Renee’s Rules™ for the RecessionJuly 3, 2009
Both national and regional bankers have told me recently that they expect a second wave of troubled companies…..For those companies that may be at risk, here are my key recommendations:
- Renee’s Rule™: Don’t sell to customers who won’t pay.
- Prepare worst-cast cash projections for each of the coming 6 months; if necessary, take action now to prevent a meltdown.
- Solicit ideas from employees and advisors; implement those that will have the greatest impact in the shortest time.
- Implement changes to company processes that will lower costs and improve customer service.
- Renee’s Rule™: If you think you may need help, you probably do.
- Renee’s Rule™: The sooner, the better.