I’ve been thinking about this lot lately.
I mentioned it in last week’s post too, but this is feeling a lot like 2008. Meaning sales are still happening, but not as many.
My personal thought is that we need to be prepared for 4-6 months of minimal income. Even if the stay in place order is lifted on May 4th, I think it will take a while for things to get back up to speed.
For the record, I’m 100% okay with being wrong. Nothing would make me happier than to see things pick right back up on May 5th with the real estate market going full steam ahead.
But in case it doesn’t, how can you make smart moves now, without getting caught up in doom and gloom? Because there are still sales to be done.
First: Plan your cash flow and then let it go.
Don’t obsess about finances every day with a huge sense of lack. However, now is a good time to get real about your spending. So many things are closed right now that it’s pretty easy to dial things back, but what about when things start to open up? If there is a lag time between your business getting up to speed and everything being open it’s easy to burn through money that you don’t have.
Here are some things you can do right now to set you up:
Review your subscriptions. Chances are you have a couple that you forgot about and don’t even use. Even $20 a month adds up. If you don’t use them, cancel them.
Get real about your monthly expenses and how much cash you have on hand. Is that enough? Do you need a line of credit?
Be intentional about how you spend your money. I’m a big believer in supporting small business, restaurants, etc, but be mindful about it. Set a budget on how much you are comfortable spending each week, and stick to it.
Once you’ve done these things you have your framework for going forward. These steps are meant to empower you, so that you are making conscious decisions vs spending randomly and hoping for the best. After that, don’t worry about the money.
Now it’s time to focus on serving your clients and selling houses. Focus all of your energy on manifesting what you want to create.
Double down on your affirmations
Smile anytime you see a house go pending, because it means the market is moving.
Make your phone calls and stay connected.
Dedicate 1 hour a day to upping your game – the Ninja webinars are great, become a transaction desk wizard, update your database, etc.
Find a way to brighten peoples day. We all need it right now. Send a note card, deliver cupcakes, make it your mission to make someone else smile today.
Pay attention to what you are reading, listening to, etc. Your mindset matters now more than ever.
Wishing you the greatest of success now and always!