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Our motto: "Big enough to serve, small enough
to care" was coined not by us but by a satisfied
customer who sent us these words along with his loan
payment.
What
better testimonial to the spirit of personalized service
that characterizes our business philosophy!
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Timely Advice to Help You Survive - And Thrive - In a Tough Economy
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Newton, MA - November 26, 2008 -
We recently had a call from an operator who told us the bank he’d been doing business with for many years suggested he “consider other sources of financing.” He was especially surprised because he was on a first-name basis with several bank executives and had never missed a payment.
ARE YOUR DUCKS IN A ROW? WHAT ABOUT YOUR CUSTOMERS’ DUCKS?
As the world’s financial situation changes, relationships with lenders and customers are also changing. Firestone Financial has over 43 years of experience in the amusement and vending industries and some of our customer relationships started over 30 years ago.
Here are some actions based on our experience that you should consider taking now to help you during this business cycle:
(1) Closely monitor your receivables and inventory. Make sure your customers are paying in a timely fashion in accordance with their contract. Also, be sure you are carefully reviewing your purchases. Cash is king in tight economic times.
(2) Communicate with your customers. Offer guidance / ideas to help them through a downturn. Focus on the positives - “the glass is half full, not half empty.” They’ll thank you now – and remember it later. Be more visible to customers and show them that you care.
(3) Assess revenues. Often 20% of customers generate 80% of revenue. Check in with your top 20% to see how the economy is affecting them and offer solutions. This may prevent surprises in your business.
(4) Communicate with your lenders. Confirm your borrowing capacity and have an open dialogue about your business. Full disclosure and open communication are key during these times.
(5) Pre-plan your expenditures over the next 60 – 90 days.
See if there are new finance programs and/or product promotions. Tough economic times are often the best opportunities to invest in new equipment. Increase communication with your distributors and/or manufacturers.
(6) Review your credit card balances and interest rates.
(7) Develop contingency plans. Consider various ‘What if…’
scenarios.
(8) Don’t overreact. Pressure from the unexpected can result in bad decision making. Seek guidance from professionals (accountants, lawyers, bankers, trusted business advisors) regarding major decisions. Thoroughly think things through!
FIRESTONE’S DUCKS ARE IN A ROW. THEY HAVE BEEN SINCE 1965.
Firestone Financial is focused on taking these important steps everyday. Yes, we are in a challenging business environment, but one thing that makes our country great is that we all work through these tough cycles. America’s economy is successful due to the millions of small businesses that are in existence -- and your business is one of them. Stay focused, work hard, and pay attention to the matters that are important.
Since our founding in 1965, our philosophy has been that we’re on our customer’s side, rather than you vs. us. We understand that when you succeed, we succeed
So, if you have challenges in your business, we urge you to speak to our experienced staff. Through two-way communication and open conversation, we can work with you to survive this downturn. We offer a lot more than financing. We also offer solutions.
Call us toll free to discuss financing needs or business strategies – or just to chat. As always, we remain “Big enough to serve, small enough to care.”
David S. Cohen
President & CEO
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