March 17, 2025

Thriving Through Economic Downturns: Strategies for Business Success When Others Are Struggling

In this timely episode, Michael Barbarita reveals how business owners can not only survive but actually thrive during economic downturns. While most businesses retreat during challenging economic times, this episode uncovers counterintuitive...

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Season 1

In this timely episode, Michael Barbarita reveals how business owners can not only survive but actually thrive during economic downturns. While most businesses retreat during challenging economic times, this episode uncovers counterintuitive strategies that can position your business for unprecedented growth while your competition struggles.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here is

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your host, President of NeXTSTEP CFO, Michael Barbarita, and joining

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Michael for today's show as an executive moderator is Chooky Obia.

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Welcome to Powerful Business Strategies. And by the way, today

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is Saint Patrick's day. I am wearing green, so I've

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got that COVID. But the reason why you don't hear

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the more invigorating voice of Chucky Obio. Welcoming you to

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the show is because Chukey and his wife recently had

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their first baby. It was the daughter and they welcomed

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Chelsea to the world. So congratulations to Chukey and his wife.

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He will be on leave for a little while, so

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in the meantime, my name is Michael Baberta. I'm president

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of Next Step CFO, and next Step CFO is a

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fractional CFO and strategic implementation firm. Business owners hire us

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to double and triple their profit using business and financial

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strategies that their competition isn't doing. Our vision is to

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ensure overwhelmed business owners achieve the time, freedom, and consistent

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profits to build a legacy and the life that they desire.

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Our mission is dedicated to guiding small business owners to

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leveraging their time, floating their profits, and building a meaningful legacy.

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The show Powerful Business Strategies in our book of the

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same name, is a step toward accomplishing that vision and mission,

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and Chuky and I are both affiliated with a number

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of different organizations. Chocky currently serves as a managing director

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of business development for Better Price, which they global business

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focused law firm, and in addition to that, Chucky and

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I collaborate to moderate business roundtables around the country and

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around the world and document those insights as part of

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our book, Powerful Business Strategies. But please don't that the

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views expressed on this show are personal views based on

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our own successful experiences, and this is something that i'd

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like to share that I've announced the last few weeks.

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If you have a business problem that you'd like us

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to answer, or a business question or a strategy that

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you'd like to ask us about, please email us at

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ask at NEXTSTEPCFO dot net. That's ask at NeXTSTEP CFO.

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Doesn't matter what the business problem is or what the

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question is, and we'll just answer it for you. But

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there are a couple of things that we do ask

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Number one, please state whether it's something we can answer

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on the ear or if it's confidential, let us know,

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and of course if it's confidential, we won't put it

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on the air. And number two, please provide your phone

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number because business problems can be complex and we might

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need more context or clarity. That email address, again is

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ask at NeXTSTEP CFO dot net. And they also want

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to point out that we've had we've had questions, but

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they have requested confidentiality, which, of course we will always

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always honor. You know, throughout history, the most extraordinary success

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stories weren't written during times of ease and abundance. They

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were forged in the crucible of challenge and uncertainty when

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the wins of economic change blow fiercely. Remember this truth.

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Diamonds are created under pressure, steel is strengthened by fire,

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And the most resilient innovative businesses are often those that

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navigated through economic storms, not those that sailed only in

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fair weather. Right now, somewhere in your market, a business

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owner is looking at the same economic landscape you are.

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But while others see only threat, the exceptional few recognize

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disguised opportunity. They understand that economic contractions don't just test businesses,

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they reveal which ones are built on solid foundations. You know,

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during the Great Depression, IBM expanded. During the two thousand

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and eight recession, Netflix grew its subscriber based by twenty percent.

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These weren't accidents. They were the result of leaders who

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refused to retreat what others did. Today, a challengeuld be

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that exceptional busines, this owner, the one who sees possibility

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where others see problems. Because when this economic cycle inevitably turns,

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as all cycles do, it won't be the business that

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simply survived that thrives. It'll be the one that use

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this moment to innovate, that use this moment to strengthen foundations,

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and that use this moment to capture market share while

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all others pull back. Remember that tough times don't last.

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Tough business owners do. There's what I'm having this show

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today is because some of my clients are telling me

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that their customers are pulling back, that they're postponing large projects,

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they're ordering less, they're more price conscious, or downsizing what

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they used to do at the moment. It's not all clients,

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and it's not all industries, but it is fascinating to

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note that the ones who are not feeling the effects,

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I'm doing some of the things that I will talk

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about today. You know, when storm clouds gather on the horizon,

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most captains head for the harbor. They seek safety, battening

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down the hatches, hoping merely to survive the coming tempest.

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But throughout history, the successful navigators have done something different.

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They prepared their vessels to sail boldly, into the storm.

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The same is true in business. Economic downturns don't create

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or destroy opportunity, They merely transfer it from the unprepared

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to the prepared. Although there's retreat, the visionary business owner

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understands that the greatest opportunities often emerge during the most

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challenging times. And remember, more millionaires and billionaires have been

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created during economic contractions than any other time period in history.

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Why is that Well, because downturns separate those who build

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businesses on solid foundations from those who have separate those

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who prepared from who are prepared, from those who simply

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hope for the best. Today, I want to challenge you

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to be among the prepared, to be the business owner

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who not only weathers the storm, but harnesses its power

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to propel your business forward. Because the question isn't whether

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you can afford to prepare for an economic downturn, it's

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whether you can afford not to. So today we're diving

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deeper into a topic that's on many business owners' minds

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these days, how to prepare for and thrive during an

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economic downturn. You know, business is terrifying, and it's terrifying

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because we're responsible for so many other people's lives. And

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the scariest thing about business is that when you wake

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up in the morning, we really never know what to expect.

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And this uncertainty is amplified during economic downturns. What traditional

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wisdom says to cut back, preserve cash, and essentially go

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into survival mode. But today our objective is to give

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you something different financial and business strategies that your competition

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isn't doing that will help you thrive during economic downturns,

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reducing the terror and uncertainty of business. So let me

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be clear from the outset, you can never really be

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ready for an economic downturn, but you can be prepared,

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and our job as business owners is to be prepared

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to adapt. This means to be flexible to change. You know,

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what I find is is that many are resistant to

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change and therefore don't adapt. And that's why. So if

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you thrive during economic downturns, and as we all know,

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business is always changing. And this is June now more

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than ever. Just a short time ago, interest rates were

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low and many industries were having record years. But with

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interest rates, you know, staying relatively high, higher than we're

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accustomed to, credit card delinquencies rising personal savings and decline,

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and now tariff's being introduced, many industries are now facing

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some significant uncertainty. And as a fractional CFO and profit

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growth strategist, I see this uncertainty every day, and so

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business owners ask me three critical questions. Number one, why

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are some companies winning while others are struggling? Secondly, what

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are the winning companies doing differently? And third how can

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I win during an economic downturn? So today we're going

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to answer these questions comprehensively and we'll explore proven strategies

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that have helped businesses not just survive, but thrive during

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previous recessions and economic contractions. So in our first segment

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will this the foundational mindset and preparation needed to prosper

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during downturns, starting with laser focused on your personal goals

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and a leveraging and leveraging a visionary mindset rather than

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falling into survible thinking. And our second segment will dive

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deep into financial clarity, understanding your numbers and using tools

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like the Business Account Flow Forecast to make data driven

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decisions when others are guessing. Finally, in our third segment

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will explore specific business strategies that successful company companies implement

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during downturns, from strategic pricing approaches to smart cost management

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that actually fuels growth. And what's particularly exciting about today's

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show is that most of your competitors will be doing

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exactly the wrong things during an economic downturn. While they're

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cutting in discriminately and retreating on the market, You'll be

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strategically positioned to capture market share, attract top talent, and

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build a foundation for exponential growth when the economy recovers.

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So grab that pen and paper because you're about to

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discover how economic downturns can become your greatest business opportunity.

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And remember, if you're driving, don't grab that pen and

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paper and listen to the replay at Powerful Business Strategies

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dot com up. So let's dive into that first critical

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component of thriving during an economic downturn, having the right

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foundation and mindset to make strategic decisions while others panic.

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So winning business owners during economic downturns have a laser

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focus on their number one goal. But here is the

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key distinction. I'm not talking about their number one business goal.

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I'm talking about their number one personal goal for themselves.

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And their families, because this is the not only the why,

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but this would be their greatest motivation to adapt and

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to be flexible to change. You know, great CEOs always

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stopped by understanding their personal goals and motivations and understanding

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what's really important to you and your family. I don't

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know about you, but it's important to me that my

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business serves me, not the other way around. And that's

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really the basis of this show. You know, I don't

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want you to feel like a slave to your business,

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especially during these challenging economic times that may becoming because

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the pressure increases exponentially, as you all know. Now, before

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you can start to do tactical things, you must strategically

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understand why am I doing this, where am I headed,

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and what does success look like for me? And by

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the way, this is not in your business, this is

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in your life because I've seen this stake happened over

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and over again, and a lot of you are in

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the position right now where you get so excited to

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make your impact in the world that you jump out

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there and your creative business and now all of a sudden,

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you're fitting your life around this business thing that you creative.

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So the way it should work is that you create

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the life you want and let the asset, which is

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the business, serve you allow you to get to that life.

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I hope that makes sense because that's a critical start

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to any handling of an economic downturn. So we must

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start by setting our personal goals first, then moving to

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our business goals. And with respect to our business goals,

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it's net profit goals first, then revenue goals. Revenue goals

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without net profit goals are useless during a downturn. Want

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more take on pay you need more profit. You want

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to pay down debt. What do you need? You need

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more profit? Want to hire somebody like a manager or

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an administrative person, You certainly need more profit. This focus

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on profitability rather than just top line revenue, becomes even

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more critical during economic trans contractions. I got a question

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from a listener. Many business owners get caught up in

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survival mode during downturns. I agree, How can they maintain

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this focus on personal goals when everything seems to be

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just keeping the business afloat? Well, that's a great question.

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So the key is to create what I call prior

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priorities pyramid. At the top of your pyramid is personal.

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The why the specific lifestyle, the freedom, the time, freedom

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or impact that your business that you want to create

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for your business that you want your business to create,

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I should say, and during turbulent times, start each week

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by reviewing this personal vision. Then work backward identifying the

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specific business actions that's supporting. This keeps you from getting

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lost in reactive mode. For example, if family time is

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a core personal goal, you might prioritize business strategies that

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increase profitability through systems rather than through your personal time investment.

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This approach ensures that you'll even are that even your

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survival strategies aligned with your deeper personal objectives. Next, winning

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business owners and economic times have a visionary mindset. I'm sorry.

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In economic downturns, they have a visionary mindset. It's easy

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to get sucked into the doom and gloom of a downturn.

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It's easy to go into scarcity mode. Don't do that. Yes,

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the economy is changing, but the world isn't ending. We

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need to adapt, not shut down. Avoid scarcity based decisions

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and make visionary decisions. Think about the impact of your

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decisions next quarter, next year, five years from now. Make

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decisions that will serve you well in the long run.

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Don't just think about those short term implications with the

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economic downturn, Because when we think about the vision of

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our companies that inspires us. This inspiration is crucial fuel

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during challenging times. Remember, your mindset isn't just about positive positivity.

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It directly impacts the strategic choices that you make. Let

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me give you a concrete example of how this works.

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So during the nine recession, I worked with two similar

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companies in the same industry. Company A went into defense mode,

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cutting marketing, laying off talent, doing terrible margin business just

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to keep people busy, and essentially trying to weight out

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the reception. Versus Company B, who took a different approach.

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They maintained their marketing while optimizing about while optimizing it

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for a better return on investment, They retain their top performers,

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and they actually invested in new product development. By twenty eleven,

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Company A had survived but was struggling to regain momentum

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that they had lost market share share, their staff was demoralized,

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and they had no innovation pipeline. Company B emerged from

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the recession with increased market share, a motivated team, and

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new offerings that position them for explosive growth during the recovery.

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The difference wasn't their circumstances, it was their mindset and

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the strategic decisions that flowed from it. So this visionary

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mindset must be paired with solid financial clarity. Now, this

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pot might freak out some of you, because I know

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a lot of you aren't doing it, and we've you know,

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we have assessed over one hundred business owners and when

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we asked three basic financial questions, the vast majority of

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these business owners just don't know the answers. So winning

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business owners make the right decisions in economic downturns because

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they make decisions based on the numbers and the data.

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What times are good, you can buy? Yeah, yeah, you

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can buy. Not looking at this stuff not effective still,

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but you'll get by. But to win an economic downturn,

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you must make decisions based on the numbers. And to

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start with, I'm trying to do the best I could

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to isolate the vital five numbers that you need to

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know and that should be with you at all times.

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And just by knowing these five numbers, this isn't a

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big lift here, guys and girls. Just by knowing these

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five numbers, you'll be able to make better business decisions

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by understanding what your sales are, what your gross profit

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is in terms of the absolute dollars, what your gross

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profit percentage is, what your net profit is, and your

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current cash balance. You got these five numbers down, you

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will make better decisions than you make today. And you also,

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of course have to understand what each of those categories are.

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And that's a great question for the ask at next

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step cf NET. By the way, the next winning business

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owners understand what their financial statements are telling them. So

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the three key financial statements are the p and L

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profit and law statement, the balance sheet, and the cash

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flow statement. And when I'm in a room of small

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business owners and i ask how many people look at

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the P and L at least once a month, I

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can be guaranteed that less than half raise their hand.

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And when I ask how many people look at their

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balance sheet once a month, forget that less than ten

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percent of the room raises their hand. And when I

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ask how many people look at their cash flow statement,

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what's a month where cash is canting and cash is

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the lifelood of a business, I might get one person

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to raise their hand. It's being you know, cash is

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the lifeblood of a business that is being totally neglected.

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So the good news is you don't have to know

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how to read financial statements, but you do need to

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understand the story behind them and how those financials will

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guide you to make the best decisions. And if you

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need help understanding your financial statements, give us a call.

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We are strategic chief financial officers, and go get that

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help that you need before this entown turn intensifies. So

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let me share a story that illustrates the power of

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financial clarity during difficult economic times. I worked with a

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manufacturing company during the twenty twenty pandemic shutdown, and while

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their competitors were making panic based decisions, we had a

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clear understanding of their cash runway, their break even point,

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and their most profitable product lines. But a great start

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by the way just to get that clarity, and this

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clarity allowed them to make strategic choices temporarily suspending their

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least profitable lines while doubling down on the highest madch

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of products. They negotiated with suppliers for a position of

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knowledge rather than fear. They restructured rather than simply cutting

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the result. While their industry contracted by thirty percent, they

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experienced a fifteen percent revenue dip, but maintain their profitability.

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So it's not necessarily that you're going to throw You

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don't have during to be bad economy that your sales

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are necessarily going to go up. You're just going to

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manage the revenue that you get better and it's not

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going to go down as much as it would have

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if you didn't take some of the positions that we're

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talking about today. And by the time the economic recovery,

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by the time the economy began recovering, they had actually

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gained market share. So here it's a question I'm just

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getting out from a listener. You mentioned the importance of

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knowing your numbers, but many business owners find financial statements overwhelming.

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I agree with that. What's a simple first step that

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they can take to gain financial clarity. Well, first of all,

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you know know your vital five and then then block

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out two hours with your bookkeeper or CFO or accountant

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with a specific goal of understanding just three three of

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those numbers, your gross profit margin, your monthly break even point,

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and your current cash runway. Now, gross profit margin tells

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you how much of each sale is available to cover

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overhead and generate profit. Got to understand that it's one

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of the vital five. Your break even point tells you

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exactly how much revenue you need each month to cover

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all expenses. So I'm going a little deeper here beyond

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the vital five. But it's important to understand your break

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even and your cash runway shows you how long you

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could survive if revenue drops significantly. So that's the reason

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why I want you to know your current cash balance,

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but I also want to want you to know your runway.

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So just understanding these three numbers plus your vital five

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put you ahead of eighty percent of business owners and

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provide the foundation for making confident decisions rather than fear

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based decisions during a downturn. It's another question for business

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owners who want to maintain a visionary mindset despite despite

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economic headwinds. What practical habits have you seen work best well.

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I recommend implementing what I call it dual focus system.

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So each week, dedicate specific time to both defensive and

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offensive planning. Maybe Monday mornings for reviewing cash flow and

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managing costs those are the defensive elements, and Thursday afternoons

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for innovative and growth strategies. The offensive elements. And so

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this structure, the structured approach, ensures that you don't get

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consumed by either mindset. Also create visionary council. A visionary council,

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so this is a small group of forward thinking business

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owners who meet monthly to share opportunities that they're seeing.

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I fully recommend that that is a real that's a

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great idea. And during downturns, we tend to isolate, which

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reinforces negative thinking and damages our mindset. Intentional connection with

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growth minded peers counteracts this tendency and keeps your thinking

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expansive even when the economy is contracting. I call that

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optimizing your environment. By the way, and so before I

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continue this discussion, we're going to take a ninety second break. Hey,

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their business owners, let me ask you something. Are you

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tied of blending in with your competitors, frustrated with slow

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growth and slim margins? Well, I've got news for you.

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Everything you've ever learned about growing your business is wrong.

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Don't worry. I'm here to let you in on a

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00:24:59.400 --> 00:25:03.640
secret weapon. Your position of market dominance. It's what sets

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you apart, makes you irreplaceable, and has customers lining up

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at your door. My name is Michael Barberrita from Next

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00:25:10.839 --> 00:25:15.240
Step CFO. I know what you're thinking. Sounds great, Michael,

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00:25:15.559 --> 00:25:19.000
How do I find my position of market dominance? Well,

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00:25:19.039 --> 00:25:22.680
that's exactly why we've created our game changing impleitation program

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00:25:22.839 --> 00:25:26.559
called Next Step to Market Dominance. In just ninety days,

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00:25:26.559 --> 00:25:28.640
we'll guide you step by step to a position of

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00:25:28.680 --> 00:25:33.039
market dominance by uncovering your unique strengths that competitors can't touch.

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00:25:33.359 --> 00:25:36.839
By crafting a message that resonates deeply with your ideal customer,

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00:25:37.160 --> 00:25:39.799
by building a strategy that turns you into the go

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to expert in your field. Now this is in theory.

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These are battle tests strategies that have helped businesses like

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00:25:46.480 --> 00:25:51.319
yours double triple and quadruple their revenue. Don't let another

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00:25:51.400 --> 00:25:54.720
quarter go by struggling to standout. It's time to dominate

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00:25:54.759 --> 00:26:00.440
your market period. Go to NEXTSTEPCFO dot net forward slash contact.

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00:26:00.880 --> 00:26:03.680
Fill out the form and in the message section put

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00:26:03.759 --> 00:26:07.480
the word dominate or call us at seven eight one

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00:26:07.839 --> 00:26:11.200
three two six three A two two. That's next step

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00:26:11.279 --> 00:26:14.920
CFO dot net forward slash Contact or call us at

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00:26:14.960 --> 00:26:18.200
seven eight one three two six three A two two.

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00:26:19.759 --> 00:26:22.359
Welcome back and remember you can catch all the recordings

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00:26:22.359 --> 00:26:26.000
at Powerful business Strategies dot com. So now let's dive

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into that second critical component of thriving during economic downturns,

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00:26:30.119 --> 00:26:34.759
using powerful financials tools to make data driven decisions while

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your competition is guessing. The single most powerful tool for

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navigating economic uncertainty is a business and cash flow forecast.

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Why because this forecast helps you understand the outcome and

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remif and ramifications of your decisions before you make them.

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For example, how many have ever been surprised by income

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to Well, if you have a business and cash flow forecast,

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00:27:02.599 --> 00:27:07.079
you will never be surprised by tax liabilities again because

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00:27:07.119 --> 00:27:09.759
you'll always know what your projecting net profit looks like

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00:27:10.559 --> 00:27:13.960
and you'll always have an idea of what your cash

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00:27:13.960 --> 00:27:18.960
flow situation is. And CEOs of the best companies are

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00:27:19.079 --> 00:27:22.720
never surprised by taxes or anything else for that matter,

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00:27:23.359 --> 00:27:27.160
because they all have a business and cash flow forecast.

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The bottom line is, if you want to thrive in

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academic downturns, the number one tool of winning business owners

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is the business and cash flow forecast. There's a reason.

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Why all venture capitalists and all boards of directors demand

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business and cash flow forecast and let me explain what

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a business cashflow forecast includes.

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It's not just a simple revenue projection. A comprehensive forecast

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includes projected monthly income statement you know, second, a projected

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00:28:01.039 --> 00:28:06.000
balance sheet. You know you have. It's a professional forecast.

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It's not a professional forecast if there's no projected monthly

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00:28:10.039 --> 00:28:13.799
balance sheet. Why Well, one of the thing, one of

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the items that are listed on the balance sheet is

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cash and as you know, that's one of the vital five. So,

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and it will also show you how your assets and

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liabilities evolve. And then of course you need a projected

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00:28:28.079 --> 00:28:33.599
cash flow statement and then a scenario analysis. So what

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00:28:33.759 --> 00:28:37.599
is that? Well, you want to know things like, well,

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what happens if your sales are up ten percent, what

427
00:28:40.160 --> 00:28:43.240
happens if they're down twenty percent? What does cash flow

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00:28:43.279 --> 00:28:47.200
look like if I make this decision? What does my

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00:28:47.319 --> 00:28:50.880
business model look like? So the power of this forecast

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00:28:50.920 --> 00:28:53.559
is that it allows you to test decisions before making them.

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Want to know if you can afford to maintain your

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00:28:56.000 --> 00:28:59.799
marketing spend during a downturn, rd it to the forecast,

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whether to invest in new equipment. The forecast will show

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you the impact. Wondering how long you can survive if

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00:29:05.319 --> 00:29:09.160
revenue drop thirty percent. Forecast will answer that. Here's a

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00:29:09.240 --> 00:29:12.880
question that I'm getting there. Yep, there's a question from

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00:29:12.880 --> 00:29:18.359
a listener, Michael. Creating a business and forecast sounds complicated.

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00:29:18.440 --> 00:29:21.160
Is this something that small business owners can do themselves

439
00:29:21.279 --> 00:29:24.480
or they need professional help? Well, while there are tech

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00:29:24.519 --> 00:29:27.799
plates in software available, I really you know this is

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00:29:27.839 --> 00:29:31.160
a bias, but I strongly recommend getting professional help to

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00:29:31.240 --> 00:29:36.240
set up your forecast. You know, the structure and assumptions

443
00:29:36.279 --> 00:29:39.799
are critical because it's one of those things like with computers,

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00:29:39.839 --> 00:29:45.000
it's garbage and garbage out type of thing. And so

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I can't overstate the importance of scenario planning during economic downturns.

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Most businesses operate with a single set of projections, which

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creates a false sense of certainty. Smart businesses develop at

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least three scenarios. Best case, if the downturn is milder

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than expected or your business is minimally affected. Expected case

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and that's your most likely scenario based on current information,

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and then worst case, a severe scenario that tests your

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business resilience. You know, in my experience with working with

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business owners as their CFO, they always like to see

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the worst case, and because anything better than that, they

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know they can survive. If they can survive the worst case,

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they can survive the expected in best case. So for

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00:30:32.000 --> 00:30:36.039
each scenario, identify the trigger points, specific metrics that would

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00:30:36.039 --> 00:30:39.920
indicate you're moving from one scenario to another, and predetermined

459
00:30:40.000 --> 00:30:43.200
actions you'll take when those triggers are hit. For example,

460
00:30:43.200 --> 00:30:47.680
one of my clients in the retail business created these

461
00:30:47.799 --> 00:30:51.960
clear trigger points. If sales decline less than ten percent,

462
00:30:52.079 --> 00:30:57.240
maintain all operations but optimized marketing spend. If sales decline

463
00:30:57.279 --> 00:31:01.799
ten to twenty percent, reduce operating and you renegotiate bend

464
00:31:01.799 --> 00:31:05.200
of terms. If sales decline more than twenty percent, close

465
00:31:05.440 --> 00:31:10.680
under the performing locations and restructure debt. You know, having

466
00:31:10.880 --> 00:31:14.279
these decisions mapped out in advance allowed them to act

467
00:31:14.279 --> 00:31:18.759
decisively rather than emotionally when conditions change. That's so important.

468
00:31:20.000 --> 00:31:24.000
Any of your forward thinking relative to these economic downturns,

469
00:31:24.319 --> 00:31:31.160
while while it's not raining, is just excellent, excellent strategy.

470
00:31:32.440 --> 00:31:35.200
Beyond the business and cash flow of forecasts, winning business

471
00:31:35.200 --> 00:31:41.160
owners implement rigorous cash management during downturns, and this includes

472
00:31:41.160 --> 00:31:44.519
a thirteen week rolling cash flow, which is a detailed

473
00:31:44.519 --> 00:31:48.599
week by week projection of all inflows and outflows updated weekly.

474
00:31:49.400 --> 00:31:54.880
A cash cash acceleration strategies for systematic approaches to convert

475
00:31:54.960 --> 00:31:59.359
sales to cash faster. Think about that. You want to

476
00:31:59.400 --> 00:32:02.640
reduce itnumber of days in your cash conversion cycle from

477
00:32:02.680 --> 00:32:05.400
start to finish, from the start of your process to

478
00:32:05.440 --> 00:32:08.480
the end. What are the average number of days it

479
00:32:08.519 --> 00:32:12.359
takes you from the start of your process to the

480
00:32:12.559 --> 00:32:14.880
end of the process where the customer finally pays you.

481
00:32:16.119 --> 00:32:20.880
Cash conversion protocols that defined guidelines for managing outflows cash

482
00:32:20.920 --> 00:32:24.839
trigger points. These are specific cash levels that trigger predetermined action.

483
00:32:25.079 --> 00:32:28.759
As I mentioned earlier, I worked through the service business

484
00:32:28.759 --> 00:32:32.200
that implemented these systems just before the twenty twenty pandemic hit.

485
00:32:32.880 --> 00:32:36.319
But while their competitors were frantic trying to figure out

486
00:32:36.319 --> 00:32:40.480
their cash position, my client had clear visibility into their

487
00:32:40.480 --> 00:32:46.400
cash flow and it already activated their conservation protocols, and

488
00:32:46.440 --> 00:32:51.599
this allowed them to make calm, strategic decisions rather than

489
00:32:51.720 --> 00:32:56.720
panicked reactions. Let's also talk about the importance of margin

490
00:32:56.759 --> 00:32:59.880
management during economic downturns. You know, when revenue was at

491
00:32:59.880 --> 00:33:03.319
the pressure, understanding of protecting your profit marches becomes even

492
00:33:03.400 --> 00:33:07.440
more critical. See many business owners make the fatal mistake

493
00:33:07.480 --> 00:33:11.400
of cutting prices to maintain volume during downturns. While this

494
00:33:11.480 --> 00:33:15.559
might temporarily maintain revenue or maybe even increase in a bit,

495
00:33:16.079 --> 00:33:20.559
it can devastate the profitability and cash flow. Instead, winning

496
00:33:20.640 --> 00:33:25.119
business owners focus on value based pricing. We've mentioned that

497
00:33:25.279 --> 00:33:30.200
a lot before, emphasizing the unique value that they provide. Rather,

498
00:33:30.240 --> 00:33:35.519
they're competing on price, second product, service mix optimization, focusing

499
00:33:35.599 --> 00:33:37.599
on high margen art Rooks. We talked about that a

500
00:33:37.640 --> 00:33:42.359
little earlier. Strategic discounting. If discounts are necessary, applying them

501
00:33:42.559 --> 00:33:47.599
strategically then versus across the board, just in certain spots.

502
00:33:48.519 --> 00:33:53.640
Cost structure alignment, ensuring cost flex appropriately with revenue changes.

503
00:33:54.640 --> 00:33:59.880
One manufacturing client implemented a margin management system that required

504
00:34:00.200 --> 00:34:04.759
any proposed price reduction to be accompanied by a corresponding

505
00:34:04.839 --> 00:34:09.679
cost reduction plan. This was brilliant. This simple rule prevented

506
00:34:09.679 --> 00:34:14.199
the knee discounting that had eroded their profitability during previous downturns.

507
00:34:15.320 --> 00:34:20.599
Another critical financial strategy for downturns is capital allocation discipline.

508
00:34:21.000 --> 00:34:26.480
When resources are constrained, way do you invest those resources

509
00:34:27.800 --> 00:34:32.079
to become exponentially more important? So, winning business owners developed

510
00:34:32.079 --> 00:34:37.360
clear capital allocation frameworks that prioritize investments based on return

511
00:34:37.400 --> 00:34:44.800
on investment, strategic alignment, risk profile, and payback period. They

512
00:34:44.840 --> 00:34:47.920
also regularly review all things all areas of the business

513
00:34:48.480 --> 00:34:53.199
using zero based thinking. Knowing what I know now, would

514
00:34:53.239 --> 00:34:56.360
I still make this investment or hire this person or

515
00:34:56.400 --> 00:35:04.119
offer this product? Question from the listener. You've emphasized cash

516
00:35:04.239 --> 00:35:09.199
management during downturns. What are some specific cash acceleration strategies

517
00:35:09.639 --> 00:35:17.199
that businesses can implement quickly? Well, there are several. First,

518
00:35:17.719 --> 00:35:22.639
implement upfront deposits or payment terms for new customers during downturns,

519
00:35:22.639 --> 00:35:25.840
customers are more willing to accept these terms to secure

520
00:35:25.880 --> 00:35:30.639
reliable vendors. Second, offer early payment discounts, for example two

521
00:35:30.679 --> 00:35:33.800
percent off if paid within ten days. Third, you can

522
00:35:33.800 --> 00:35:38.199
streamline your invoicing process. You know many businesses are surprisingly

523
00:35:38.360 --> 00:35:42.199
slow to invoice. That always baffles me, But they are,

524
00:35:42.679 --> 00:35:47.719
and that delays cash flow and unnecessarily or segment your

525
00:35:47.719 --> 00:35:51.199
collections approach. Use different strategies for different types of customers

526
00:35:51.320 --> 00:35:54.280
rather than a one size fit all approach. And then

527
00:35:54.400 --> 00:35:59.599
finally consider factoring receivables. If you have credit worthy customers

528
00:36:00.079 --> 00:36:05.239
need the cash sooner. I've seen businesses improve cashflow by

529
00:36:05.239 --> 00:36:08.000
fifteen to twenty percent in sixty days with these strategies,

530
00:36:08.039 --> 00:36:13.119
which can be the difference between struggling and thriving during

531
00:36:13.119 --> 00:36:20.400
a downturn. Another question, what about businesses that are already

532
00:36:20.440 --> 00:36:23.679
facing cash flow challenges as they enter the economic downturn?

533
00:36:24.079 --> 00:36:28.880
Is it too late for them to implement these strategies now?

534
00:36:29.800 --> 00:36:31.599
It's never too late, but the approach needs to be

535
00:36:31.679 --> 00:36:36.920
more intensive. But businesses already experiencing cashflow pressure, I recommend

536
00:36:37.679 --> 00:36:41.039
what I call cashflow CPR. This is a three step

537
00:36:41.079 --> 00:36:47.559
emergency protocol. First, control the bleeding. Immediately identify the largest

538
00:36:47.559 --> 00:36:52.920
cash drains. Secondly, prioritize ruthlessly. Create a tiered system for

539
00:36:53.000 --> 00:36:57.119
all expenses and payments, separating the must pays from the

540
00:36:57.199 --> 00:37:01.440
can weights because there's always a can eight list. Third,

541
00:37:02.440 --> 00:37:07.840
restructure quickly. Proactively reach out to vendors, landlords, and lenders

542
00:37:08.000 --> 00:37:12.360
to negotiate terms before missing before missing payments. That's important.

543
00:37:12.800 --> 00:37:17.480
The key is transparency and communication. Stakeholders respond much better

544
00:37:17.519 --> 00:37:21.519
to proactive restructure than to surprises. I've seen this. I've

545
00:37:21.559 --> 00:37:24.840
seen businesses on the brink of insolvency turn around in

546
00:37:24.960 --> 00:37:29.880
ninety days using this approach, but it requires immediate, immediate

547
00:37:29.920 --> 00:37:35.159
action and complete financial transparency. So before I continue this discussion,

548
00:37:35.360 --> 00:37:38.119
we're going to take a ninety second break. Hey, their

549
00:37:38.159 --> 00:37:40.840
business owners, let me ask you something. Are you tied

550
00:37:40.880 --> 00:37:44.760
of blending in with your competitors? Frustrated with slow growth

551
00:37:44.800 --> 00:37:48.559
and slim margins? Well, I've gotten news for you. Everything

552
00:37:48.599 --> 00:37:53.199
you've ever learned about growing your business is wrong. Don't worry.

553
00:37:53.679 --> 00:37:55.559
I'm here to let you in on a secret weapon,

554
00:37:56.000 --> 00:37:59.559
your position of market dominance. It's what sets you apart,

555
00:37:59.679 --> 00:38:03.519
make sure irreplaceable, and has customers lining up at your door.

556
00:38:04.519 --> 00:38:08.159
My name is Michael Barberrita from Next Step CFO. I

557
00:38:08.280 --> 00:38:11.440
know what you're thinking. Sounds great, Michael, How do I

558
00:38:11.559 --> 00:38:15.320
find my position of market dominance? Well, that's exactly why

559
00:38:15.320 --> 00:38:19.280
we've created our game changing impleitation program called Next Step

560
00:38:19.280 --> 00:38:22.559
to Market Dominance. In just ninety days, we'll guide you

561
00:38:22.599 --> 00:38:25.360
step by step to a position of market dominance by

562
00:38:25.440 --> 00:38:29.400
uncovering your unique strengths that competitors can't touch. By crafting

563
00:38:29.400 --> 00:38:32.800
a message that resonates deeply with your ideal customer, by

564
00:38:32.840 --> 00:38:35.400
building a strategy that turns you into the go to

565
00:38:35.559 --> 00:38:39.159
expert in your field. Now this is in theory. These

566
00:38:39.159 --> 00:38:41.880
are battle tests and strategies that have helped businesses like

567
00:38:41.920 --> 00:38:46.360
you as double, triple, and quadruple their revenue. Don't let

568
00:38:46.440 --> 00:38:49.599
another quarter go by struggling to standout. It's time to

569
00:38:49.679 --> 00:38:54.960
dominate your market period. Go to NEXTSTEPCFO dot net forward

570
00:38:54.960 --> 00:38:58.400
slash contact. Fill out the form and in the message

571
00:38:58.400 --> 00:39:02.440
section put the word dominate or call us at seven

572
00:39:02.480 --> 00:39:06.079
eight one three two six three A two two. That's

573
00:39:06.199 --> 00:39:10.360
NEXTSTEPCFO dot net forward slash contact or call us at

574
00:39:10.400 --> 00:39:13.639
seven eight one three two six three A two two.

575
00:39:15.000 --> 00:39:18.800
Welcome back. Now, let's explore the third critical component of

576
00:39:18.840 --> 00:39:22.880
thriving during economic downturns, and that's implementing the right business

577
00:39:22.880 --> 00:39:27.480
strategies that your competition isn't doing. Did you know that

578
00:39:27.679 --> 00:39:31.360
ninety five percent of business and financial strategies use today

579
00:39:31.440 --> 00:39:37.400
are identical identical to competitors. They don't work, particularly, they

580
00:39:37.480 --> 00:39:40.440
don't work even in good times, so you can just

581
00:39:40.480 --> 00:39:43.159
imagine how they're going to work in bad economic times.

582
00:39:43.159 --> 00:39:47.480
So during economic downturns, the problem becomes even more pronounced

583
00:39:47.880 --> 00:39:52.159
as businesses retreat to conventional wisdom, cutting across the board,

584
00:39:52.440 --> 00:39:56.840
halting innovation and essentially trying to weigh out the sort. Instead,

585
00:39:57.159 --> 00:40:00.880
winning business owners implement strategic approach is that position them

586
00:40:00.920 --> 00:40:03.920
the capture market share while others retreat, and let's explore

587
00:40:03.960 --> 00:40:08.159
those strategies. Every business should have a position of market

588
00:40:08.239 --> 00:40:12.960
dominance that becomes even more powerful during economic downturns. This

589
00:40:13.280 --> 00:40:17.639
isn't branding. It's a clear articulation of how you solve

590
00:40:17.679 --> 00:40:21.119
critical problems that your market faces in a way that

591
00:40:21.199 --> 00:40:24.639
no one else does. And there's ways to create that.

592
00:40:24.760 --> 00:40:29.719
If we've heard our commercials. During downturns, customer problems and

593
00:40:29.800 --> 00:40:33.760
pain points often shift, and smart business owners quickly adapt

594
00:40:33.800 --> 00:40:37.559
that position of market dominance to address these changing concerns.

595
00:40:37.719 --> 00:40:40.920
For example, during the two thousand and eight financial crisis,

596
00:40:41.000 --> 00:40:45.719
a luxury retailer shifted their position from exclusive designer collections

597
00:40:46.679 --> 00:40:51.320
to investment pieces that retain their value, directly addressing their

598
00:40:51.360 --> 00:40:57.320
customers' new financial concerns. Similar to that during the early pandemic,

599
00:40:57.400 --> 00:41:01.000
a restaurant rapidly pivoted from positioning as a premium dining

600
00:41:01.079 --> 00:41:06.239
experience to restaurant quality faily meals that are safely delivered,

601
00:41:06.840 --> 00:41:11.199
responding directly to their customer's new priorities. Around safety at home,

602
00:41:11.239 --> 00:41:16.039
CET and living. I'm getting an early question on this

603
00:41:15.920 --> 00:41:20.480
in this segment. Repositioning sounds good in theory, but many

604
00:41:20.559 --> 00:41:25.199
business owners worry about confusing their market or diluting their brand.

605
00:41:26.079 --> 00:41:29.719
How can they adapt their positioning without losing their identity? Well,

606
00:41:29.719 --> 00:41:33.800
that's very insightful question. The key is to evolve your

607
00:41:33.840 --> 00:41:37.599
positioning rather than completely reinventing it. Think of it as

608
00:41:39.079 --> 00:41:42.960
highlighting a different facet of your existing value proposition rather

609
00:41:43.039 --> 00:41:46.800
than creating a brand new one. The core of who

610
00:41:46.840 --> 00:41:49.880
you are should remain consistent, but what aspects that you

611
00:41:49.960 --> 00:41:54.679
emphasize should shift to align your customer's changing priorities. For example,

612
00:41:54.679 --> 00:41:57.639
we'll give you this example. A high end fitness studio

613
00:41:58.039 --> 00:42:02.119
had always focused on transformation the results, but during economic concertainty,

614
00:42:02.480 --> 00:42:06.719
they emphasize the stress reduction and the mental health benefits

615
00:42:06.719 --> 00:42:09.760
of their approach. Same service, same values, but a different

616
00:42:09.760 --> 00:42:13.559
emphasis that resonated with their members' current needs. So it's

617
00:42:13.559 --> 00:42:18.599
just a shift in the thinking of the same product. Second,

618
00:42:18.599 --> 00:42:22.400
winning business owners implement a compelling offer strategy that addresses

619
00:42:22.440 --> 00:42:28.239
the specific concerns customers have during economic downturns. See during

620
00:42:28.320 --> 00:42:31.800
uncertain times, customers become more risk averse and scrutinize their

621
00:42:31.800 --> 00:42:35.559
spending more carefully. Your offer needs to overcome these height objections,

622
00:42:36.920 --> 00:42:41.079
so effective downturn office strategies include risk reversal, which is

623
00:42:41.079 --> 00:42:43.360
where the seller and the transaction takes most or all

624
00:42:43.400 --> 00:42:48.599
the risk. Value based bundles, packaging your core offer with

625
00:42:49.280 --> 00:42:54.320
additional valuable components at slightly higher price but delivering substantially

626
00:42:54.360 --> 00:42:57.400
more value. Member. If value is higher than price, they'll

627
00:42:57.400 --> 00:43:03.719
buy segmental offerings. That's creating good, better best options that

628
00:43:04.000 --> 00:43:08.280
allow customers to select based on their current financial situation.

629
00:43:08.440 --> 00:43:10.719
By the way, these are all strategies that we've covered

630
00:43:10.760 --> 00:43:15.119
in previous shows. Recurring revenue models shifting from large one

631
00:43:15.199 --> 00:43:19.519
time purchases to smaller recurring payments that feel more manageable

632
00:43:19.880 --> 00:43:25.119
during uncertain times. It's all great. Third winning business owners

633
00:43:25.159 --> 00:43:29.480
implement strategic cost management rather than obitrary cost cutting. The

634
00:43:29.599 --> 00:43:33.280
general mindset of business owners and economic downturns is to

635
00:43:33.320 --> 00:43:36.719
cut everything, but you can't cut your way to success.

636
00:43:37.280 --> 00:43:40.960
Use this formula for cutting expenses. You cut the expense

637
00:43:41.360 --> 00:43:45.239
if the expense doesn't help you acquire a customer, if

638
00:43:45.239 --> 00:43:48.599
it doesn't help you retain a customer, if the expense

639
00:43:48.639 --> 00:43:51.639
doesn't increase the long term valuable customer, and if the

640
00:43:51.719 --> 00:43:55.960
expense doesn't help deliver your product or service to a customer.

641
00:43:56.559 --> 00:44:00.719
And after you apply these rules to expensive expenses, look

642
00:44:00.920 --> 00:44:05.239
for investments in the three a's assets that produce revenue,

643
00:44:05.280 --> 00:44:09.480
amazing people to help you scale, and automation to lever's time.

644
00:44:11.840 --> 00:44:15.199
Success in economic downturns is not defined by those who

645
00:44:15.239 --> 00:44:19.840
spend less, is defined by those who spend smart. And

646
00:44:19.920 --> 00:44:22.639
let me give you an example. During the two thousand

647
00:44:22.639 --> 00:44:27.119
and eight recession, A manufacturers facing significant pressure to cut costs,

648
00:44:27.480 --> 00:44:32.039
and rather than implementing across the board reductions, he categorized

649
00:44:32.199 --> 00:44:36.559
all expenses using the framework I just shared. This revealed

650
00:44:36.559 --> 00:44:39.760
that they were actually under spending in areas that directly

651
00:44:39.840 --> 00:44:45.239
impacted customer acquisition and retention, while overspending on internal system

652
00:44:45.320 --> 00:44:50.119
that didn't touch directly touch the customer. By really allocating,

653
00:44:50.280 --> 00:44:54.559
not just reducing, but by reallocating their spending, they were

654
00:44:54.679 --> 00:44:58.719
able to reduce costs by fourteen percent while actually increasing

655
00:44:58.760 --> 00:45:03.280
their marketing impact, act and customer service capabilities. The result

656
00:45:03.920 --> 00:45:06.599
was that they emerged from the recession with higher market

657
00:45:06.599 --> 00:45:10.880
share and stronger customer loyalty than they had going in

658
00:45:12.920 --> 00:45:17.920
for economic downturns create unique opportunities to upgrade your talent pool.

659
00:45:18.039 --> 00:45:23.079
While most businesses implement hiring freezers or layoffs during downturns,

660
00:45:23.639 --> 00:45:29.320
visionary companies selectively hire exceptional talent that suddenly becomes available

661
00:45:29.360 --> 00:45:34.039
as other companies can track. I've seen businesses completely change

662
00:45:34.039 --> 00:45:37.239
that their capabilities by strategically adding just one or two

663
00:45:37.280 --> 00:45:42.039
key people during downturns, people they could have never attracted

664
00:45:42.119 --> 00:45:45.719
during stronger economic times. And this might be an experienced

665
00:45:45.719 --> 00:45:49.480
salesperson from a larger competitor, or an operations leader who

666
00:45:49.519 --> 00:45:53.239
can really drive efficiency. And the key is being selective

667
00:45:53.280 --> 00:45:57.519
and focusing on roles that directly drive either revenue growth

668
00:45:57.880 --> 00:46:03.960
or margin improvement, and positions that more than pay for

669
00:46:04.000 --> 00:46:11.320
themselves even in these challenging times. Fifth downturns offer unprecedented

670
00:46:11.440 --> 00:46:16.559
opportunities to ford strategic partnerships and alliances. As businesses look

671
00:46:16.599 --> 00:46:20.920
for ways to maintain their market, for instance, with reduced resources,

672
00:46:21.199 --> 00:46:29.039
partnerships become increasingly attractive. Here's one question from a listener.

673
00:46:30.719 --> 00:46:35.679
Your shared several strategies for driving driving during downturns. If

674
00:46:35.719 --> 00:46:38.280
a business owner could only implement one or two of

675
00:46:38.280 --> 00:46:42.880
these immediately. What would you recommend our prioritizing, Well, if

676
00:46:42.920 --> 00:46:47.440
I had dorek down, let's say that just two strategies,

677
00:46:48.239 --> 00:46:53.079
I'd recommend focusing on financial clarity and cash management, specifically

678
00:46:53.079 --> 00:46:55.800
implementing the thirteen week host glow and forecast that we

679
00:46:55.840 --> 00:46:58.920
talked about. This gives you visibility and confidence to make

680
00:46:59.239 --> 00:47:03.400
strategic decisions rather than reactive ones. And secondly, I would

681
00:47:03.480 --> 00:47:08.199
prioritize your position and market dominance and your compelling offer

682
00:47:08.519 --> 00:47:13.760
to align with your customers changing priorities during the downturn.

683
00:47:17.360 --> 00:47:20.800
So as we wrap up today's discussion on thriving during

684
00:47:20.880 --> 00:47:25.840
economic downturns, let's summarize the key strategies that we've covered

685
00:47:25.880 --> 00:47:31.400
for turning challenging economic times into your greatest opportunity. First,

686
00:47:31.440 --> 00:47:34.920
we explored the foundational mindset needed to make strategic decisions

687
00:47:34.960 --> 00:47:39.039
while others panic. We discussed how winning business owners start

688
00:47:39.079 --> 00:47:42.639
with clarity about their personal goals, understanding exactly why their

689
00:47:42.679 --> 00:47:45.800
business exists and what it is to provide them and

690
00:47:45.880 --> 00:47:52.840
their families. This personal clarity drives better business decisions, especially

691
00:47:53.000 --> 00:47:57.519
during turbulent times. We also emphasize the importance of maintaining

692
00:47:57.519 --> 00:48:02.079
a visionary mindset rather than succumbing to scarcity thinking. Academic

693
00:48:02.159 --> 00:48:06.559
downturns don't create or destroy opportunity, they merely transfer it

694
00:48:06.639 --> 00:48:10.559
from the unprepared to the prepared. By focusing on long

695
00:48:10.679 --> 00:48:14.320
term impact rather than short term fear, your position your

696
00:48:14.320 --> 00:48:17.800
business to capture opportunities that others miss. I know that's

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00:48:17.960 --> 00:48:23.199
I know that's difficult, but really got to focus on that. Second,

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00:48:23.280 --> 00:48:26.920
we covert the critical financial tools that provide clarity when

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00:48:27.199 --> 00:48:31.320
uncertainty is highest. The business and cash flow forecast gives

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00:48:31.360 --> 00:48:34.679
you the ability to test decisions before you make them,

701
00:48:34.880 --> 00:48:39.119
while scenario planning preparesship to the multiple what IFFs. We

702
00:48:39.199 --> 00:48:42.280
stress the importance of knowing your vital five numbers sales,

703
00:48:42.679 --> 00:48:46.039
gross profit, gross profit percent, net profit, and your current

704
00:48:46.119 --> 00:48:52.960
cash balance. We also discussed rigorous cash management systems, modint

705
00:48:53.000 --> 00:48:58.599
protection strategies, and discipline capital allocation, all of which become

706
00:48:58.719 --> 00:49:04.760
exponentially more important during economic contractions. And third, we explored

707
00:49:04.920 --> 00:49:11.320
specific strategy business strategies that successful companies implement during downturns,

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00:49:11.320 --> 00:49:14.480
from creating or adapting your position of market dominance to

709
00:49:14.559 --> 00:49:20.320
address to address changing customer concerns to creating compelling offers

710
00:49:20.800 --> 00:49:25.679
that overcome heightened risk aversion. We covered strategic cost management

711
00:49:25.719 --> 00:49:31.679
that focuses resources on customer impacting activities while reducing non

712
00:49:31.800 --> 00:49:36.440
essential expenses, and we also discuss how downturns create unique

713
00:49:36.639 --> 00:49:41.800
opportunities to upgrade your talent and form strategic partnerships that

714
00:49:41.840 --> 00:49:45.840
allow you to maintain or even expand your market presence

715
00:49:46.079 --> 00:49:51.960
while sharing costs. Remember, successful navigation of economic downturns isn't

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00:49:52.000 --> 00:49:56.239
about luck. It's about preparation, clarity, and strategic action. By

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00:49:56.320 --> 00:50:00.199
implementing the strategies we discussed today, you can position your

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00:50:00.280 --> 00:50:04.320
business not just to survive, but to thrive when others

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00:50:04.320 --> 00:50:09.639
are struggling. Keep thinking differently and act boldly. You know

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00:50:09.679 --> 00:50:13.079
today we're all facing the call to adapt and to

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00:50:13.119 --> 00:50:16.639
make decisions based on the numbers. Those who do will

722
00:50:16.639 --> 00:50:20.519
make business a lot less terrifying. Those who do will

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00:50:20.559 --> 00:50:24.760
achieve their number one goal. Those who do will thrive

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00:50:24.840 --> 00:50:30.320
in economic downturns. There are more millionaires and billionaires minted

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00:50:30.559 --> 00:50:34.320
during economic downturns than any other time period in history.

726
00:50:35.000 --> 00:50:40.639
The only question is are you prepared to be the

727
00:50:40.679 --> 00:50:45.239
next one. To get a copy of the book Powerful

728
00:50:45.239 --> 00:50:48.719
Business Strategy simply go to our website www dot next

729
00:50:48.760 --> 00:50:53.880
STEPSCFO dot net. It's totally complementary. And until next Monday

730
00:50:53.920 --> 00:50:56.719
at noon Eastern time for Tricky Obio, my name is

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00:50:56.719 --> 00:51:00.639
Michael bob Rita. And remember, don't keep doing what your

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00:51:00.679 --> 00:51:02.159
competition is doing.

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00:51:04.559 --> 00:51:07.639
You have been listening to powerful business strategies finding out

734
00:51:07.639 --> 00:51:11.320
that everything you ever learned about growing your business is wrong.

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00:51:11.599 --> 00:51:14.800
Tune in next week and every week at noon Eastern

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00:51:14.880 --> 00:51:18.320
time on W four CY Radio with your host Michael

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00:51:18.360 --> 00:51:22.960
Barbarita of NeXTSTEP CFO and moderator chugy Ovio