Business Editorial

Archive for the ‘Small business’ Category

1. Extreme management control:

The SME family must be very careful with their income and expenses. It is important to closely monitor market developments and sales. Thus, the predictability of cash in the short and medium term is vital for the functioning of the company under the present circumstances in which we live.

2. Care for communication:

In times of crisis is especially necessary to properly manage the communication with various audiences with whom our family business is related, ie banking, customers, suppliers, administrations, employees, partners and of course with all members of the family business.

Total silence can be as bad as a broadcast information indiscriminately. You have to manage both internal and external communications, keeping our stakeholders informed of developments which affect our organization and the measures being undertaken in connection therewith. Only then can we neutralize the negative impact of rumors and inaccurate information.

3. Study cost and income for every possible scenario:

Situations is important to estimate maximum and minimum risk, to provide for possible contingency actions in each of them. Sanki products. They have to design different categories of possible actions, redefining the objectives to try to minimize the possible negative consequences of the crisis.

4. Review of the budget and debt:

Depending on the flexibility available, it is necessary to adjust the income statement provided on company expenses. The existence of losses increases the risk of business closure. For this reason we should focus some efforts in securing finance or refinance debts to try to correct. Above all be on the capital financing is essential.

5. Watch the delegation of decisions:

Faced with the uncertainty, many decisions previously delegated or automated, should be reviewed and perhaps re-centralized.

6. Rethinking and investment projects in progress:

It is necessary to reconsider the projects in progress or planned, keeping on hold those who do not improve short-term results or billing. 4life products. Since we are in a different setting, review the validity of the estimates made before the period of crisis.

7. Be careful to possible changes in the  market:

The  situation and the worsening of expectations and cause a rapid flux patterns of behavior of actors in the market, which requires continuous monitoring of changes that have occurred in sales, and company responses competitors. tiens products. The faster the response of the company from market changes, the better you can plan strategies to restore the business.

8. Be save with our reactions:

Crisis is a delicate situation, why not be making hasty decisions. Be imposed temperance. So disliked is the massive reduction in staff, such as contracting out to do indiscriminately.

9. Anticipate possible scenarios once overcome the crisis:

There is a post-crisis and we must think about it. The employer has to figure out how to get the industry to rethink the search for new markets and products for when the crisis ends. Develop new strategies and maybe a new marketing plan, sure to be a new stage.

10. Family review arrangements:

In this new scenario we need to rethink everything we thought it would be useful in times of prosperity for the members of our family business. Nikken products. It is necessary to talk and reach new agreements if the crisis is affecting in a major way, both relational and economic aspects.

11. Review roles and responsibilities of the  various governments bodies and address:

Consider the need to establish crisis staffs, redistribute responsibilities and review the members of various boards and committees, seeking people prepared and experienced in similar circumstances.

12. Capital policy review:

We need to rethink our capital level, and if necessary seek the injection of fresh money, guaranteed to generate trust in our business dealings with third parties and our family.

Studying this capital increase with family members, despite being partners, have never contributed money to our small family, as they are by donation of shares.