In new Q&A, Survey Services Director Brent Parsegian reveals best practices for growth after recession
NORTHBROOK, Ill., Oct. 1, 2013 /PRNewswire/ — As signs that the U.S. is on the road to recovery have appeared (rising automotive sales, stock market and real estate values), Brent Parsegian of Global Resources (http://www.GR-US.com), shares his expertise on small to mid sized businesses.
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Q: How does management differ during a recession as opposed to a recovery?
Parsegian: In a recession, the whole focus is upon survival. Facing declining revenues, it's all about preserving the foundation of the business. Cost cutting becomes the go-to tactic, reducing expenditures and modifying benefits to allow for short-term stability. In a recovery, the goal has to be how you'll take advantage of future opportunities. It's about planning on how to move forward. This is the time to take back what is rightfully yours and realize your dreams.
Q: What steps should business owners take right now?
Parsegian: Owners should be structuring their businesses to take advantage of a recovery. Owners must look closely at their businesses, from the organizational and financial structure, to current and future sales, marketing, and customer acquisition methods and then prepare for a transition from current to future requirements.
Q: What steps should they take six months to a year from now to be posed for future growth?
Parsegian: One. Ask where have you been, where are you now and where do you want to be?
Two. Review your current organization structure and financial performance. Perform the necessary assessment of strengths and weaknesses.
Three. Gather your team together and define the company's future goals, then obtain absolute agreement and buy-in.
Four. Develop short-term and long-term financial, capital expenditures, and operational plans (detailed in scope, outlining your goals and directives).
Five. Implement the above plans and follow through.
Six. Manage your ownership functions for the long-term; have your team work to produce profit, control operations, maintain revenue generation, plan for tax avoidance and; finally, be able to enjoy the fruit of your labor as a business owner.
Q: What should be the goals for a business owner wanting to take advantage of the recovery?
Parsegian: The overall goal should be to continually grow the company in a profitable manner, while at the same time insulating your business from any future recessions or potential liabilities.
Q: How can small to mid-sized businesses take the lead during America's economic recovery?
Parsegian: Small business owners truly need to step up to the plate and continue the process of recovery. Small business has always been the heart of our economy. Owners need to put their fears behind them and go back to the basics. It means that small business owners must return to 'the business of the business' and start building wealth, hiring employees, and continuing to strengthen their own financial futures.
Contact:
Rick Biederer
855-338-0266
Email
http://www.GR-US.com