https://www.amazon.com/dp/B0DWSJH9Q9/
Author Interview Financial Crisis Planning for Small Business
What inspired you to write Financial Crisis Planning for Small Business?
“The idea of the book first
came to me during the financial crisis of 2007-2009.
I thought small businesses
needed a planning guide to protect their assets.
More recently, I was drawn to
update the book for all the technological advances that took place since 2009.
Especially the need to be cloud based and the importance of cyber security protocols in the age of AI.”
How can small businesses build resilience during economic downturns?
“Through a detailed review of
their current operations using the book as a guideline.
The book focuses on 7 critical sections of small business requiring analysis, soul searching and improvements.”
You talk about "WAR" in your book—can you explain what that means for small businesses?
“It is an acronym for detecting Weaknesses, making Assessments, and deciding which Risks are worth taking in order to insure the survival of your business.”
Why do you emphasize Accounts Receivable and cash management so much?
“Accounts Receivable and cash management go hand in hand. It is essential to
collect Accounts receivable on a timely basis to support the cash flow needs of
the business. Simply put, without collection of Accounts Receivable there is no
cash to run the business hence there is no business.”
What role should technology, especially AI, play in managing financial
crises?
“AI Technology is an essential tool to be used in managing through
any financial crisis.
It can be used to secure the intangible assets of your business
through cyber security programming.
It is also highly useful in making cash flow projections as well
as identifying the trend of key business metrics.
There are many applications for AI based technologies.”
How can businesses manage vendor relationships when cash flow becomes tight?
“Through
strong personal relationships and a continuous line of communications.”
What advice would you give to business owners who have never faced a
financial crisis before?
“A financial crisis is always brewing on the horizon and happens
every few years.
Instead of being caught flat footed …….take the time to analyze
all aspects of your business and harden it for the bad times using the book as
guideline.”
In your experience, what's the biggest mistake small businesses make during
tough economic times?
“The biggest mistake is not to keep an eye on cash flow. You need to have a
running 90-day cash flow projection and the projection needs to be monitored on
a weekly basis. Failure to monitor your cash flow needs could lead to disaster.”
Can you describe one key step every business owner should take today to
protect their company?
“One key step would to make sure all your business data is cloud
based and secured with all the required cyber-security protocols.”
How important is employee management during a financial crisis, and what
strategies do you recommend?
“Employee management is essential. On many occasions it is the employees
that helped save and guide a business through a financial crisis. The
value of human resources can never be understated.”