PROSPER OR PERISH #7 by Stephen Gross. Click here to read past issues.
As we begin to see government relax the shelter-in-place guidelines, we receive funding from the PPP, while waiting for further funding from 7(b) EIDL program, we now face the prospects of, WHAT NEXT?
It goes without saying the “plan for the worst, hope for the best”, is good advice today. We can expect, at the best, a slow resumption of activity, building back over time to some “new normalcy”.
As planners responsible for the survival and health of our businesses, we must look at every aspect of our company, and ask ourselves these questions – Is There a Better Way to Operate with Less Fixed Overhead?
Outsource all activities that are not core and essential to your business.
Negotiate all fixed overhead contracts for “concessions in an emergency”.
Examine all elements of customer acquisition, servicing, retention, and relationship building and enhance each step of caring for customers.
Look for opportunities within your industry OR in an industry you could easily pivot into to fill gaps of failing competitors.
REINVENTION IS YOUR ROAD TO RECOVERY AND PROSPERITY!
Stephen Gross, CPA, CGMA, CVA, CFE — EVP of Hegemon Holdings and Co-Founder of Trusted CFO Solutions — is a big picture thinker and connector, with 40 years of rich and diverse experience in the C.P.A., business consulting, and venture capital worlds. Steve was an early adopter and evangelist of cloud-based accounting, as well as the concept of a virtual C.F.O. or Controller as a method of outsourcing the position in small businesses and startups. Learn More About Steve…
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