I was privileged to moderate a panel at the second quarter Sterling Bank Women’s Business Initiative Luncheon in Houston. We had the unique opportunity to hear from three remarkable experts in marketing, public relations, law and finance as they shared tips on “How to Recession-Proof Your Business”.
Our talented panel included:
Carolyn Mayo – Shareholder and President, VOLLMER Public Relations
Wayne Kitchens – Board-Certified Attorney, HughesWattersAskanase
Travis Jaggers – Chief Lending Officer, Sterling Bank
Communication was the unifying theme. The panelists emphasized the importance of communicating frequently and effectively with employees, customers, suppliers, creditors and service providers.
Carolyn Mayo’s terrific advice included:
●Keep Marketing – Tattoo this Message on Your Head
●Network – Stay Visible – Be a Zebra, Not an Ostrich – Sell Your Business and Expertise
●Cultivate Raving Fans – They are Great Referral Sources
●Prioritize Marketing Activities to Your Most Profitable Areas
●Don’t Let Rumors Become Toxic – Communicate!
●Invest Time in Social Media – Twitter, LinkedIn and Facebook
●Seek Alliances for Programs, Advertising and Promotions
●Communication Resources Include a Combination of Agencies, Freelancers and In-House Staff
●Take Time to Differentiate Your Business
●Re-evaluate Your Ultimate Goals
Wayne Kitchens shared these excellent tips:
●Don’t Omit Tax Payments – You Can’t Borrow from Uncle Sam or Uncle Rick
●Eliminate Non-Productive Employees
●Act Quickly to Address Problems
●Treat Professional Help as Insurance to Address Accounting, Marketing and Legal Issues
●Ensure Corporate and Legal Documents are Up-to-Date – Flat Fee Option is Available
●Address Cash Flow Problems with Your Banker Immediately – Don’t Create Surprises
●If Accounts Receivables Function is Unsuccessful in Collecting – Step in Executive to Executive
●When You Owe Money – Clearly Communicate What You are Able to Do ●Openly Communicate with Your Attorney – Discussions Receive Attorney Client Privilege
●Negotiate an Engagement Letter with Your Attorney - Billing Increments Vary
Travis Jaggers illuminated that prudent financial steps equate to prudent business practices and offered these helpful suggestions:
●Protect Cash Flow – Cash is King
●Keep Your Best Employees
●Work Effectively with Existing Good Customers
●Good Customers are Those Who Pay Market Rate, In Full, On-Time, All the Time
●Find Ways to Win Your Competitor’s Customers
●Balance Your Focus on Core Business and Diversification
●Provide Outstanding Customer Service
●Cash in a Business Takes Many Forms including People and Inventory – Trace Your Cash
●Analyze Financial Statements MonthlyEvaluate Pricing and Consider Product or Service Bundles to Move Inventory
I was reading about the layoff at GM and thought it would be a good idea for one to start building a recession proof career or business to lead a more secure life.
ReplyDeleteSomething interesting I would like to share is that defense contracting has good financial opportunities for all and can give you a steady flow of big income. Its something one can do with the right guidance and tips and make good money even during the recession.