I know you are scared wondering how you will pay your bills. It is helpful if you get unemployment, but many independent event planners have yet to receive unemployment. For many, any savings or cash is long gone.
Fear is setting in. Many are asking what they should do?
Do you curl up in a fetal position and quit OR do you fight and win?
Time to fight
When I served in the Israel Air Force during the Gulf War, I learned about planning for alternate scenarios (Plan A, Plan B, and Plan C). When the pandemic happened, I created a plan and executed it.
For Israelis, such as myself, negotiating rates is second nature! We do not know how to buy retail, and we always ask for a discount.
I am aware that some of you may find this hard to do, but this is NOT the time to have an ego. You need to reserve your cash!
It can take hours over days to make all the phone calls, but it is worth it for your financial life. I assure you it will pay off and you will survive financially!
These are a few tips to implement during the pandemic.
First: Be nice
People want to help people that are nice to them, so be extra nice. I suggest starting the conversation, “Good morning, I am [insert your name], and thank you for taking the time to help me during this difficult time. I know you must be exhausted from all the calls. I need your help. I lost my income, and anything you can do would be most appreciated.”
Second: Keep a Record
Keep a record of the conversation, date, time, and the name of the person you spoke with on the phone.Third, create a checklist
For example:
Personal Life
State social services: Apply
- Federal health insurance
- Food stamps: Apply
- Electrical payment assistance:
- Federal and state government mortgage assistance
- Your mortgage company: Defer payment.
Contact: Religious institutions, including churches and synagogues
On Going Bills Including Medical: Review, evaluate and call for a deal
Home Security Company: ADT reduced my rate from $30 a month to $10
Credit Cards: Negotiate better interest rates and even stop payment for the month. Some of them you will have to call every month.
Cancellations: Just remember that there will be a re-activation fee.
Professional Life
Vendors Negotiations:
- Call everyone and negotiate fees.
- Phone lines: Most companies will offer a discount. Mine offered me $10 discount on each line for the entire time. This alone save me over $2000+ for the next few years.
Rent for office space or executive suites (virtual office): Re-negotiate, cancel, or suspend.
Insurances: Company and Car
Suspend, cancel, or negotiate a better rate.
Grants: Apply to all of them
- Medical Grants for Hospitality Industry
- Artists Grants
- Hospitality Grants.
- Employer Grants
- Research online, ask a friend. There are many and apply to all of them.
SBA Loan and PPP: Apply to all of them. Additional details will be offered on our webinar June 12, 2020. Click to register.
PPP – Big banks forgot about the little guy, so if you have an account with them, it will be hard to get a loan. Try applying to local banks and ask to speak with the manager.
Lastly, NO EGO
Ask your friends and family for some help. I know it is hard, but this is life, and it is not your fault. You are not a failure. No one saw this coming. Put the request on your personal Facebook to a few people you trust, send a few texts, and reach out to good friends. You will be surprised at how many people will help. Remember, it is about paying your bills and surviving this until business picks up again.
More detailed information will be discussed on our live webinar
Coronavirus Dialogue Series: BIG Savings Money Tips – Business & Personal
Date: June 12, 2020
Time: 01:30PM - 02:30PM
https://academy.mpiweb.org/mpi/live/3109/page/13084
Remember, every dollar saved matters. It all adds up in the end!
Happy negotiating!
MPI Women Community Sponsor
