Day 3 Ramadhan - Stay at Home
"Resourceful entrepreneurs capture the available opportunities, and take steps during today's hard times, to lay the groundwork for tomorrow's prosperity."
Self-Study Today: Surviving Economic Downturn
While surfing the net on how to survive during economic crisis, I came across this excerpt that gave suggestions to small business owners on how to thrive when larger competitors are unable to adapt quickly except to fire employees.
Among the main points shared:
1) Keep track of inventories carefully, but not so tight till you lose sales. Convert it into cash.
2) Monitor cash flow and forecast it monthly, to ensure expenses and planned expenditure are in line with accounts receivable. Be able to project where you will stand three months in advance.
Negotiate with suppliers, contractors, landlords for better prices or short-term reductions.
Consider trading goods and services on a barter exchange for credits instead of cash.
3) Separate the "nice to do" from the "have to do", eliminate nonessential expenses as much.
4) Reduce or stretch out debt, and build up capital reserves.
Try to lock up long-term contracts with important customers, offering discounts on long-term buys.
Remaining close to existing customers and check how they're doing may not only help avoid unpleasant surprises but perhaps lead to new opportunities.
5) Strengthen banking relationship, including letting lenders know the company's financial position.
6) Look for opportunities to reduce rented space, e.g. sublet that space to generate extra income.
7) Be prudently aggressive in the marketplace, actively seek out new business.
8) Don't skimp on service and quality by being understaffed.
9) Strategize how to build customer base and induce current customers to raise revenues.
Studies show that perception of service is fixed primarily in terms of time;
waiting time to obtain service, reaction time to deliver service, length of time of the service.
10) Monitor competitors' advertising, if they're cutting down, consider to boost your ad budget.
Center the message on benefits of your products/services such as convenience, energy efficiency, avoid emotional appeals. Research thoroughly to make sure it is cost effective.
11) Take advantage of trainings especially free and low cost on-the-job instruction and broadened skill acquisition.
12) Get employees involved in policy choices as well as tactics and implementation. Meet them regularly to exchange ideas, create incentives for good suggestions.
Among the main points shared:
1) Keep track of inventories carefully, but not so tight till you lose sales. Convert it into cash.
2) Monitor cash flow and forecast it monthly, to ensure expenses and planned expenditure are in line with accounts receivable. Be able to project where you will stand three months in advance.
Negotiate with suppliers, contractors, landlords for better prices or short-term reductions.
Consider trading goods and services on a barter exchange for credits instead of cash.
3) Separate the "nice to do" from the "have to do", eliminate nonessential expenses as much.
4) Reduce or stretch out debt, and build up capital reserves.
Try to lock up long-term contracts with important customers, offering discounts on long-term buys.
Remaining close to existing customers and check how they're doing may not only help avoid unpleasant surprises but perhaps lead to new opportunities.
5) Strengthen banking relationship, including letting lenders know the company's financial position.
6) Look for opportunities to reduce rented space, e.g. sublet that space to generate extra income.
7) Be prudently aggressive in the marketplace, actively seek out new business.
8) Don't skimp on service and quality by being understaffed.
9) Strategize how to build customer base and induce current customers to raise revenues.
Studies show that perception of service is fixed primarily in terms of time;
waiting time to obtain service, reaction time to deliver service, length of time of the service.
10) Monitor competitors' advertising, if they're cutting down, consider to boost your ad budget.
Center the message on benefits of your products/services such as convenience, energy efficiency, avoid emotional appeals. Research thoroughly to make sure it is cost effective.
11) Take advantage of trainings especially free and low cost on-the-job instruction and broadened skill acquisition.
12) Get employees involved in policy choices as well as tactics and implementation. Meet them regularly to exchange ideas, create incentives for good suggestions.
Eat to Live
Today's main course cooked is Meat Grill
Food for Thought
"Sabr (Arabic: صَبْرٌ, romanized: ṣabr) isn't passive.
It doesn't mean you do nothing and let everything wash you.
It means striving and not frequently complaining.
It means that you constantly control yourself in regards to your words and action.
Sabr isn't easy. Sabr is tiring. But it will be worth it in the end."
It doesn't mean you do nothing and let everything wash you.
It means striving and not frequently complaining.
It means that you constantly control yourself in regards to your words and action.
Sabr isn't easy. Sabr is tiring. But it will be worth it in the end."
Till then, my prayers for you and your family 🌷
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