Unlike the Airline business, there will be no bailout for those of us making a living in baseball. If you're not the Yankees, chances are you're like us. You have a small business that has some reserves on hand, but you're dependent on cash coming in the door to pay your staff, your rent and yourself, most likely in that order.
We are not alone. About half of the US workforce is employed by or owns a small business that has an average cash buffer of 27 days. Covid-19 will not be a 26-day problem, so there is no sugar coating this - collectively, we are in for some tough times. Tough times call for plans and difficult choices. We took a look at where we are, the impact of the coronavirus and our next steps to our Opening Day. We hope this can help you plan and react.
The first thing that we need to do is visualize the day that this will be over. It will happen. We need to remind ourselves why we do what we do. We work with great people - passionate coaches, scouts, players, parents, product developers and yes, even marketers. Think about the crack of the bat, the pop of the glove, the sound of metal cleats in the parking lot and the roar of the crowd over the smell of hotdogs.
We're not crisis experts, but collectively we've led large and small businesses through some very difficult times. Intellectually, we all know this crisis will be over at some point, but emotionally many of us are stuck at a chasm wondering what the hell life will life be like when it ends.
We started with Ben Franklin's - "If you fail to plan, you plan to fail," and used it to build a bridge over that chasm to a better, healthier and successful tomorrow. Here's what we've done/are doing:
1) Negotiate/Cut Expenses - We had very realistic conversations with our landlord, software and credit card companies. We negotiated new terms for the next 6 months. reducing payments now. We cut cable, pushed to internet only. We looked at every expense item. If it didn't benefit our customers we cut it. Yay tapwater! Labor moved to free-lance model and we then re-calucluated our baseline expenses That gave us some breathing room.