We’ll Get Through This Stressful Time
The coronavirus outbreak is first and foremost a human tragedy. Now our businesses are moving into recovery and reopening. You must remember you are not alone. Every business owner or executive is facing the same dilemma – How to produce positive cash flow, while systematically restructuring to profitability?
Blog Author – Background
- Diligent executive project manager offering a proven record of success leading all phases of diverse technology projects; business transformation leader with more than 25 years of project management experience and as a financial executive, leading to being Assistant Deputy Commissioner of the City of Boston.
- As a business strategist, planned and managed multimillion-dollar projects aligning business goals with technology solutions to drive process improvements, competitive advantage, and bottom-line gains; Collaborated with multiple customer entities to conceptualize and implement innovative manufacturing processes, cost-saving supplier metrics, and digital enablement road-maps.
- An influential visionary with empowering and motivational leadership style that brings out the best in all project participants, both internal and client staffs; creates alliances in efforts to achieve business goals, and quickly turns negative financials into positives.
My LinkedIn profile is at https://www.linkedin.com/in/bjmartinez/.
Manage by the Numbers
Regardless of the challenges you are facing, committing to the fundamentals will yield results.
- Identifying your core values
- Project cash for the next 3 months.
- Detail revenues by product/service for 6 months.
- Adjust expenses to break-even for the same period.
- Identify adjustments required to expenses so you break-even.
- Create roadmap to profitability after the initial 6 months.
- Evaluate if you have the right skills in your team for supporting your efforts.
- Communicate plan to suppliers
- Defining your competitive advantage
- Make sure your products/services are desired by the market.
- Engage your employees in your strategies, so they are clear about your financial status and expectations.
- Meet with your largest customers to determine realistic revenues for the next 6 months.
- Generate customer encouragement for participation in special offers, discounts, and/or loyalty programs to boost sales to match your projections.
- Use loyal customers to promote your uniqueness.
- Develop strategies to attract new business by product/service.
- Determine if there are new competitors in your market and adjust to counter their impact on your revenues.
- Spelling-out your path to re-invention
- Invest in improvements for your customers’ experience and team productivity.
- Consider alternative funding sources to get through your critical 3 months.
- Restructure your debt, if possible.
- Build real-time reporting and KPI tracking, so you know results and are aware to make timely modifications, as needed.
- Emphasize your desire for outstanding customer service to be the norm throughout the organization.
- Increase the frequency of customer purchases through a “special offers” to encourage that behavior.
- Re-enforce your team’s commitment to your mission, vision, and values.
#accucompvirtual CFO Team – available 24/7 and on-demand
Your success will be determined by how well you execute your plan. If you stop focusing on your cash flow, daily monitoring of your metrics, or lose track of where your sales are, your recovery/reopening will not yield your planned results.
Your staff is following you, but if they see the predicted goals are not being met, your credibility will be lost. Their commitment to you will be damaged.
Stick to the plan. Insist on accountability. You will move into profitability. Just monitor and adjust when necessary. You will win!
AccuComp Enterprises is ready to advise and collaborate today with those who are ready to begin their recovery, now. Contact us at firstname.lastname@example.org.
We are all in this together.