Why this is NOT the time to panic… Business is still OPEN.
Ever curious what it’s like to be a part of the War Room Mastermind? Here’s a look behind the curtain during our recent strategy call. Roland Frasier details how to change your finances, ops, people, and marketing right now so that you have the cash to get you through whatever happens. If you want to position yourself to ride the post-quarantine success wave, listen in.
Tune in if you are nervous about your business and the economy. Will you freeze, fumble, or be able to fight, focus, and adapt?
“Do not freeze. This is not the time to freeze. This is the time to double down.” Roland Frasier
We are sharing this episode on March 23, 2020, amidst the Covid 19 pandemic. But there’s no panicking here. Instead, Roland shares SOUND strategies and counsel from experience (and from history).
If you’re enjoying the podcast, make sure you’re subscribed and share this episode with your business leading friends. It will be entrepreneurs that help our world recover!
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Four Things You Can Do Right Now To Help You With Your Finances
1) Maximize your credit – listen for this ex-bankruptcy lawyers’ advice on getting the cash you need to push through this time.
2) How to cut what you need to cut, and make the hard decisions so that you have room to breathe. “There’s so much fat in so many businesses.” Perry Belcher
3) Integrate bartering and trade into your ecosystem.
4) Accelerate your cash collection by reaching out with discounts for early pre-pays.
What To Do Over The Next 90 Days With Your People
• For your Team: Why (and how) you MUST talk to them.
“It’s really important to communicate with your team…Even if you’re scared, you still need to lead. You are leaders…” Roland Frasier.
• For your customers: Exactly how to handle it when clients and customers are freaking out.
“Get ahead of the cancel” – Roland Frasier.
• With Your Suppliers: Talk to them about deferring payments, OR, buy at a discount! If you can pre-pay (at a discount), do that. People are open to it.
• With Your Lenders: It’s just plain smart to restructure your loans and debts right now (everyone is open to it!), and rates are low.
Operations! What To Do Right Now
• Hold on to your personnel.
“Please don’t let go of good people. Those people are having a harder time than you are.” Roland Frasier
• If you’re having a downturn, now is the time to cut the chord and do the tech deployments and migrations that you’ve been knowing you wanted to do anyway.
• Use Company Time Well! If you have a downturn, consider working on SOP’s, the employee training you’ve wanted to do, and it’s also a great time to work on automation.
“Last But Not Least, BUY! Buy media assets, buy blogs, buy web sites, amazon accounts – anything that is going to help you get what you need for your business. This is the time because those that are not going to survive are giving it away for next to nothing”. Roland Frasier
How To Approach Marketing Over The Next 90 Days
• Why you need to ‘Lean In’, double down and increase your ad spend.
• Learn from Kelloggs in the Great Depression, Volkswagen in the Oil Crisis in the ’70s, Taco Bell and Pizza Hut in the 90’s, and Amazon in the Great Recession (2008).
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