Managing for Recovery – Marketing & Sales

We have reviewed the three principle areas that your management must focus on to survive and prosper in this period of change:

1)  YOUR VALUABLE FORMULA  - (read article here for detailed overview )

Re-assess the competitive element that generates profit and sustainable success for the business.

2)  MODIFY OPERATIONS – (read article here for detailed overview)

Change the way business works to adapt quickly to the changed environment.

3)  CASH MANAGEMENT – (read article here for detailed overview)

Establish the absolute priority of cash over profit and investment while the storm is blowing.

These are the inter-related and ignoring any of them will be detrimental to the long-term success of the business.

Another area of concern during times of crisis is “how do we grow revenue?” and to a conversation about marketing and sales.

MARKETING AND SALES

If products and services represent the nuts and bolts of the business, marketing and sales is the engine room that provides the drive for the business. In a classic episode of the TV show ‘yes Minister’, civil servants argued that the best run hospital in the health system was the one which had no patients. They had lost sight of what it was all about. In tough times it is quite vital that you do not lose sight of the importance of customers and sales.

Managing for Recovery – Cash Management

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

There are three principle areas that your management must focus on to survive and prosper in this period of change:

1)  YOUR VALUABLE FORMULA  - (read article here for detailed overview )

Re-assess the competitive element that generates profit and sustainable success for the business.

2)  MODIFY OPERATIONS – (read article here for detailed overview)

Change the way business works to adapt quickly to the changed environment.

3)  CASH MANAGEMENT - (review below)

Establish the absolute priority of cash over profit and investment while the storm is blowing.

These are the inter-related and ignoring any of them will be detrimental to the long-term success of the business.

MANAGE FOR CASH

At the sharp end of things is the need to manage for cash. If you can’t pay your bills, no matter how profitable you are, you will crash and burn. There are many tactics that can improve cash flow. Some of these are short term and one-off measures. However, to resolve any cash crisis you must have the right Valuable Formula and you must operate the business sensibly.

Managing for Recovery – Modify Operations

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

Managing for Recovery - Understanding Your Valuable Formula

How to position your business for recovery the right way.

How do we navigate our way through the economic turmoil? How do we ensure that our businesses continue to perform well and provide us with the ability to enjoy a full and rich life outside the workplace? How do we ensure that our businesses will in fact prosper, or at least be positioned to prosper, in the future?

Everything You Need to Know to Understand Business Exit Planning

An exit plan for business addresses all of the legal, tax, financial, personal, business, and value problems during the transition of ownership of a private business.  While you're exit planning, your main focuses should be to maximize the value of your business before you leave your company and make sure that you're financially stable enough to be able to leave your business. Are you looking to learn more about exit planning for your business and how you should go about preparing for the process? Keep reading to learn everything you need to know! 

The CPA Meeting – How to Be in The Know

Any number of reasons can lead to a meeting with a Certified Public Accountant (CPA). It might be your first meeting if you have a new business or if you need assistance with your personal finances and don’t want to use your company’s CPA.

Maybe you’re one of those individuals who meet regularly with a CPA, but you don’t feel satisfied with how things are going, so you’re interviewing replacements.

Read on for tips on how to achieve a win/win meeting.

Know When to Quit the Business as an Owner

      If at first you don't succeed, give up and try something else.”
- Homer Simpson

It may seem counterintuitive to joke about throwing in the towel, but the truth is that not every business was meant to succeed. So many of us are given the advice that if we just try hard enough, work smarter, or are resilient, that success is there for the taking.

While it's true that you want to give any endeavor your best shot, you also don't want to lose everything or quit too soon. Many business owners seem to wear their own set of blinders that don't allow them to see when it's time to draw a line and give up.

But businesses do fail and with shocking regularity. If you wait too long, you could lose much more than if you had taken action just a bit sooner. Here are some eye-opening figures about business failures and a list of key indicators that it might be time to shut down your business.

How Tax Reform Changed Accounting Methods for Small Businesses

The Tax Cuts and Jobs Act – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter.

New Business Tax Credit for Employers Providing Paid Family & Medical Leave

Eligible employers who provide paid family and medical leave to their employees during tax years 2018 and 2019 might qualify for a new business tax credit.

This new employer credit for family and medical leave is part of tax reform legislation passed in December 2017.

The intent of the business tax credit is to encourage companies to offer paid time to their employees for family responsibilities, offer relief of some financial pressure. Under the guidelines, employers can get a tax credit equivalent to a percentage of the wages normally paid to employees during any period for up to 12 weeks, who are on family or medical leave.

Employers setting up or updating a leave policy may also be eligible for retroactive credit.

Is It Better to Use a Bookkeeper, CPA or Enrolled Agent to File Your Taxes?

During tax season the same question always resurfaces among executives, business owners, and independent contractors – who should prepare my taxes?

While this question depends on each circumstance, the primary benefits of using a tax professional will always be time savings and improved accuracy. Individuals with more complicated tax needs will obviously benefit more from hiring someone to do their taxes, but everyone will benefit to some extent.  

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Recent Posts

Managing for Recovery – Marketing & Sales

We have reviewed the three principle areas that your management must focus on to survive and prosper in this period of change: 1)  YOUR VALUABLE FORMU...

Read more

Managing for Recovery – Cash Management

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there ...

Read more

Managing for Recovery – Modify Operations

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there ...

Read more

Managing for Recovery - Understanding Your Valuable Formula

How to position your business for recovery the right way. How do we navigate our way through the economic turmoil? How do we ensure that our businesse...

Read more