Saturday, May 23, 2009

How to Recession-Proof Your Business

I recently had the opportunity to moderate a Sterling Bank Women’s Business Initiative luncheon in San Antonio, How to Recession-Proof Your Business, featuring a remarkable panel:


●Beth Smith, Attorney, Law Offices of Elizabeth Smith

●Cat Wilson, CEO, President and Executive Creative Director, RegnierValdez

●Travis Jaggers, Chief Lending Officer, Sterling Bank

They began and ended with the advice to market your business. Here are highlights of their most valuable tips.

Cat Wilson motivated attendees to:
●Continue Marketing
●Ensure Consistency and Professionalism in Daily Communications
●Differentiate Your Messaging from Your Competitors
●Treat Your Staff Well and Train Them as Enthusiastic Ambassadors
●Dig Deeper with Existing Clients and Ask Them for Referrals
●Invest in Social Media
●Get Involved in Your Community

Beth Smith reminded us to:
●Always Put Agreements in Writing
●Research the Value of Assets to Avoid Fraudulent Transfers
●Avoid Conflicts of Interest with Clients
●Be Savvy about Collections to Avoid Preferential Transfers
●Exercise the Golden Rule in Both Sides of Account Receivables
●Be Aware that Personal Guarantees Make You Responsible for Debts
●Communicate with Respect and Flexibility with Creditors

Travis Jaggers shared that prudent financial steps are guided by effective business execution including:
●Protecting Cash Flow
●Retaining and Rewarding Your Best Employees
●Keeping Existing Customers and Finding New Ones
●Not Allowing Diversification to Erode Core Competency
●Providing Outstanding Customer Service
●Marketing Your Business

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