Hate to do this but this week we are going to talk about keeping it all together when a pandemic strikes.

What’s up Fish Fans! My name is Marcus. You’re watching Marketing Madness, the Blue Fish vlog!

I really do wish I was coming to you under different circumstances, but I want to get some information in your hands to help you succeed in this difficult time. We’ve come up with some tips for Business Owners:

Tip #1 would be to focus on Cash Flow. Cash flow is always important but in times of crisis, it becomes the most important thing you can have clarity on. Make sure you put together a detailed cash flow forecast to help you know what to expect will be coming in or out of your bank account for at least the next 6 months. As an example, I’ll tell you that I keep a spreadsheet of the deals that we have that are recurring revenue or long term contracts, and I will make sure to include any project-based revenue as well so I know what I am making each month. This tells you what your runway will be and should give you a sense of relief.

Tip #2 would be to make sure and communicate. Don't stop marketing your business during this time. Use it to communicate with your customers and encourage them to still use your goods and/or services. Remember, it was Henry Ford that said: “A man who stops advertising to save money is like a man who stops a clock to save time.” It just don’t work folks. Those that spend on advertising during this time will more than likely be the ones that exit out of this crisis on good standing.

Tip #3 would be to make sure and follow up with your customers to make sure they will still be able to pay you. And here if an important additional bit of info, you need to know when they will be able to pay you. You might consider extending your terms, but be careful and consider your own cash flow so you don't overextend yourself.

Tip #4 would be to call those that you make monthly payments to and see if they will work with you in this difficult time. Landlords, banks, and vendors see if they can extend longer terms or accept interest-only payments until things return to normal.

Tip #5 is the hardest one. At some point, you will have to prioritize employees, which ones you have to have and which ones you might need to lay off. No one likes to talk about this but it is a reality. Make sure that you consult your accountant though as the Stimulus Bill that is currently being voted on has provisions in it that make it a bit weird for time off and letting people go.

Tip #6 would be to stay calm. Definitely not an easy task. This situation is not something any of us asked for. 2020 was supposed to be a boom of a year for all of us. But try and stay calm. Limit your time listening to the news whether that is CNN, Fox, NBC or Social Media. Yes, I said Social Media. Spending too much time on Social Media right now will kill your good vibes. And if you start to feel a bit overwhelmed? Seek counsel. You aren’t alone.

Well, that’s a wrap for this week! I want to thank you for checking in. Make sure to hit that like button. And if you have any questions or comments leave them down below. If you want to talk about how Blue Fish can help you grow your business just send us a message and we’ll get the conversation started.