Henry Efroymson, partner at local Indianapolis law firm Ice Miller, offers nine advisories for companies in the current economic whirlwind.
His op-ed piece, The Perils of Business as Usual, includes the following points:
- Make Changes Now.
- Truly Understand Where the Business Stands Financially.
- Analyze Whether Margins Can be Improved.
- Reduce and Control Spending.
- Manage Accounts Payable.
- Collect Accounts Receivable.
- Watch Credit Like a Hawk.
- Leverage Assets.
- Manage the Sales Process.
All nine of his messages carry the same tone: change is crucial, change is hard, and day-to-day management of both the mundane and the extraordinary cannot be overlooked. Quotes from Efroymson’s essay are especially poignant. Consider the following sentence:
The business should make no assumptions about what is or is not needed, and encourage all employees to get involved
Of all of his wisdom, this is perhaps the easiest to understand but the most difficult to embrace. Stakeholders make an organization succeed in the marketplace through their efforts and choices. When managers, employees, and customers all have low morale, the entire system suffers. A business or non-profit can cut costs, chase down delinquent invoices, raise prices or borrow capital, but without the goodwill of those inside the organization, failure is inevitable. Everyone matters, and no source of ideas for improvement is beyond consideration.
At AccelaWork, we provide a variety of business consulting services. But let’s focus on one just one area: workflow and process consulting. Where accountants and budget specialists and tax attorneys can help you optimize your use of capital, we can help companies increase their use of an even more precious resource: time. Unlike money, which comes from your customers, lenders and investors, the vault of time is composed entirely of the efforts of your employees. We believe that the everyday actions of those who work for and work with your organization have the greatest potential. We believe that those who best survive the economic downturn will not be those with the most reserve cash but those who never stop improving the way they work and benefit customers.
If you are uncertain about how you will weather the current storm, consider reaching out to the team at AccelaWork. We will support your survival by helping you to become a stronger, faster and more capable organization.