Make an emergency plan before you HAVE an emergency… but if you don’t have one yet, let’s work on one now!
#1 – STOP! You can’t have a full and thoughtful plan if you’re in panic mode. Panic kills creativity and suffocates strategic planning. In order to access the best of you that will make the best path forward, you have let the adrenaline subside.
#2 – Assess thoroughly – Where are you RIGHT NOW? How long can you go on? You have to know your numbers inside and out right now. It is not good enough to do “account balance accounting” right now. You have to know two essential things: Your weekly (and monthly) gross revenue number MUST have to hit break-even to hit break-even with our net revenue AND your cash-on-hand and/or access to quick cash like a credit line. You need to know these things so that you can build your “in case of emergency break glass” plan. When you’re looking for your panic line, don’t cut it too close. Give yourself more cushion than you think you might need because stuff happens.
#3 – Plug the leaks – when the cash is flowing, it is easy to let it flow right out the door. This is no time for that. Cut unnecessary spending IMMEDIATELY. Be ruthless. Also, get out there and renegotiate terms with vendors or lenders. They want to keep your business, so if you can ease you cash flow with better terms or rates, do it! Even big things like lease negotiation are game in a crisis. It is in nobodies’ interest for you to go out of business. Lessen your overhead everywhere you can.
#4 – Protect your marketing dollars – Marketing and advertising is the windpipe that brings breath into your business. Without in-bound leads, your sales will dry up faster and your rebound will be far less fast
#5 – Look in the couch cushions – We have money waiting for us if we look for it. Rehash programs, repeat sales and referrals are HUGE when things are lean. There are unsold projects waiting for you to close. Get out there and earn the business and ask for more!
Madeleine is a business coach and sales trainer who focuses on brining to her client cutting edge information mixed with just the right amount of inspiration to help them accelerate their implementation and long-term results. You can find more information at https://mmmacrae.com/.
