It’s been a while since I’ve posted, been a little busy ensuring we survive this damn pandemic. Priorities, I suppose.
The first week, we lost over $15,000 in revenue a month, which does not include the clients who simply couldn’t pay but would when able. This happened on a Tuesday, by Thursday I made the difficult decision to lay off 2 employees. This was all within 3 days. As a small business owner, you don’t get the luxury to debate a decision for weeks or months, you have to make the shittiest decisions in days, if not 24 hours.
I’ve always been the individual that identifies the worst-case scenario and then plans for it. Quite frankly, it’s why 8THIRTYFOUR has been around for 13 years. It isn’t exactly the most pleasant way to live your life, but it has made me a survivor in both my personal and professional life.
After employees were laid off, I sat down (when you could still do so in person) with my leadership team and we took a hard look at finances. What was our projected revenue, actual revenue and revenue lost and what did we anticipate losing in the future. Once we had the worst-case scenario mapped out, we came up with a plan to retain existing employees ideally at their current rate of pay – we had another plan if that wasn’t possible. We then strategized on how to communicate the need for marketing at a time when everyone was hurting financially, and then we put some money behind it and then launched the campaign.
So, we took action, made a plan, and then starting implementing. In other words, we pivoted…we hella pivoted. I saw a lot of business owners being hit hard, I knew some had to shut their doors indefinitely. There were two groups with two very different mindsets: 1. This f*cking sucks, but it is what it is and I gotta pivot; 2. We will never recover, how could the ____ (insert name) do this to us, it is everyone’s fault. I will now rant and rave on social media. The one thing they agreed on, it sucks, what set them apart was how they chose to respond.
I’ll map out the steps we took as a company in the next blog, but simply put it was assessment, education, planning and action.