154: How to Prep for an Economic Downturn

You guys... what in the holy hell is going on??!? COVID-19 is hitting us all in the event industry HARD, and now is the time to look at your business and adjust as best you can. In this week's episode of the This Week In Weddings podcast, we're chatting with Michelle Loretta about ways to prep your business for the economic impact of the coronavirus.

About our guest:

Michelle Loretta is a strategist for the wedding industry and creator of Sage Wedding Pros, founded in 2009. She blends her past as an accountant for Deloitte, a sales and marketing manager for DDLA, a merchandiser for Coach, and a wedding stationery entrepreneur to help entrepreneurs better their businesses. Sage Wedding Pros produces Be Sage Conference, a master-level event for wedding professionals nationwide. Michelle has been asked to speak at a number of industry conferences, including Wedding Wire World, NACE Experience, and The Special Event. She was named to the TOP 1000 Event Professionals by BizBash in 2019.

In this episode, listeners will hear about:

The effects of the coronavirus and COVID-19 on our industry The importance of lobbying for client's to postpone instead of cancelling Safeguarding your cashflow by adjusting your payment processes going forward so that they match the scope of work and milestones Michelle's thoughts about collecting remaining balances from couples when their event is postponed or cancelled When it's time to consider a business loan or a line of credit

SBA Loan info for Coronavirus Impact:

https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19 Ideas for pivoting in your business to generate quick income Buy Me a Coffee: https://ko-fi.com/ How to Prepare for a Recession: https://sageweddingpros.com/2020/03/how-to-prepare-your-event-business-for-a-recession/

Sage Wedding Pros COVID19 Resources:

https://sageweddingpros.com/2020/03/coronavirus-covid-19-and-your-event-business/

Want to connect with Michelle?

sageweddingpros.com Instagram: @sageweddingpros Facebook: https://www.facebook.com/sageweddingpros Twitter: @sageweddingpros

This episode of This Week In Weddings is sponsored by Honeybook.