This is a quick status update about our business during the Coronavirus crisis…
We are a few weeks into this pandemic and as of now we are doing fine. The things we have learned over the years, processes we have put in place, and the things we preach have all helped put us in a position to be able to handle this. Things like the Profit First method for finances and not niching have helped us. Sure, we have lost clients and a considerable amount of revenue but we were doing fine from a cash standpoint before this so we are okay now too. Some of our clients have cancelled, others have put advertising on pause, but a few of our clients are doing well themselves and some are busier than before. Not being contained to only serving one type of client has definitely helped us during this time.
We went into this not having any debt or loans, but we do have a line of credit we can use if we need to. We have applied for the Payroll Protection Program from the SBA and we expect that to help soon. We are also still closing new deals. We have signed about six new deals in the last few weeks. We are still actively seeking new deals.
It’s important to keep looking for new deals. Some industries aren’t doing well but others are thriving. Now is the time to seek those out. You may have to change what you’re doing a little bit, you may have to change your mindset and make some concessions for new clients, but it can be done.