Advisors, Business

The need for independent or “outside” board members in a public corporation is well understood; its importance for small to mid-size, privately held business, not as much.

In this whitepaper, we make the case that a well-curated board of directors and/or board of advisors can be as important and useful to profitably growing a small to mid-size business.

In fact, a #BDC study suggests that independent boards could help increase revenue growth by 3X and productivity by 18%.

The paper also covers key actionable insights on how founders and CEOs of a small to mid-size business can leverage expertise of independent board members and how to go about setting up their boards.

Click here to download the full whitepaper.

0

Business, Cash Flow, Thrive30

🚀Don’t just survive, but thrive. 🚀


Most entrepreneurs understand how vital cash flow is to the smooth running of their business.

Many still face cash flow challenges; some can be expected, yet others such as COVID-19 pandemic cannot be foreseen.

This CEO reached out to me a few weeks ago.

Her business had been successful for many years but as the pandemic hit, customers began delaying payment of invoices and the deal pipeline started drying up.

With only a few months of cash runway, she was in a difficult spot.

But there are always opportunities in challenges.

My advice to her was to respond quickly and decisively as follows:

➡ Tap into government incentives to ease up the immediate cash crunch;
➡ Build cash flow scenarios identifying variables that affected revenues and costs;
➡ Renegotiate payment terms with customers and suppliers;
➡ Re-imagine the business model to identify new revenue opportunities; and
➡ Perform a line-by-line review of costs to optimize based on the new business model.

Businesses that navigate disruptions better not only survive but thrive during and after adversity.

What changes have you made to your business during the pandemic?

Check out our Thrive30 program to help you navigate these challenging times.
0

Business, Cash Flow, COVID-19, Finance
🤔Let people go during COVID-19? Or NOT?

Business leaders have lately grappled with this question a lot; many still are.

Their hearts and minds are conflicted.

They care about their staff and don’t want to let them go..

But, if they don’t, the business may not survive.

Here’s are five steps I suggest:
  1. Take advantage of as many government incentives as possible to improve cash flow and reduce business impact;
  2. Review core assumptions of your business strategy. Is it viable during and post-COVID-19?
  3. Pivot if necessary, and do so quickly;
  4. Identify staff that do not align with the business moving forward;
  5. Say goodbye to staff to a level that sustains business and not for the sake of just making more money.

If you’re a leader in a business impacted by COVID-19, what would you do?

0