Latest advice for Creative Agencies

A few things that have started to come back to me from speaking with other clients:

1. Getting cash in has become an issue for some, as some clients are clearly in a desperate situation and are struggling to pay or are unwilling to pay to protect their own cash flow. 

This s a priority. Best to pick this up as early as possible. Talk, negotiate - something now is better nothing later.

2. They’re making plans to furlough staff using the Job retention scheme

This is a good article - https://www.peoplepuzzles.co.uk/news/coronavirus-job-retention-scheme-furloughs/

Some have broached shorter working weeks / salary reduction with their teams - there has be very little push back.

Whilst this might seem unpalatable - if your income has dramatically dropped - you need to manage your main cost - staff. If you run out of cash - the business will NOT be there on the other side of this.

However, these are real people and they need to be reassured, looked after and it’s your duty to do so.

3. Keeping a strict routine is really helping - encouraging staff to do the same - regular virtual meetings and as much human ‘virtual’ contact as possible.

4. Most have now completed outline budgets for 1 months, 2 months and 6 months some even stretching beyond that - looking at worst case scenarios and as many variants as they can.

? Most have spoken with their landlords to reduce what they have to pay either - rent holiday (deferred), free rent for a time / reduction

? Most have stopped none-essential overheads

5. Keeping comms with the staff - tell them what your plans are - they’re grown-ups they know things are bad and they are desperate for clear and decisive leadership from you all. They all want their jobs when this is over.

6. They’re taking time to improve the business: 

? Long overdue systems improvements

? Staff on-line training

? Self initiated projects

? Working with clients to look at self-initiated schemes

? Starting to envisage what a post Covid-19 World might look like

7. Self-care - most of all, look after yourselves. Keep healthy, exercise, eat well, sleep well, stay positive and focussed.

You’re all amazing people with amazing businesses. How you deal with this traumatic period will determine your future.