SCORE Small Business Blog

Manage: Should I Panic?
2 Comments

j0397430OK, 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.

Betty Otte, SCORE Orange County
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Discussion (2) Comment


  1. BettyVisitor

    Hi, Paula: please go to http://www.score.org and log in your zip code to find the SCORE chapter closest to you. When you call for an appointment ask to meet with someone who can counsul you on how to work in a down economy. The SCORE counseling is free and if you don’t think the advice you received the first time is what you need, you can always call to talk to another counselor. In Orange County, CA which is my chapter we have over 100 counselors with different areas of expertise. It is not uncommon for a client to meet with one counselor for cash flow, another for marketing, etc.
    Please go to the web site and make an appointment, it will be a great help for you.
    Betty


  2. paulaVisitor

    Hi, We are in a panic. Sales are down at we are barely holding on. we thought we were on track, however nobody is buying and can’t support company anymore. We are hard workers and have a good, reliable, customer useful product that works. We have put our money, time and is now taking us down. We are trying to sell, and scared. We need help and correct quidance.
    People say they will help, they all want money and if we had we would cover those payments.
    We may need an Attorney now and that is hard to find as well they need of course to be paid as well.
    Any GOOD help is welcome or someone else going through this please contact us. we are open to help others too it is very hard. We love our business and we did not give up just have been caught like many others.

    thanks, contact by email.
    enjoy your day.

 

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