David Parmenter’s COVID 19 Survival Toolkit for SMEs
For those businesses old enough to remember the 2001-02 (Dotcom bubble burst) and the 2007-08 (loan default crisis) there will be an institutional memory about how important cash was. With the Post COVID 19 recovery, you can ratchet up the importance of cash flow, I believe, by three or four times.
In the previous crises we did not have the worldwide shutdown of international travel as we do now. Its ramifications while obvious to the tourism and travel sectors are less obvious to many peripheral industries. The medium-term impacts have yet to feed through to these entities.
Warren Buffet has many great quotes. This one is very COVID 19 relevant “You only find out who is swimming naked when the tide goes out.” He is making the point that every business leader looks smart during times of economic boom; it’s only when adversity strikes that you see who the real geniuses are.
We are all aware that the tide has well and truly turned. How far it will go out is still up for debate. It could be brutal in the medium term and thus those organisations who are not feeling it yet need to get match ready.
The first thing you need to do is Think, Read, Act in that order
The best thing a leader can do is THINK first.
- What if we asked are staff to form units and their sole purpose was to find ways to pay 80% of their salaries.
- How much fat is there in the high-end salaries? Now is the time to skim the fat off, it was there because the times were good and the highly paid executive were a wanted commodity. Not anymore.
- What other uses could our premises be put to?
- Who are Non-customers? ( a Peter Drucker term )
- How can we start getting back some of that long outstanding debt?
- Can we borrow from our wealthy employees, retired employees?
READ, READ, READ Jack Welch says it so does Warren Buffet.
There are two books you need to read now. Yes right now. Get them in hard copy and audio.
ACT. Here are ten actions to take:
- Understand that crises are a normal part of life and they go through five stages
- Free up your organisation’s cash flow post COVID 19
- Unleashing innovation – to find your noncustomers, your new services / products in a post COVID world
- Keep your powder dry – do not act quickly to remove staff
- Embrace Peter Drucker’s abandonment to clear the decks for innovative thinking
- Create one-page cash orientated reports (cash in, cash out, new customers, last order from key customers, last visit to key customers, status with revenue generating ideas, KPIs)
- Move to four- and five-week periods so rolling planning and forecasting is more meaningful
- Increase the quality of your key customer’s experience
- Adopt new systems – especially an eCommerce platform as some new products and services will be sold to new markets
- Increase communication by a factor of ten (to staff, your key customers, your use of your mentor)
David Parmenter’s Top 10 Published Work
I have extracted 10 chapters and/or articles for you to gain an understanding of my work.
A breakthrough 4th Edition of my best selling KPI Book can now be ordered from Amazon
Here are three chapters for you to assess the value of this new edition. I can guarantee you will never look and use KPIs in the same way again. This book has further simplified my work and I fervently hope that it speeds up the desire to use and implement of winning KPIs.
A breakthrough 3rd Edition of my best selling book for Financial Controllers and CFOs
Performance Bonus Schemes (Chapter 20: Third Edition – The Financial Controller and CFO’s Toolkit)
Rules for a Bulletproof Presentation (Appendix B: Third Edition – The Financial Controller and CFO’s Toolkit)
Management and leadership pieces
Selling Change to the senior leadership team chapter 12 The Leading Edge Manager’s Guide to Success
Attracting Recruiting Growing and Retaining Talent (Article Published in Business and Management Faculty, ICAEW 2016)
Leadership in the Era of Distraction
How Far Can Your Leadership Go?
Time Saver – Ways to Save Time From Meetings
Accessing David Parmenter’s intellectual property
David Parmenter’s Toolkits with E-Templates
If you want to access the latest thoughts of David Parmenter, buy his toolkits which are constantly updated and are a comprehensive (100 page) guide to get you to make change in the areas covered. each toolkit comes with accompanying electronic templates to get your implementation started. On time of acquisition David reviews and updates the tookit as appropriate. These toolkits are printed, signed and posted to the purchaser.
David Parmenter’s Working Guides
For areas which are not covered by a toolkit David Parmenter has written a shorter (20- 30 pages) working guide to help you make progress. They can be read and absorbed in an hour. All you need to do is purchase them via the paypal link and I will send you the working guides are emailed with accompanying useful E-templates with 48 hours. To buy multiple guides access the special deal.
David Parmenter’s Pay-To-View Webinars
You can purchase a wide variety of David’s webinars recorded by leading accounting professional bodies. Each webinar is 90 minutes long and includes electronic templates. You purchase directly from the relevant professional body and follow instructions, at the end of the webinar, to download the templates from my website using the disclosed password.
E-Templates From David Parmenter’s Books
You can purchase all the electronic versions of the book templates. Once the paypal notification has been received the templates are emailed with 48 hours..
David Parmenter’s Performance Measures Database (known as a KPI database)
The database, developed over the last twenty years, and regularly updated, is sent in both Access and Excel.
Recorded Webinars & Public Workshops