Back in the late 00s, my agency at the time was struggling through the global recession. Our model included print management which would leave us responsible for paying printers long before our clients paid their final invoices. Throw into the mix clients disappearing, staff cost, rent, rates etc and you can see how quickly debt can form in your business.
I share what we did when the going was tough:
- Talked to suppliers and made arrangements
- Cut out irrelevant costs
- Cut costs in personal spending
- Reduced what we drew from the company
- Consolidated some debts into one loan
- Converted some staff members to contractors
- Switched to a supportive accountant
If you are in financial trouble in your agency, don’t try to ignore it. There is a way through this. Reach out if you are struggling and need somebody to talk to in the DMs of this page.
Episode 255 – Managing your agency finances: https://trailblazer.fm/managing-your-agency-finances/
Episode 261 – Managing your personal finances: https://trailblazer.fm/managing-your-personal-finances/