Managing Through Turbulent Times
“We’re just hunkering down, trying to last through this cycle.”
I've heard this repeatedly from business owners the last 18 months. They go on to talk about salary cuts, staff reductions and Draconian expense controls.
Their comments remind me of Charles Lindbergh’s preparations for the first trans-Atlantic flight. He had strict priorities. They were, in order, weight (for efficient flying and maximum range), survivability in case of a crack-up, and last, pilot comfort. Lindbergh was relentless. He eliminated night-flying equipment and parachutes; he even trimmed the edges of maps to wring mileage from his aircraft. To get more fuel on board, he dropped nonessential gear, balancing the cost of its weight against increased flying range.
Lindbergh's care paid off: he landed outside Paris in 1927. What about you and what are you doing to make sure your business survives? Do you have clear priorities for spending, and are you balancing cash preservation with sustainability? Do you know what is absolutely critical for your business' health and are you making sure critical elements aren't starved?
Even if you've already “trimmed the map edges,” there may be other options that won't harm your company or you.
Let me be your sounding board. Make your case to an experienced professional, a friendly but probing listener who can challenge your analyses and clarify your plans. You’ll be better prepared to make your case to partners, lenders, customers, employees and others. Even better, you’ll improve the health of your business.
Soldier on! And, give me a call.
John R. Bise
Accredited Valuation Analyst