Practical steps a business owner should consider to plan, to respond quickly and to move forward through the recession. A four-plan approach to conquering the fear and moving forward. Thought-provoking questions the banker can ask to help your business borrowers move in the right direction. And are you ready for the questions the business might plan to ask you?
Topics discussed in this episode:
1:14 The first step is to understand the business.
2:45 We’ve got a shell-shocked leader and I want to see worst case.
3:32 It is not so important to get it precise as to get the magnitude.
3:45 Have the business owner sketch out three business plans: Worst Case, 2/3rds worst case and 1/3rd worst case.
5:52 Is there a stop button? Can you pick a dollar amount of debt that you are not willing to go further.
8:58 Questions the businesses should ask their banker
11:31 Go through financials line by line to address the question, “Is this business going to survive?”
13:44 In this recession, the businesses that survive will be those that are looking at the numbers.
15:30 We cannot delay conversations because they may turn unpleasant.
The Flexible Stance: Thriving in a Boom/Bust Economy https://www.conerlyconsulting.com/writing/the-flexible-stance/