Rhondalynn Korolak, Author of Financial Foreplay® and On The Shoulders of Giants

Discipline and attention to details is more important than ever if you want to succeed in challenging economic times. Take a look around… competitors are closing their doors – which means more potential customers for the businesses that DO survive. And in times like these, it’s going to take more than “thinking outside the box” and goodwill with existing customers to secure the survival of your business.

You may have been lucky over the past few years – you may have found it possible to operate without a detailed, written plan and systems/processes. But the global economic crisis has changed all of that. If you want to thrive, there is only one thing that is for sure – uncertain times call for deliberate decisions and proven practices.

So here are & top tactics to recession-proof your business.

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Rhondalynn Korolak, Author of "Financial Foreplay®" and "On The Shoulders of Giants

If you’re a small-mid size business owner and struggling to make your operation both profitable and cash flow positive, don’t beat yourself up too much!  Even some of the largest corporations in this country are getting it wrong and stuffing up every day.  Take the CBA for example – one of the largest banks in Australia recently announced a $6 billion profit for 2009-10.  To put this in context, this equates to around a 17 per cent return on investors’ funds, which is impressive indeed in these tough economic times.

Too bad the CBA is technically bankrupt – meaning they don’t have enough liquid assets to cover the debt as it is coming due.

But how can this be, you might ask?  The answer is simpler than you might think and it applies to ALL companies (big and small) – Profit is pointless and cash flow is KING!  More businesses in Australia go under every year due to lack of cash flow than any other single reason.  No business, even financial institutions which are afforded many governmental protections and safeguards, are exempt from this basic law of the economic jungle.

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Rhondalynn Korolak, Author of "Financial Foreplay®" and "On The Shoulders of Giants

If you’re a small-mid size business owner and struggling to make your operation both profitable and cash flow positive, don’t beat yourself up too much!  Even some of the largest corporations in this country are getting it wrong and stuffing up every day.  Take the CBA for example – one of the largest banks in Australia recently announced a $6 billion profit for 2009-10.  To put this in context, this equates to around a 17 per cent return on investors’ funds, which is impressive indeed in these tough economic times.

Too bad the CBA is technically bankrupt – meaning they don’t have enough liquid assets to cover the debt as it is coming due.

But how can this be, you might ask?  The answer is simpler than you might think and it applies to ALL companies (big and small) – Profit is pointless and cash flow is KING!  More businesses in Australia go under every year due to lack of cash flow than any other single reason.  No business, even financial institutions which are afforded many governmental protections and safeguards, are exempt from this basic law of the economic jungle.

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Rhondalynn Korolak

For those of you who were at the South Melbourne Business Association breakfast this weekend, as promised, here is a copy of the powerpoint presentation slides with more content and specifics…

http://docs.google.com/present/edit?id=0AYBH8mMoO9b6ZGY5czUydDNfMWhkMnZoNGZu&hl=en

Please feel free to contact me with any questions that you might have – I am happy to elaborate on these topics and provide whatever further guidance I can…