Home – New Forums Money matters Our Stories – Facing The Pandemic

  • This topic is empty.
Viewing 15 posts - 16 through 30 (of 60 total)
  • Author
    Posts
  • #1222851
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::
    heylouise, post: 269088, member: 79034 wrote:
    I’m spending an increased amount of time creating helpful content for those transitioning to selling online. I realise this is a slow way to build up business, but it’s what I’m good at.
    Many subsequently develop e-books and/or courses based on all of the work they have put into the content.

    I have personally spent roughly 20 hours in the last 2 days updating my website – it needed it :-). More to come too.

    Cheers

    #1222852
    Blueedge
    Participant
    • Total posts: 47
    Up
    0
    ::

    I feel so sorry for small business right now, a lot of them won’t be able to take a wage and be struggling to keep afloat, let alone do what they may need to do to grow their business. For us, we made the decision last year to remove all our Super from the UK and use it to buy solar, batteries and an electric car. Fast forward to tax time and it looked like we’d made a huge mistake with a big tax bill. (I know, stupid spending huh??) Anyhow, hindsight is a wonderful thing, now though, with the fall of the share market, we realise that it was in fact a good thing to do. Our UK super accounts would have been decimated beyond any increase due to currency fluctuations and tax paid. There wouldn’t have been anything to bring over.

    Now, the business is doing okay, we sell mainly to small business and older crafters/card makers so that could get a bit tricky in the coming months. Our cash flow is pretty good because last year, I made a conscious decision to try and manufacture our own products and buy from Australia wholesalers. This will hopefully prove to be a good thing in the coming months. We’ve been an online only business for 20 years so as long as people feel secure enough to keep buying and Australia Post continues to deliver, we should be able to ride it out until we retire – if there is going to be such a thing.

    #1222853
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::
    Blueedge, post: 269100, member: 2563 wrote:
    We’ve been an online only business for 20 years so as long as people feel secure enough to keep buying and Australia Post continues to deliver, we should be able to ride it out until we retire – if there is going to be such a thing.

    I hope the same for you!

    When there is market volatility, there is opportunity. Every crash has been followed by a rebound at some point.

    I hope our members here at Flying Solo each find a way to come out the other side in some form of good shape.

    For some, I am sure it will be, “I learnt a valuable lesson…”

    Cheers

    #1222854
    Daniel Courtney Gallery
    Member
    • Total posts: 21
    #1222855
    Marisa Lawlor
    Member
    • Total posts: 6
    Up
    0
    ::

    Hey Paul,
    It is really interesting reading. Every single one of us is affected by the same crisis but every single consequence is different.
    I have a small Pilates, Barre, Yoga studio in Melbourne’s Inner North. Thankfully I can still keep classes going but with a max of 8 people per class and every hygiene measure I can think of to reduce contact with any surfaces other than the mats and props they bring in themselves. Our community is incredibly supportive and not cancelling memberships so far.
    Our attendance is very low but we are hanging in there and laughing and smiling as much as we can.

    I am now streaming classes through a private facebook group for my paying participants which is not ideal but enough to keep the ball rolling whilst I set up something better.
    And really, getting the technology right is my biggest challenge and my next step is to reach out to our group to do this.
    Each day presents new challenges and variables but my aims are staying the same and having this focus is helping

    • Keep people moving to maintain physical and mental health and wellbeing.
    • Keep my contracted instructors in whatever work I can for as long as I can.
    • Be generous and kind in what I can offer for free and realistic in what I need to be paid for to survive this crisis.

    I am sure that I am not alone in saying that my brain does not stop. I am learning so much. I said to someone this morning that running small business right now is like being the Ring Master, Clown, Acrobat, Juggler and Lion Tamer in my own circus

    I have to remind myself every step of the way to stop, breathe, stop and then step slowly. Hoping fellow soloists can do the same.

    #1222856
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    Hi and welcome to Flying Solo [USER=111128]@Marisa Lawlor[/USER] .

    What you are doing is textbook. I am sure you have also had early talks with your landlord or bank about rent relief should things not stay the same.

    Things are changing, hour by hour it seems so being prepared is key.

    Before you are through, you’ll feel like the lady with two heads, I am sure.

    Cheers

    Paul

    #1222857
    Marisa Lawlor
    Member
    • Total posts: 6
    Up
    0
    ::
    Paul – FS Concierge, post: 269108, member: 78928 wrote:
    Hi and welcome to Flying Solo [USER=111128]@Marisa Lawlor[/USER] .

    What you are doing is textbook. I am sure you have also had early talks with your landlord or bank about rent relief should things not stay the same.

    Things are changing, hour by hour it seems so being prepared is key.

    Before you are through, you’ll feel like the lady with two heads, I am sure.

    Cheers

    Paul
    At least that might give me more brain power!

    #1222858
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    Update:

    I have lost about 10% of my business and counting. As the conditions change everyday, so does the operating landscape.

    Some of the stories my customers have are heartbreaking.

    One bought a thriving restaurant, probably for top dollar 9 months ago. Now gone temporarily.

    One operated a sports centre and saved enough to buy another but only last November. Government ordered shutdown.

    One international school opened a big new campus 12 month ago. They have have decided to do everything online. They have a lot of international students are facing a huge lag to recruit new international students when travel restrictions are lifted.

    One resort’s occupancy is down to 20% – it normally sits at 90%+. Things will get worse. They have been forced to close the pool due to having to have a dedicated staff member monitor social-distancing. They can’t afford it.

    Another restaurant is trying to hang on. They were a big hit. The original owner operated a another very busy restaurant employing 70, opened this and a cafe in another suburb.

    The cafe was opened just a month before his partner was due to give birth to their first child.

    These are stories of Blood.Sweat. Tears

    The good news for my business is that the Government Stimulus Money for Small Business is likely to be much higher than I anticipated.

    Still.

    #1222859
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    From an email I sent:

    Cash Flow has not ever been your friend, always your enemy.

    You needed two good years to get out of the cash flow hole and begin operating in clear air.

    You didn’t get it.

    You are “All-In” because circumstances (the virus) has put you there.

    In these times, everything is on the line. Time to go into survival mode because at stake is:

    1. Your Family’s Financial Future
    2. The business you have built through years of blood,sweat and tears
    3. The Partners Future
    4. Your Employees future

    Here is a really simple framework to put in place but one that is right for the times.

    Put number one first, number 4 last. It doesn’t stop you from caring but if you don’t survive, none of the others will either.

    For every decision you take with a financial component, ask, Does this decision improve the chances of the Company surviving, have a neutral effect or decrease the chances of survival?

    Really big decisions can go beyond the company and threaten you family’s financial future. Ask, Does this put my family’s financial future in jeopardy? If it does, it’s worth fighting for amongst the Partners and considering the alternatives, even if they are unpleasant if, you can’t get your way…

    #1222860
    Daniel Courtney Gallery
    Member
    • Total posts: 21
    Up
    0
    ::

    Hi Paul,

    We ended up standing down our staff and closing with Monday our last day. Were losing too much money.

    I’ve heard on the grape vine that gov is talking about rental freezes, but there was meant to be an announcement about it last night from Slomo and it didn’t happen.

    It’s our only hope of emerging on the other side.

    #1222861
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::
    Daniel Courtney Gallery, post: 269162, member: 113302 wrote:
    Hi Paul,

    We ended up standing down our staff and closing with Monday our last day. Were losing too much money.

    I’ve heard on the grape vine that gov is talking about rental freezes, but there was meant to be an announcement about it last night from Slomo and it didn’t happen.

    It’s our only hope of emerging on the other side.
    Hi Daniel,

    That is devastating for you and your staff.

    We might run businesses, but out stakeholders are always human.

    These are human stories.

    They ways things change so rapidly, who knows if you will get some relief from a Government announcement soon.

    I hope for you that you do.

    Your head must hurt now from the stress of the decision you have faces. It must hurt a lot.

    But now is a time for a practical plan to salvage what you can going forward. If you need to go on income support and qualify, do it today if you haven’t already done so.

    Don’t wait.

    And reach out to others if you need support emotionally. No man is an iceberg.

    I hope you are going to be fine Daniel.

    #1222862
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::

    [USER=28171]@Rowan@quaotic[/USER] – Have you had any good news?

    #1222863
    Rowan@quaotic
    Participant
    • Total posts: 712
    Up
    0
    ::
    Paul – FS Concierge, post: 269218, member: 78928 wrote:
    [USER=28171]@Rowan@quaotic[/USER] – Have you had any good news?

    After taking the seats out of my minibus I have started getting some small delivery orders. It is a slow start but as people get to know and more people are staying home I expect it will pick up. I have an exemption to cross the SA border to pick up and deliver essential supplies which a local medical clinic has taken advantage of already, though I gave them their delivery on the house as it was emergency medical supplies they needed in a hurry.
    Small stuff yet, but, yes, I think I can make a go of this.

    Thanks for your concern :)

    #1222864
    bb1
    Participant
    • Total posts: 4,485
    Up
    0
    ::
    Rowan@quaotic, post: 269240, member: 28171 wrote:
    I gave them their delivery on the house as it was emergency medical supplies they needed in a hurry.

    Great PR that, in particular in the current situation

    #1222865
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
    Up
    0
    ::
    Rowan@quaotic, post: 269240, member: 28171 wrote:
    Small stuff yet, but, yes, I think I can make a go of this.

    Thanks for your concern :)

    Thank goodness. I am cheering you on on the sidelines as I am sure all the regular members and staff here are.

    People of your community will remember the service you have provided and good deeds done in difficult times. That can only help your future along.

    Well done.

Viewing 15 posts - 16 through 30 (of 60 total)
  • You must be logged in to reply to this topic.