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Dickens famously said, “It was the best of times, it was the worst of times” … well what about in the most uncertain of times, Charles? You’ve lost sleep, you don’t know who to lay off, or rather, who to furlough, or to continue forward praying the funds from this Stimulus Package kick in quick to cover your payroll, rent, utilities, etc. these next couple of months.
From our agency network of CEOs, Presidents, and Partners alike, we want to let you know that you’re going to make it through this. We survived the ’87 crash, 9/11, the great recession between ’08-‘09, and now we will survive this. You may lose some employees, clients, and some years off the back end of your life, but hang with us because we will say it again: YOU’RE GOING TO MAKE IT THROUGH THIS. As a fellow agency owner, we want to clue you in on the numerous discussions we’ve been having (through Zoom of course) these last few weeks as MAGNET.
If you’re near the 10% number, consider that a major win right now. Many agencies are down 25-30%. We heard through an agency consultant (outside of MAGNET) that some of his clients are down 60-80%. Unfortunately, you may have been your client’s first phone call. They got the go ahead from the C-Suite to freeze budgets until there is no longer the unknown. You were hoping that was the only call you’d get. All of the sudden, your account people are blowing up your email with more clients cutting or “postponing” budgets. At this point, if postponing until Q3/Q4 really is true, that would be the best thing our industry has going for it right now. A true marketing blitz would occur across the world.
But we can’t be hopeful right now; we have to stay focused and in the moment. It’s our responsibility to put roofs over our employees heads. Thanks to this Stimulus Package that was passed last week, you’ve got some time.
See the below two screenshots of a webinar that was put on by Cohen & Co. out of Cleveland regarding the ins and outs of the Stimulus Package.
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