Renee’s Rules™ for the Recession

July 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:

  1. Renee’s Rule™: Don’t sell to customers who won’t pay.
  2. Prepare worst-cast cash projections for each of the coming 6 months; if necessary, take action now to prevent a meltdown.
  3. Solicit ideas from employees and advisors; implement those that will have the greatest impact in the shortest time.
  4. Implement changes to company processes that will lower costs and improve customer service.
  5. Renee’s Rule™:  If you think you may need help, you probably do.
  6. Renee’s Rule™: The sooner, the better.

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