What Would Lu Do?
Welcome to A Well-Designed Business! LuAnn has been considering adding a Wednesday show answering straight-up questions that you ask her via email and SM, and with everything happening in the world right now, she thought this was the perfect time to debut “What Would Lu Do?”
On today’s episode, she will be discussing doing business through a crisis. In the 40 years, she’s been in business, she has had to weather all kinds of crises, such as recessions, acts of terrorism, and viral pandemic scares.
Listen in to learn how you can be smart, strategic, and patient to help you get your business to the other side of this!
Be sure to join her next Wednesday as she shares some additional tips to help you through this difficult time.
- This is critical: 1) Don’t overreact. 2) Don’t NOT act.
- Cash flow is KING. Everything in your business will depend on your cash flow.
- The first-level action plan:
- Focus on sales.
- Monitor cash flow and keep your vendors paid.
- Review all money owed to you and collect any outstanding balances.
- Go through your expenses with a fine-toothed comb.
- Owner’s pay cuts as loans to the company.
- Other ideas for consideration:
- Consider working remotely.
- Work on projects that you have been ignoring, especially if they generate revenue.
- Keep a routine.
- Find your mentors, your peers, set up phone calls, zoom meetings, brainstorm ideas on how to stay productive, how to maintain your clients and how to build your pipeline for when this is a bad nightmare for all of us down the road.
- LuAnn’s favorite tip from an emergency virtual meeting with her colleagues at Exciting Windows is from Steve Wishnow, who said, “Get Smart – Get Market Share.” He urged the allocation of money to marketing during this time and to not make the mistake of curbing this expense. Don’t go into debt, do everything with common sense. But now is the time to let people know you are here, you will be here and you can be depended on.
- Find a way to stay positive through this!
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