We’ve all found ourselves in difficult financial situations, and we all know how fiscal pressure can tempt one to lower one’s standards and compromise in certain areas out of simple desperation and the urgency of the moment.
…And we have all found out how that backfires.
Like a wild animal, money runs away when you chase it; you have to lure it, entice it, attract it with value, and never compromise your standards.
Sell Up!
When we’re feeling down and the wolf is scratching at the door, it’s natural to “sell down” – we approach other broke and frantic people instead of “Selling up” – seeking out people who are more successful than we are at the time.
Note I said, “at the time.” Being broke is a temporary situation – remember that.
Everyone has been there, and there’s no shame in facing the odd storm; it’s HOW you face the storm and the reactions you choose under fire that will determine how long the storm lasts. You get to know yourself and others under pressure; you find out how tough and motivated you really are.
Turning A Tough Situation Around
The key to turning around a difficult cash flow predicament is to get a strong trunk out of the basement, find a solid lock to put on it, and stuff your bruised ego and emotionalism into that trunk until you recover.
Being objective and clear-headed is essential and that’s where it’s valuable to have access to an objective, successful mentor or friend who can keep you from rushing out and making a fool of yourself. Desperate salespeople seldom make sales, but they do make a lot of enemies.
- Be prepared to walk away from any deal.
- Be low-key.
- Remain relaxed, professional, urbane, and at ease.
You Set the Standard
When I ran a hotel for a smart hotelier who was an even smarter entrepreneur, he told me,:
“Robin, no matter how urgent a matter is, even if the hotel is on fire or the chef is murdering yet another waiter, you must NEVER RUN.
You will walk in a stately manner, like a gentleman taking his leisurely constitutional.
Be professional and in control at all times, since you set the example and the standard for the entire staff and the guests.”
The Money Will Come
Most important, don’t hide from your creditors. Keep contact, offer payment schemes, communicate, and remain confident and self-assured at all times.
Think big, be flexible, and take the advice of your mentors, but don’t do silly things that will haunt you for years. Create the value that will attract the money.
Discipline yourself to be patient and consistent, and the money will come.
