OK, so Ann Taylor and Macy’s are closing down stores as well as Zales Jewelry (limiting my opportunity for a diamond tiara for the holidays), but should I panic? Probably not. Should I tighten my receivables, should I cut costs, should I watch inventories and downsize when necessary? STRONG. yes. If we maximize cash in then the yin yang of that is to minimize cash out. Now is the time to think strategically and act tactically.
At SCORE we have always promoted entrepreneurism, which we still do, but now our emphasis is more directed to helping our clients conserve resources and focus on cash flow for the next 3 to 6 months. Panic only prevents a good night sleep; creative strategic planning gets us through the tough times and keeps us running for the good times ahead. In America, we have always bounced back and so we will again. What are your immediate business concerns? Do you have a SCORE mentor? If not, why not? Call your local SCORE office and get one. Let me know what is happening in your world.