33. Please Don’t Make This Mistake In A Crisis
Water is essential for life, but we typically take it for granted because it is plentiful.
However, we can't survive very long without it.
Collections are your office's water supply.
Assuming everything is going to get back to normal quickly is a huge mistake and a recipe for disaster.
Please don't do this.
You have to be prepared for this to continue for months.
And if it continues to still run at a profit if it does.
In this situation, you have to look at the worst-case scenario and figure out how to navigate it.
Your job as a leader is to make tough choices and have honest and real conversations.
The first place to look is at luxuries and cut those costs immediately, especially personally.
Example: No ordering take out, stop personal trainer, stop cleaners both at home and at the office (do these things yourself).
If no one is leaving their home, then stop any marketing that you don't have a contract with.
Then have open and honest talks with your team.
This will either make or break the camaraderie of your office.
Tell them they are your number 1 priority.
Then look at your missed billing and aging reports.
Look to see if there are any invoices you can send out immediately to collect some cash right away.
This crisis will pass, but pretending it will happen in a week or a month is a huge mistake.
Expect the best, but be prepared for the worst.
Also, did a digital training earlier this month - I covered the 7 steps for running your office in a crisis.
We are offering you this training at a crazy discount. It's only $99!
Dr. FJ Schofield