Surviving Tight Times

09/25/2008

The quality of life is in proportion, always, to the capacity for delight. The capacity for delight is the gift of paying attention.
May Sarton, 1912 – 1995

Unlike Wall Street billionaires, when our small businesses struggle, there is no good fairy waiting to bail us out. In times of economic stress, the leader of a struggling organization undergoes considerable emotional stress. The Exchange article, "Surviving Tight Times, What To Do When the Money Runs Out" offers this advice...

"Al Masini has observed that nothing raises the energy reservoir like success and nothing depletes it like failure. Working hard on a venture that is taking off is exhilarating, but slaving away on a venture mired in red ink is enervating.

"Worrying about money for weeks on end is mentally and socially taxing. After a while you eat, sleep, and drink cash flow. All you can think or talk about is whether you can meet the payroll on Friday. You end up being a not very fun person to be around. Having creditors insult you, swear at you, and threaten you gets to be a drag. Friendships turn sour as you fall behind on financial obligations. As Orson Welles remarked, 'When you're down and out, something always turns up — and it's usually the noses of your friends.'

"What often determines whether an organization survives a financial crisis is the tenacity of the persons at the top — their ability to endure all the strain and work effectively toward a solution.... Not only must the leaders of the center hang in there, but they also must maintain a positive public attitude. Although your inner self may be crying out for pity, you can't afford to cry on the shoulders of your customers or your staff. If parents get the message that your center is on the rocks, they will start looking for a more stable child care arrangement. Staff, likewise, may start abandoning a ship that they believe is sinking.

"This is not to say you should deceive parents and staff into thinking everything is rosy. If you don't say anything, rumors of all sorts will start flying as soon as the first signs of red ink appear. When you are about to experience an extended dry spell you should inform staff and parents in a businesslike manner that cash flow difficulties will call for some careful budgeting over the coming weeks. But assure them that the long-term projections are positive, so that any inconvenience will be temporary."

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