2020 has been a year that has been financially rough for many companies, organizations, and individuals. There have been many factors that have hit all of us collectively very hard. In the end, it doesn’t matter if someone is an individual who is working fewer hours/has been laid off or a large organization which is worried they may have to file for bankruptcy.
If you are facing a financial challenge it can feel like all your dreams have now become impossible. As the song goes “Money makes the world go round”, so if you are without money it can be hard to think about possible solutions and not get lost in panic or stress.
If you are someone in this situation, don’t panic, here are some step by step tips to help you get through this moment and this year.
The first step is to see what financial options are available to you. What if any money do you currently have available in savings? How quickly do you have to make your financial choices? Do you have outstanding bills right now? Can you work with any of those you owe money, such as working with your electric company or landlord to create a payment plan that would work for you right now? Can you reach out for bank loans, payday loans, grants, or government assistance to help you get over your current financial hurdle? Many organizations are willing to work with you because they are aware of how challenging this year has been for so many. Asking these questions is the first step because taking an honest look at where you stand and what options are available to cover your short term bills right now will help you plan the next steps. Most of us have access to temporary income streams which can give us the space we need to breathe.
Once you have sorted out how you are going to stay afloat in the short term you can move on to thinking long term. Often to bring in long term income either as an individual or as an organization it comes down to thinking creatively. How can you offer more services at a higher price point? Can you turn to alternative fundraising avenues and crowdsource the income you need? Often one of the big challenges of fundraising is getting your services in front of the right audience. There is someone somewhere out there who loves your dream and wants to support it financially or with their skills and talents but just does not know you are doing the work. This leads to step 3.
Finally how you market yourself, your products, or your services has a large impact on if you will be able to finance your dreams. One of the most useful skill sets you can pick up is communication skills. Customers, clients, or even just family and friends want to know they can trust what you say. The clearer you are on what your dreams are and the better you are able to articulate those dreams to others the more success you will find financially.
So if like so many 2020 has been a rough year for you financially it can seem overwhelming. But the solution is a simple 3 part plan, to find short term funds, creativity creating new funding streams, and then learn how to market yourself to the people who would love to hear about your dream for the world. You may have to pause, breathe, and reevaluate but your dreams do not have to have been knocked out.
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- Book: The Last Chance Millionaire
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