Author Interview Financial Crisis Planning for Small Business


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.”