The Finance Leader Podcast - Bonus Episode 3: Doors Will Open

Bonus Episode 3: Doors Will Open

04/07/20 • 4 min

We will face change constantly in our careers and our personal lives. Doors will close and doors will open. For this bonus episode, I am discussing a few reasons why a door will close on us in our career. We should remain positive and keep looking for new opportunities. Always have your network ready and be helpful to others also.
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Bonus Episode 2: Not Business As Usual

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During this economic downturn, we are anything but "business as usual." This unique time requires creative leadership by business owners to save their businesses. The last few weeks, I have been thinking about a few critical issues that leaders will have to consider once we have recovered and to be better prepared for the next economic crisis.
Business owners and senior leaders must consider the following before the next crisis:
1) Does your business have a crisis plan? What is the trigger for initiating it?
2) How did you care for your employees during this crisis?
3) What IT infrastructure improvements need to be done?
4) Is your business recession proof? Can your business withstand a significant drop in revenue over several weeks, maybe even months? Were you able to create new lines of business?
Future employees will be asking these questions going forward and will want to know how your organization reacted and how well prepared it was for the current economic challenges.
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Bonus Episode 4: Recession Proof Your Business

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Going forward, it's time to recession proof your business. After recovering from this very unprecedented economic downturn, I am encouraging business owners to prioritize recession proofing their business by developing a plan to survive the next downturn. It will be challenging to small businesses, but we need to do this.
There are many tools available to have and acquire funds to cover operations and pay employees:
1) Prioritize retaining more earnings,
2) Partner with the Small Business Administration to understand and better maximize their tools, programs and education,
3) Partner with your local bank, especially one that is affiliated with the Small Business Administration,
4) Apply for a line of credit to use during an emergency.
Retaining more earnings for small businesses is definitely challenging. It's easier said than done. This may require you to find a mentor who can guide you, and also when you partner with the Small Business Administration and a local bank, you can get expertise to develop a plan.
I also discuss the challenges for publicly traded companies in the episode.
I need your help. If you know of any non-profits, organizations, or government agencies that track companies who practice being recession proof, please let me know at [email protected].
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For more resources, please visit stephenmclain.com.

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The Finance Leader Podcast - Bonus Episode 3: Doors Will Open

Transcript

speaker 0: 0:00
Hi, this is Steven McClane. I host the finance leader Podcast, and this is bonus episode number three. Now, for these bonus episodes, I'm gonna talk about some leadership concepts to prompt you while I am preparing season number two, which is gonna debut on April 28th. So today I want to talk about something that's gonna impact everyone throughout their career. It's not just a one time thing. It's not just gonna affect a small population of our profession.