Building an agency isn’t without its challenges and risks.  Going into business for yourself means you’re already taking on more risk than most of the population.

While we love to focus on how amazing it is to run an agency and how big the business opportunities are, sometimes it just doesn’t work out that way.

I’ve found myself in a fair number of tricky situations where expenses were high and cash flow was down.

While it’s never fun to be short on cash, the bigger you get the scarier it gets.

But without risk there is no chance of great reward.  As a result, my business partner AJ and I have become pretty good at pulling “hail mary’s”

For the uninitiated, the “Hail Mary” pass is that last second, long shot attempt for a losing football team to come from behind and win the game.

In business, we’ve been days away from having to make payroll and what was in the account wasn’t going to cut it.  We’d have to scrabble to put together a “hail mary” to save the day.  

While the best plan of action is to build your business so that you’re not having to pull a hail mary, still knowing how to throw a hail mary is a skill that every agency owner needs to have in their back pocket for those rainy days.

If you’re finding yourself in a situation where you need a quick burst of cashflow in your agency, here’s my plan you can deploy right now.

Step 1: Breathe.  Relax.

Did you know one of the main skills astronauts train for is their ability to manage stress and be calm under pressure? Makes sense, right? The conditions they are operating under can be life threatening.  How they respond under pressure makes a big difference in the outcome.

If you’re under pressure right now, the first thing you must do is relax.

I want you to know there will be easier and happier times.  The stress you’re under right now will at some point be gone.  Think of a happier time in your life or business.  If your business isn’t feeling like that right now, understand you can get back there, and even better… you will get back to that state.

So, take a deep breath and acknowledge this is temporary.  This is temporary.

This is the best state of mind for you to be in right now.

Step 2: Understand What You Can Control

When cash is slow and new projects aren’t coming in, the most important thing you can do is understand what you can control and what you cannot.

You are 100% in control of your own actions. You are not in control of what other people do.

As much as we wish a client would hire us, or our phone would ring with the next big project, we can’t control that directly.  Instead, we can control the inputs and actions to help those things happen.

So, what actions can you take now?  Let’s keep going…

Step 3: Who Owes Me Money?

One of the often overlooked resources agencies have is their accounts receivables.  If there is anyone who has an outstanding invoice, pick up the phone and see if you can get that cash collected.

Similarly, if there are clients who have open projects but their invoices are not yet due, give them a call and ask them if they want to make early payment.  You might even choose to offer them an incentive to do so.

Step 4: Mine Your Past Proposal & Current Clients

Who have you given a proposal to in the past and who are you working with who might need additional help?  Make a list of all the people you’ve ever worked with or given a proposal to.

Call them and suggest a meeting to catch up on what is new in their business.  You don’t need to over think this – this is relationship building 101.  When you get to know your clients at a deeper level, you never know who’s either ready for help or who can connect you to your next big project.

Step 5: Mass Email Your List

If you don’t already send emails to your clients, prospects or email list on a regular basis, now is the perfect time to start.  My favorite way to activate my email list when I’m looking for lots of activity quickly is to send what I call a “reply back” campaign.

It’s simple.  Just send an email educating a client about something you do and then ask them to reply back if they’d like more information.

It could be as simple as using Dean Jackson’s infamous 9-word email:

Subject: Joe…

Are you still interested in getting more 5-star reviews for your business?

Step 6: Who can you surround yourself with?

Jim Rohn says, “You’re the average of the five people you spend the most time with.”  If you’re finding yourself in a tough situation financially, it’s time to switch it up.

Get out of your routines.  Hang out with different people, get out there and network.  Go visit that business networking group which you’ve avoided going to.  Show up without expectations.  Go to learn and get yourself in a new environment.  Be open to the idea that there are opportunities all around you, right outside your door and your comfort zone.

Step 7: Take Care of Your Human

Last, take care of yourself.  If you’re looking for a straightforward way to start your day and bring momentum back into your life, you’ve got to check out one of my favorite books, The Miracle Morning by Hal Elrod.  

In the book, Hal shows what he sees as a “not-so-obvious” secret that is guaranteed to transform any – or literally every area of your life, faster than you ever thought possible.  It’s a morning ritual that only takes 6 minutes a day.

It sounds too good to be true, right?  Well before any doubt or negativity enters your mind about this, consider picking up a copy of his book.

This is a recipe I’ve seen work in my own life as well as many of the students I’ve personally coached in these situations.

If you’re having to throw a hail mary, I hope these tips help you.
Remember, I’m on your team.  Make sure you’re in our free group for agencies where our community comes together in situations just like these.  Head over to groupforagencies.com and let’s tackle this together.