Page 32 - COVID-Proof-Your-Agency

Chapter 4 – Take Action | Blew, Caldwell, Masiello

There will be more talent available in our economy in the coming months as this crisis recedes

than there has been in the last generation. Is this the right time for you to upgrade the talent

capabilities on your team? Writing new business is going to be crucial in the coming months. If

you have not been an aggressive new business agency, now is the time to transition to a sales-

focused organization. Do your digital capabilities need an upgrade? Digital isn't just social

media, it's now marketing, sales, service, and operations.

Are there plans and improvements you’ve wanted to make in the agency but never had

the time? Now is the time to implement those “back burner” ideas.

Can you reduce expenses in your agency, bearing in mind that all things being equal,

you're likely to see a reduction in income over the next year? What expenses do you have that

you can live without? Take a careful look at your travel and entertainment expenditures. Is it

possible that you can negotiate with your landlord for lower rent? Is now the time to buy a

building for your agency? Or is it the time to move to less expensive office space? What about

the SBA and the CARES loans? Did you take advantage of those? What must you do to

maximize the loan forgiveness provisions of those loans?

Did you have a business line of credit? When you went into this crisis, would having a

line of credit have given you more confidence at the beginning? Would it be useful to you in the

future? Now is the time to fix that. The thing about lines of credit are that when you need them,

they're not available. It's too late. So, is now the time to have a conversation with your banker

about structuring safety valves?

Both opportunities and crisis demand having ready access to cash. Lines of credit help

here but a strong balance sheet helps even more. How can you make changes to build cash now?

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