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Play the long game (long-term planning for your business)

blog Apr 08, 2020

You got to have a long-term plan.

Yes, things are bumpy right now!
Most gyms are closed, you can't train anybody.
People are trying to do things online and lot of stop gap measures, but you have to always have a long-term plan.

In 2018 when I gave my keynote speech at Combat Business LIVE New Orleans, I talked about being ready for the next recession, making sure you have that six to 12 months emergency funds put away, lines of credit, all those things.
So if you did that, you're going to be okay.
You just got to play the long game.

Yes, the next two or three months are probably going to suck, but on a 12 to 18 month cycle, it's not going to be that bad. But know that there's going to be a little bit of a bump.

If you didn't get to plan ahead, and you're in a lot of trouble, here are a few things you can do for now:

 stay on top of all the government stuff with the Economic Injury Disaster Loans (EIDL),
→paycheck protection program (PPP)
→reach out to your banker, get a few stuff set up
→Do anything you can because it's the first time ever that small businesses are getting bailed out.

In 2008, we survived that recession. And we didn't get anything! It was like, "Hey, good luck." So the list of things I've listed above could be of great help to you and your business. 

I don't know what the dollar amounts are going to be or what you're going to get, but get whatever you can from the EIDL and the PPP. That way you can weather the storm because it's going to be bumpy, it's going to be up and down! There's going to be good and bad, but over the long term it's going to be fine. It's not going to be anything major unless you're not equipped. (If you don't fill these things out and then you do go under, then it's a whole different story.)
So, long-term planning, always thinking of the next recession, BE READY FOR IT!

These things happen every, five to eight years. We've been lucky it's been 12 years. So take advantage of any opportunity you can with all the small business relief that they've got out there. And then, when this stuff does settle, then really take some time and really start to put some time working on your finances, understanding where you're at and where you can get better.

So get out there, keep putting out content and ads are at an all time low, put out awareness content, let people know you're still around.
And be ready to ramp it up once we get the green light to reopen.

 



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Hang in there!

Paul Halme | Combat Business