The Business Incubator Center
(970) 243-5242
www.gjincubator.org
Chris Reddincreddin@gjincubator.org
Julie Moreyjmorey@gjincubator.org