The economic downturn is shaking all businesses to their core. Now is the time not only to stay sharp on the business basics, but also look for ways to go beyond the basics. Here are some things to think about:
Keep your eye on the accounts receivables ball and have a plan for handling receivables that are getting old. Be polite but persistent in your request for payments; the squeaky wheel theory does work. Small regular payments are better than waiting for the whole amount in one check. Build trust and open communication with the highest level you can reach within the company.

• Assess the effect of the economy on your customers - and on their customers. By assessing several layers, you may be able to shift your marketing strategy or the terms of your contracts to lessen the impact that you will feel.
• Prepare cash flow projections and updated business plans. Cash flow projections will help you make decisions now that may minimize financial problems next quarter. Now is the time to begin formulating Plan B - maybe even Plan C - so that you can be nimble in your decision making.
• For nearly 20 years Warren Whitney & Sherwood has worked to help clients through good and difficult economic times. Our clients appreciate that we become part of their team, providing strategy, implementation, and counsel based on years of experience in many companies and industries. Please call if you would like to talk with us.