We recently lost about $30,000 a month in revenue. When the pandemic hit, and businesses were forced to shut down, we had a few clients cancel our services temporarily while others cancelled permanently. Right away our biggest client called us to tell us that they would have to stop advertising with us for the time being. It was a huge hit to our monthly revenue but we managed to pull through. Thankfully we have been able to bring on new clients in the last several weeks that have helped to replace the revenue we’ve lost.
One thing we’ve learned is to have a diverse client base. We have clients in several different industries and that has helped. Some industries are doing better than others and we are now focusing on bringing on more of those clients. We had somewhat planned for a recession in the future, but we couldn’t have foreseen what we are going through now, with clients going out of business or being forced to shut down almost overnight. We were in a good position in the sense that we had some money set aside, and we had very little debt. Our diverse client base helped to stabilize us during this time.
Think about how you can diversify your client base and what you can do to pivot and adapt during these times.