November 28, 2023: Growth tactics for turbulent times

Navigating Business Realities: Insights from Brice Scheschuk, a Seasoned Entrepreneur and Investor

For this week’s edition of Quick Takes, we went back through the TechTO archives to find sound advice that still applies to the current market.

Brice Scheschuk, a seasoned entrepreneur, joined us back in March 2020 to share key advice and takeaways for Founders on the essential growth framework to utilize during turbulent times. This advice (in our opinion) is still extremely credible and relevant for the current times.

Let’s dive in.

In times of uncertainty, adaptability becomes the cornerstone of survival for businesses.

Brice, the managing partner of Global Live Capital and a seasoned entrepreneur, shared invaluable insights on reshaping business strategies to align with current realities. His expertise spans through crises dating back to 1987, and he emphasizes the need for a collective, community-driven approach to weather the storm.

Embracing a Resilient Mentality

Brice advocates for a "wartime mentality" where organizations prioritize survivability, liquidity management, and sustaining operations amid extreme uncertainty. His mantra revolves around controlling what can be controlled and measuring what truly matters. Recognizing the strength of unified efforts within an ecosystem, Brice encourages businesses not to tackle challenges alone but leverage teams, shareholders, boards, advisors, and lenders for support.

Essential Frameworks for Restructuring

1. Cash Flow Management: The core tool in these times is a meticulously crafted cash forecast for the next six months, with the initial three months planned weekly and the subsequent three monthly. Maintaining a rolling and extended forecast allows businesses to monitor cash balance over time and actively engage with stakeholders in case of negative cash flow projections.

2. Right-Sizing Business: Revenue and Collections:

• Forecasting revenue amidst extreme uncertainty requires dynamic scenario modeling and a keen understanding of customer priorities in cost management.

• Managing collections necessitates a proactive approach that factors in dynamic data inputs and sensitivity analysis.

3. Cost Management:

• Brice breaks down costs into three categories—discretionary non-headcount, non-discretionary non-headcount, and headcount.

• Each category demands tailored approaches, including negotiations, cost reduction, and sensitivity to the human element, especially in workforce-related decisions.

Leveraging Negotiation and Adaptability

Negotiation emerges as a crucial tool across all cost categories. From renegotiating contracts and rent to exploring government programs, Brice underscores the importance of considering everything negotiable and adapting to dynamic circumstances.

Macro Outlook: Opportunities Amid Crisis

Beyond the immediate challenges lies a realm of future opportunities. Brice encourages businesses to allocate a portion of their focus to identify new customer behaviors that could birth innovative solutions. Amid the chaos, keeping an eye on potential long-term shifts in consumer behavior could unveil new avenues for growth and discovery.

In closing, Brice acknowledges the complexity of the current landscape but urges businesses to persist, adapt, and communicate transparently. While the path ahead might be daunting, resilience, adaptability, and community support stand as pillars for emerging stronger on the other side of adversity.

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This article encapsulates Brice's key insights, focusing on mentality, essential frameworks, negotiation tactics, and the potential for growth amid turbulent times.

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