Sabrina Parsons, CEO, Palo Alto Software
In any economy, the best businesses, small and large, are taking the time to forecast, budget, and then manage their business on a regular basis. By planning what a business hopes to achieve, results can be managed against the plan, and insights about what works, what doesn’t, are gained in a timely manner. An analysis of planned vs. actual results can highlight specific product lines that are doing much better than expected, or pricing that may could be adjusted to increase profitability.
In a down economy this type of planning and managing is critical to the success of a business. Understanding what may happen to your cash flow if customers start taking 90 days to pay, instead of 30 can give a company plenty of time to get proper credit lines in place BEFORE they get into trouble. Be able to focus in and understand what keeps current customers happy, and coming back can save company lots of marketing dollars trying to reach new customers. New customers are always hard to get, but in a bad economy they become even more elusive. Proper planning and managing of a business is easier than people think, and the difference between a company that survives in tough times, and positions itself to thrive as the economy bounces back and a company that is caught without sufficient resources to withstand some tough times. This session will focus on some simple planning and management approaches that any business can implement immediately.