Cash Management Strategies in Current Economy

March 7th, 2010

As the highlight/ introduction to an article I was quoted in inside Union Bank’s Business Focus newsletter about this topic says, “The silver lining of this economy is that businesses with fast access to cash may be able to take advantage of extraordinary opportunities.” In my experience, business and individuals should listen carefully to this statement, as it will undoubedly become true.

Almost every business I am aware of has significantly slowed down or curtailed capital spending, as it is typically one of the first areas to go when cash is tight. I am an advocate of aggressively managing cash in today’s economy, as those who have cash to invest will be those who succeed. Just think of this example - if your company has the cash to invest in new equipment that will help give you an advantage over the competition while your competitors do not have the cash to invest, who do you think will succeed in the long term? What an opportunity!

The article discusses cash management strategies from more of a personal perspective; however, the same concepts apply in a business. It discusses four tips: 1) Set up a rainy day fund. 2) Leverage your cash. 3) Watch for deals. 4) Schedule your outlays. To read the entire article, click here.

© Lisa Anderson 2010. All rights reserved.

Prepare for Success - Does it matter?

February 20th, 2010

It sounds silly but it can mean the difference between medicore success (or even failure) and SUCCESS. Especially as companies begin to emerge from the recession or at least grow volume, it is vital to be prepared -both from a company standpoint and a personal standpoint. Otherwise, the opportunity could pass you by. After waiting ALL this time, who wants to watch as it passes by? I assume the answer is no one!

I wrote an article about preparing for success for the ACA Newsletter, as the edition was surrounding this general theme. Read the entire article: here.

In essence, I talk in detail about three key steps: 1) First, plan. 2) Flexibility. 3) Communication. Sounds easy, right? Nope - in my experience in working with multiple organizations and with business and community leaders, this somewhat simple sounding process is not only often overlooked but becomes a challenge to implement - if nothing else for lack of time.

Instead of letting this occur, take action to CHANGE the potential course and prioritize this preparation. I guarantee it will pay off down-the-road.

© Lisa Anderson 2010. All rights reserved.

The Power of Language

February 16th, 2010

I recently wrote a newsletter feature article on the “Power of Language”: click here.

In today’s turbulent times, it is vital to stand out in the crowd. One way to achieve that is through the power of language. Think about who tends to be remembered - is it those with the interesting ideas? Or is it those who can communicate interesting and powerful ideas? Hands down - it is always those who can communicate the powerful ideas. As my nephew would probably say, “it isn’t fair”. Yet, it is reality.

Thus, it seems to make good sense to continually improve our communication skills. One way to do that is by building your power of language. I discuss several tips in my article; however, the highlights are as follows: 1) Focus your message on your audience. 2) Simplify! 3) Use examples, analogies, etc. 4) Preparation & practice. 5) Speak, write or present with confidence.

There is no doubt that this is a learned skill - after all, many of my former colleagues will confirm my “improvement”. Of course, this is a continual process and it is all relative to where you start, so why not start now - the sooner, the better. It won’t take long before you start to notice a difference if you stick to it. Give it a try.

© Lisa Anderson 2010. All rights reserved.

Best Leadership Advice to Kick off 2010

January 31st, 2010

I was recently quoted in Career Smart Advisor’s article, “The Best Leadership Advice”. My top 3 pieces of advice are as follows:

1. Do what you say you’ll do. This is obvious, but rarely achieved since it sounds much easier than it is to implement in practice.

2. Be consistent and up front with people. This is a key to gaining respect and engagement.

3. Encourage feedback; listen to feedback, but do not assume all feedback is valid or the best approach, even feedback from the CEO.

What have you found to be the best leadership advice? I’d be interested in hearing from you and debaing with you. By the way, my advice comes courtesy of my HR mentor, Debra Daniels. Sometimes it’s not creating new but knowing who to listen to which is most important in achieving success.

Read the full article: click here.

© Lisa Anderson 2010. All rights reserved.

Top Traits of Successful Project Leaders

January 21st, 2010

Are you interested in what all successful project leaders have in common? If so, refer to my recent article in Project Times about this subject: click here.

After evaluating what “works” from being involved in hundreds of projects ranging from the simple to complex, multi-million dollar ones, I’ve identified the top traits of the project leaders who delivered RESULTS: 1) Set direction. 2) Manage the critical path with rigor. 3) Listen and provide feedback. I expand upon these traits in the full article.

I’m interested in your thoughts and feedback. What have you seen?

© Lisa Anderson 2010. All rights reserved.

Business Planning for 2010

January 13th, 2010

Whether we are in a recovery or whether it will turn out to be short-lived, one way to ensure your business is successful is to incorporate lessons learned into business planning for the year ahead.

I was recently quoted in “Erosion Control” in an article on business planning for 2010 about this subject: Lisa Anderson, founder and president of LMA Consulting Group in Claremont, CA, says the 2010 business plan will be a pivotal turning point for companies. “All of the cushion is long gone—it is now essential to immediately focus on the most effective path forward,” she says. “Business plans for 2010 must include a continuous feedback-and-adjustment loop.”

There are several interesting insights in the article. To read the full article, click here.

© Lisa Anderson 2010. All rights reserved.

Are You Ready for a Rebound?

January 5th, 2010

I was recently interviewed by Counselor Magazine for an article titled, “The Recession is Over. Are You Ready for a Rebound?”. To read the full article, click here.

Actually, it is not as simple as it sounds - surprisingly, if you haven’t thought about the rebound and prepared for it, it can take you by surprise and you could miss an opportunity. Who wants to miss an opportunity after getting through the recession??? As I said in the article, “When the recovery gets underway, it’s amazing how you can go from boom to bust in a matter of days or weeks.” So, PREPARE.

I’ve also recently written a newsletter article focused on this topic. In the article, I discuss three keys to preparation success: 1) Flexibility. 2) Plan, plan, plan. 3) Remember liquidity. And, #3 (liquidity) is also a key point in the Counselor Magazine article. “There’s a fine line between preparing for a recovery and creating a path to disaster by overspending into a cash crisis.”

To read the full newsletter article on how to successfully prepare for the recovery, click here.

© Lisa Anderson 2010. All rights reserved.

As 2009 nears the end, one wonders how to thrive in 2010…

December 27th, 2009

How to thrive in 2010 is quite the popular topic! Not only have I been quoted in several magazines/ on-line publications about this subject but now I’ve also had an article published in Industry Week magazine on just this topic: read full article here.

The article discusses the “new normal” - a return to fundaments, which includes three core principles: 1) Cash is king; 2) Service is paramount; 3) Execution is everything.

Then, it provides tips to THRIVE in the “new normal” - 1) Manage cash with vigor, 2) Stand out in the crowd with service, 3) Execute, execute, execute.

Refer to the article for details and examples.

© Lisa Anderson 2009. All rights reserved.

Throw out your supply chain system or optimize?

December 8th, 2009

Optimize - - especially in today’s economy, it is vital to utilize already existing opportunities to leverage your supply chain systems. There are countless ways to leverage your supply chain management system to reduce inventory levels, improve service levels, reduce lead times etc.

In December’s issue of Industry Week magainze, I was interviewed about getting the most from your supply chain management system. Read the full article by clicking here.

I’m looking forward to your feedback and debate. I can’t tell you how many times this topic has resulted in debate in my work experience and with clients; however, I’ve found it to be quite achievable to accomplish significant results by leveraging current supply chain systems (FYI, there are several different systems included so the exact system is not important).

© Lisa Anderson 2009. All rights reserved.

More Predications for 2010’s Business Conditions

November 30th, 2009

I was quoted in the Society for Advancement in Consulting’s news release, “Global Consulting Group Anticipates Business Conditions in 2010″. It contains several interesting predictions for 2010 from a variety of global consulting experts. Why not get ahead of the crowd and see how your projections align with the experts? Read the entire article here.

© Lisa Anderson 2009. All rights reserved.