| Hey Friend,
With a couple weeks until Thanksgiving, we’re in the final stretch of the year.
And what a year it’s been.
If 2024 has been hard on you and your business…
I suspect your fortunes will improve with the changing tides of 2025 (more on this tomorrow).
But in the meantime…
I believe this excellent advice from my mentor, Verne Harnish, can start helping you NOW:
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5Cs for Surviving a Downturn in the Biz
By Verne Harnish
Inflation is real, pushing up costs and wages.
Without sufficient price increases and a tightening of budgets by clients, revenues may have stalled, and margins squeezed.
To get through this:
1. Communicate Daily – Airbnb went into a daily huddle 7 days a week when they lost $1 billion in bookings during the pandemic. The key is looking at data and making decisions DAILY.
2. Customer Contact – Double down on connecting with clients and finding out how to help them – they might be struggling as well. “Hidden Champion” firms have twice the number of employees directly supporting customers than other firms. Give to receive.
3. Clean Up and Catch Up – A downturn is a good time to clean up sloppy processes, eliminate needless activities, and play catch up with systems. Simplify, simplify, simplify.
4. Cash, Cash, Cash – Review ALL recurring expenses that may have creeped into costs; ask all employees to find ways to reduce their expenditures; seek lower cost solutions; and tighten up billing and collections.
5. Calm and Considerate – Above all, take a few deep breaths, only risk money (not your health), and remain calm and considerate. “Leaders absorb fear and exude hope” – it’s your job.
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*CB NOTE: There are a lot of creative ways to survive when money gets tight.
Reach out to your vendors about extended payment plans.
Try offering vendors 50-80% of the money owed in order to clear your debts, and other creative finance strategies.
Also, simply staying in communication with vendors (when you owe them) will buy time and keep tension low.
Don’t go lone wolf…
Don’t go into isolation mode…
Don’t suffer in silence.
Instead, ask for help and stay optimistic.
Many businesses in worse circumstances have turned themselves around.
So stay strong and push on.
You’ve got this.
And the tides will be changing soon.
Success Loves Speed,
Craig
PS - If you’re ready to 2X your income (or more) while working 10 less hours per week...
... Just REPLY to this email with the words “2X 10 LESS” and we'll set up a time to chat with you to find out if we can help.
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