Tuesday, October 27, 2020

Kristine Rush’s Sound Advice in These Trying Times

Kristine Kathryn Rush's advice that applies not just to a freelance business or a commercial enterprise, but also to households:

At a minimum, draw up an income and expense sheet.
  • Predict how that sheet will look a month from now.
  • Predict how it will look six months from now.
  • Predict how it will look a year from now.
  • Predict how it will look five years from now.
Review those sheets every two weeks. Make changes as needed.

Businesses (and households) that have those sheets will do better economically than businesses that don’t have those sheets. That small bit of information and prediction will allow the business to remain nimble.

In addition, you need other things:
  • A plan for a bad scenario (losing your best client, for example, or your job).
  • A plan for a good scenario (getting additional income, which might result in more work).
  • A plan for a great scenario (more work than you can handle—which can be dangerous to an unprepared business).
  • A plan for the worst-case scenario (loss of a key employee, loss of a year’s worth of revenue like many arts venues are facing right now, and more).
If you do these things, you’ll be better off than people who don’t do them. You won’t scramble when the bad things happen. You’ll have a possible solution, which will give you something to start with.

You’ll find similar advice in "The Freelancer’s Survival Guide". You’ll also find advice like it in business blogs and articles across the web.  The one thing you won’t find, though, is this:

Learn how to pivot.  Sometimes I call that being nimble.  But it’s more than that.  At least you’ll have a game plan to haul out should the going get rough (or get worse).

Read the helpful article here:


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