Bob Prosen, President and CEO, of The Prosen Center for Business Advancement releases proven solutions business owners and executives can use to maintain and grow profits during economic uncertainty.
Dallas, TX (PRWEB) April 21, 2008 -- With a proven record of business excellence, Bob Prosen's tips for remaining profitable during a recession provide businesses with practical and easily implemented solutions. Talk of economic uncertainty and recession dictates that business owners and executives take proactive steps to protect and grow profit margins, but while the economic forecasts appear grim, Bob Prosen, former CEO and best-selling author of Kiss Theory Good Bye, "warns against buying into the theory that recession equates failure."
Amid reports of credit and housing problems, decreased consumer confidence, surging oil prices, and a weakened dollar, the International Monetary Fund now predicts that "the United States is heading for a recession [and expects the global economy to [only grow by 3.7 percent this year," down from 4.9 percent in 2007 (Associated Press, April 2008). To help businesses stay on track, The Prosen Center for Business Advancement has released the following tips to provide business owners and executives proven solutions needed to maintain and grow profits during times of economic uncertainty.
Recessionary markets provide opportunities that business owners and executives can use to their advantage. Utilizing one, or more, of the following can positively impact profitability: (1) Refinance debt and renegotiate loans, lines of credit, and banking fees; (2) Arrange for price discounts with suppliers carrying excess inventories; (3) Negotiate long-term contracts in return for helping solid clients through tough times; (4) Capitalize on marketplace layoffs by adding highly skilled employees often at reduced wages; (5) Evaluate existing workforce and exit long-term, poor performers. Lean economic times dictate a need for excellence and productivity; (6) Take advantage of prime real estate that becomes available when companies go out of business; (7) Purchase equipment at the discounted rates offered to spur spending; (8) Create a plan to contact competitors customers if they go out of business or falter and initiate contact with customers of weaker competition; (9) Refocus the company's value position on increased client pain; (10) Focus all employees on cash flow; (11) Become the low cost producer since a recession leads to deep price discounts; and (12) Sell and market aggressively. Customers of competitors are looking for better terms and higher value during tough times.
For additional information, tips, and tools on how to maintain and profit during times of economic uncertainty, visit http://www.bobprosen.com and also sign up to receive RESULTS, a free, monthly newsletter, that offers timely business advice and practical solutions.
About Bob Prosen
Bob Prosen, President and CEO of The Prosen Center for Business Advancement, spent 25 years as an executive with top global companies including AT&T, Sprint, Hitachi, NCR, and Sabre. His award-winning management book Kiss Theory Good Bye is a Book of the Year award winner, IPPY Silver award winner, and Best Business Management Book by USANews Best Book Awards.
Considered an expert in the field of business management, Bob has been a frequent guest on various FOX and NBC news shows discussing how to recession proof a business. Network appearances include Money for Breakfast and Happy Hour on the Fox Business Network, FOX 29 News First, Good Day Austin, NBC Action News Midday, and Good Morning San Diego.
For fresh, unfiltered discussion about what it takes to beat the competition regardless of market conditions, contact Sandra Prosen, Media Director to schedule an interview.
"Most management/leadership books I read are confusingly complex and deliver no actionable information. Bob's book is the exception. It lays out a nuts-and-bolts map for successful execution in any business." -- KEN MAY, President and Chief Executive Officer, FedEx Kinko's
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