Business Survival Checklist
Sofema Online(SOL) www.sofemaonline.com offers survival guidance for your business
Please see the end of the article for the SOL Aviation Leadership Diploma Program - Grow your management competency with this early bird special offer.
Budget Review
Now is the time to take a long hard look at 2021 review your budgets and income forecasts. Be realistic and set achievable targets for 2009.
It is vital to keep and maintain accurate control of the organisation’s finances during these challenging times. Avoid debt if you can even with low interest it will become a drag on the business.
Management Data
It is important to have good visibility of the business status and continuous overview regarding the cashflow to ensure the strongest management position.
Customers - The 80-20 Rule
Typically 80% of profit comes from 20% of clients so consider the following action plan
- How can we better serve the top 20% of our clients - Raise a project to consider a number of ways that improvement in service can be delivered
- Provide distance or removing the bottom 20%
- How to encourage better performance and to promote the middle 60%.
Debtors
Make sure your terms of business contain explicit payment terms and are adequately communicated as you cannot rely solely on terms that appear only on the invoice.
It is a well-known fact that businesses fail through a lack of cash, not a lack of profit. Non-paying customers can quickly create a cashflow crisis.
Place a management accounts priority to review the debtor's list (Highest to Lowest) and urgently chase up overdue invoices. Do this continually.
Be prepared to offer a deal (extended terms) or discounts, do everything possible to maintain cashflow.
Debt Ownership Management
Make sure that you have strong internal ownership of invoicing and collections. Be cautious as shared responsibilities tend not to be so successful.
Where possible agree on extended payment terms with all your suppliers in advance of any order (whilst you have bargaining power).
Banking & Finance
Review your current banking facilities and discuss future needs well in advance of any need
- Ensure sufficient finance facilities remain available.
- Ensure that capital assets are purchased with long term finance.
- Consider the possibility to lease cars and other equipment to improve the cash impact.
Review of Critical Business Processes
Strive to save cost and increase efficiency, perform a business review, and commit to flow chart the main business processes, identify any challenges which are present for each step. Review opportunities to improve the processes by removing any unnecessary bureaucracy
Aviation Leadership & Management Skills Development Diploma
Are Leaders Born or Made?
Behavioral Theorists believe that people can become leaders through the process of teaching, learning, and observation. Leadership is a set of skills that can be learned by training, perception, practice, and experience over time. Leadership learning is a lifetime activity.
Consider Leadership Training with the following Program
The Sofema Online Aviation Leadership and Management Skills Development Diploma brings together 12 separate Courses (each one is certificated) on completion of all 12 courses the student is awarded a hard copy diploma.
What is in the Diploma Program?
○ Leadership Skills
○ Body Language for Executives
○ Building Competency
○ Communication and Assertiveness
○ Public Speaking
○ Delivering an Effective Mentoring Program in Aviation Operations & Maintenance
○ Developing Positive Interview Skills
○ Developing Teams
○ EASA AM & Nominated Person 6 Sigma Awareness
○ Facilitating Effective Meetings
○ Introduction to Performance Coaching in Aviation Operations & Maintenance
○ Measuring Aviation Training Return on Investment (ROI)
Early Bird Introductory Special Offer
The Aviation Leadership and Management Skills Development Diploma is in the final stages of preparation (currently it is more than 50% available on www.sofemaonline.com)
The normal Price is 502.5 Euro when taken separately, Diploma Price for all courses will be 325 Euro.
Early Bird Discount Available until the end of September 2020 - 250 Euro!
Email office@sassofia.com or online@sassofia.com
