Topics: Featured, Management, Content Type
In a previous article, I looked at 10 areas where your business could save money.
Last year, I wrote a post recommending some defensive moves to protect annual profits and cash retention as economic worries intensified. I followed it up with an article on how to establish a protective profit buffer with 10 cost saving moves.
Since that time, world economic prospects have turned down sharply. China reflects substantially worsening growth prospects. Commodities prices are declining. Oil prices in particular are in free fall, and energy investment and employment have been heavily curtailed. The stock markets have recently been trounced, with China down 20% and US and other western countries with double digit losses.
It is certainly time to take defensive moves, and at the very least develop a contingency plan. This time I went back to my fellow partners for a more comprehensive response to the prospective downturn. Here are four steps they recommended for a contingency plan.
Topics: Business Operations
In a prior blog post, we looked at 10 areas your business could save money. We looked at four of them in a little more depth: legal, banking, insurance, and audit expense reductions. Now we turn our focus to freight costs. The term “freight” includes the following operating characteristics: inbound and outbound, domestic and international, and all shipment sizes from an envelope to a full container.
Topics: Accounting & Finance
Learn how others do it. Download our guide to growth.
Topics: Accounting & Finance
The general rule of business is to control costs, increase revenues, and maximize profit. Simple, but difficult to implement in weak or recovering economic times, such as we are experiencing now in the United States. As revenues increase, the tendency of businesses is to add workers, buy new technology, and increase inventories. However, many companies grow themselves out of business by diverting cash into fixed assets and inventory investments in anticipation of expanding sales.
Topics: Accounting & Finance
Topics: Featured, Management
Topics: Featured, Management
Topics: Business Operations, Featured, Accounting & Finance
In earlier articles we have looked at issues confronting early stage and middle market companies as they traverse,“ no man’s land", that area where companies are too big to be small and too small to be big. We examined specific companies as they came across market, model, money and now finally management issues. I have saved management issues to the end as they confront the Founder/ CEO with some of the most intractable problems to solve.
Topics: Management, Content Type
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