“We WILL get through this together.”
Here are some tips to work through this:
- Every Expense: this means every single expense needs to be looked at. Nothing is off limits.
- Make Sure You Define Essential The Right Way: essential expenses are not those that you “want” – it is those that you “need” – really need. You have to really think differently about what is really necessary.
- People Decisions are Emotional – But They Must be Made: laying off employees or asking them to take less pay is really hard. But you have to address these costs. We have a bunch of ideas in this section to help you but it can’t be “expenses other than employees.” It goes down again to what costs are essential.
- Negotiate (and Re-Negotiate) with Vendors: in this section we give you a bunch of techniques to negotiate with vendors. Many are happy to have your business at any level so you may be able to get free or heavily reduced amounts from existing vendors of all types.
- Spread out Payments: you will have options to spread out payments.
- Don’t Pay Anything Until You Negotiate: almost all vendors – including banks and credit card companies – are allowing for deferrals. This can reduce your expenses.
Your goal is $0 expenses for the next few months. Do your best to get there quickly.
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