Be wary of the impending upturn….
Its time to reflect on the year ahead. We have experienced huge changes in our economy this year. Here are some handy Chamber tips for navigating your business through the next 6 – 12 months. We have divvied these up into two sections cash and planning
Cash
Install a tight cash management system. Reduce and postpone spending and focus on cash flow. Also your customers will try and rely more on trade financing in therefore your business will be under pressure to act as a bank. Be wary of this and put measures and processes in place that limit your exposure to risk. Work with your accountant to produce a weekly cash position report and forecast based on your lower expectations of income and expenses. Pre-empt any cash flow shortages well in advance. Although banks are tightening up on credit we know in Northland that our banks indicate they are still open for business. If possible restructure debt to give you the best cash advantage.
Planning
It has always been the opinion of the Chamber that businesses that forecast and plan will be the best suited for survival and prosperity. One practical form of planning is to develop a stress measure scenario for your business. In other words ask yourselves the following questions. What if Sales decreased by 25 % over 12 months? What if your customers took 45 days longer to pay? What if your main supplier ceased to exist? What are the early warning signs that these things are starting to happen and how do you measure this?
We also encourage our members and Northland business to definitely plan for the upturn. The Chamber can assist you with planning in the areas of Productivity, Human Capital and Technology. Working in these areas of your business now will put your business in an excellent position to take advantage of the impending upturn.
We are on the cusp of a new year. 2009 will bring many challenges, opportunities and issues. If 2008 is anything to go by the only constant in our world is huge massive upheaval and change. Whilst there is not a lot we can do about global credit crisis or the price of oil the actions outlined above have the ability to change your world for the better.
As in most circumstances there are opportunities to be had. This ‘recession’ will force many businesses to relook at their traditional rules of engagement. Our challenge to our members is to use the weakness of your competitors to redefine your industry. Feel free to give the Northland Chamber of commerce a call if you would like assistance or want to know where to from here…
The Northland Chamber of Commerce is the networking, education, advocacy and marketing group for Northland business, and is part of a nationwide network of 30 and a world-wide movement of 21,000 chambers. Subscription to the free fortnightly chamber e-news can be arranged on info@northchamber.co.nz. Enquiries to 09-4384771 or www.northchamber.co.nz, www.kaiparachamber.co.nz and www.farnorthchamber.co.nz
You can have a say on this by going to the Northland Chamber of Commerce Feedback website on www.northchamber.blogspot.com
02 December 2008
Shop Local – More important today than ever!
In these times of economic toughness and uncertainty we thought it may be useful to resurrect an issue we talked about some years ago on shopping locally. Lets attempt to keep it local as much as possible. This goes much wider than retail and includes using local services, Trades people and Professionals.
The Chamber encourages all consumers to at least look locally before going outside Northland. We offer you 10 good reasons why you should. The following reasons show how more money spent at local business is reinvested in your community creating diversity and helping the community maintain or create its unique appeal.
1. Shopping local creates jobs.
Shops in our town create local employment and self-employment. These people in turn spend in the local economy, send their kids to our schools, pay rates and of course shop locally.
2. Local independent shops invest more in our communities.
Local businesses are proportionally more generous in their support of local charities, schools, and community events. So supporting local shops means a financial impact on your community. Look at Companies like Maggie Dixon and the groups they either support or sponsor.
3. Local shops sell a wide range of great products at affordable prices.
Many people get out of the habit of shopping locally and are then surprised by the range of products and gifts available. I dare you to come along to Classics Business after 5 next month and not be astonished by the range of products offered by this small local business
4. Shopping local saves you money.
Out of town shops have done a good job of convincing us all that local businesses = expensive. If you add travel, fees to transfer larger items and your time, the overall cost is often much higher. Especially with the higher cost of fuel and vehicle maintenance
5. Shopping local retains our communities.
People don’t like losing shops and services in small towns but don’t equate this to how they spend their money. If you want a more Vibrant Whangareior Kerikeri CBD = You must commit to using services locally
6. Shop Local retains our distinctiveness.
Independent shops create distinctive shopping experiences and stock different products. Local businesses respond more quickly to the needs of local customers, stocking products to meet the changing population needs.
7. Shopping local saves the environment.
Local shops often stock a high percentage of local sourced goods which do not require long car and bus journeys, helping reduce our global footprint.
8. Local shops are for everyone.
Most people can get to their local shops easily and this especially important for the elderly and young people and those without transportation.
9. Local shops value you more.
Evidence from numerous surveys show people receive better customer care and service locally. These businesses survive by their reputation and repeat business which means you get a higher standard of service. Ask any customer of local stores such as Lemonwood and Wilkinsons about the excellent customer service they recieve.
10. Shopping local saves services.
Private and public sector services cluster around shops. As shops disappear so do hairdressers, banks, and restaurants, etc.
The Message is fairly clear shop where you live and try and keep it within Northland.
The Northland Chamber of Commerce is the networking, education, advocacy and marketing group for Northland business, and is part of a nationwide network of 30 and a world-wide movement of 27,000 chambers. Subscription to the free fortnightly chamber e-news can be arranged on info@northchamber.co.nz. Enquiries to 09-4384771 or www.northchamber.co.nz, www.kaiparachamber.co.nz and www.farnorthchamber.co.nzYou can have a say on this by going to the Northland Chamber of Commerce Feedback website on www.northchamber.blogspot.com
In these times of economic toughness and uncertainty we thought it may be useful to resurrect an issue we talked about some years ago on shopping locally. Lets attempt to keep it local as much as possible. This goes much wider than retail and includes using local services, Trades people and Professionals.
The Chamber encourages all consumers to at least look locally before going outside Northland. We offer you 10 good reasons why you should. The following reasons show how more money spent at local business is reinvested in your community creating diversity and helping the community maintain or create its unique appeal.
1. Shopping local creates jobs.
Shops in our town create local employment and self-employment. These people in turn spend in the local economy, send their kids to our schools, pay rates and of course shop locally.
2. Local independent shops invest more in our communities.
Local businesses are proportionally more generous in their support of local charities, schools, and community events. So supporting local shops means a financial impact on your community. Look at Companies like Maggie Dixon and the groups they either support or sponsor.
3. Local shops sell a wide range of great products at affordable prices.
Many people get out of the habit of shopping locally and are then surprised by the range of products and gifts available. I dare you to come along to Classics Business after 5 next month and not be astonished by the range of products offered by this small local business
4. Shopping local saves you money.
Out of town shops have done a good job of convincing us all that local businesses = expensive. If you add travel, fees to transfer larger items and your time, the overall cost is often much higher. Especially with the higher cost of fuel and vehicle maintenance
5. Shopping local retains our communities.
People don’t like losing shops and services in small towns but don’t equate this to how they spend their money. If you want a more Vibrant Whangareior Kerikeri CBD = You must commit to using services locally
6. Shop Local retains our distinctiveness.
Independent shops create distinctive shopping experiences and stock different products. Local businesses respond more quickly to the needs of local customers, stocking products to meet the changing population needs.
7. Shopping local saves the environment.
Local shops often stock a high percentage of local sourced goods which do not require long car and bus journeys, helping reduce our global footprint.
8. Local shops are for everyone.
Most people can get to their local shops easily and this especially important for the elderly and young people and those without transportation.
9. Local shops value you more.
Evidence from numerous surveys show people receive better customer care and service locally. These businesses survive by their reputation and repeat business which means you get a higher standard of service. Ask any customer of local stores such as Lemonwood and Wilkinsons about the excellent customer service they recieve.
10. Shopping local saves services.
Private and public sector services cluster around shops. As shops disappear so do hairdressers, banks, and restaurants, etc.
The Message is fairly clear shop where you live and try and keep it within Northland.
The Northland Chamber of Commerce is the networking, education, advocacy and marketing group for Northland business, and is part of a nationwide network of 30 and a world-wide movement of 27,000 chambers. Subscription to the free fortnightly chamber e-news can be arranged on info@northchamber.co.nz. Enquiries to 09-4384771 or www.northchamber.co.nz, www.kaiparachamber.co.nz and www.farnorthchamber.co.nzYou can have a say on this by going to the Northland Chamber of Commerce Feedback website on www.northchamber.blogspot.com
Subscribe to:
Posts (Atom)
Posts
