Designer Dialogue: Navigating Your Design Business During Challenging Times

 

Designer Dialogue: Navigating Your Design Business During Challenging Times

On April 30th DESIGNxRI held another successful Designer Dialogue with a focus on Navigating Your Design Business During Challenging Times. Our special guests Josh Daly from RI Small Business Development Center and Jamie Lehouiller from DiLeonardo International offered helpful resources and shared insightful experiences with the participants.

Josh covered why cash flow is so critical, especially the timing, and how to manage it through conservation and prioritization. He reminded participants to be familiar with and use the resources available to you such as the PPP, EIDL and even a line of credit with the bank. He emphasized that businesses may have to think differently and tweak your business model to drive revenue, which we are already seeing a lot of. Making a plan, establishing a new rhythm to monitor financials and testing and adapting new strategies.

Jamie followed with the perspective of a business owner who experienced managing a business through crises such as SARS and the 2008 recession. He recommended taking stock financially by evaluating cash, debt and liquidity, AR and burn rate to see how far out you can go. It’s key to be pleasantly persistent, authentic and proactive with collections. He emphasized empathy and compassion especially for your staff, you are only as good as your staff allows you to be. Communicating regularly is reassuring for them as uncertainty is the breeding ground of stress, anxiety and pressure.

Jamie offered several relevant quotes:

“By failing to plan, you are planning to fail” - Benjamin Franklin

“Perfect is the enemy of the Good.” - Voltaire

“It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.” - Charles Darwin

Click here to view Josh’s presentation

Click here to view Jamie’s presentation

Click here to view the recording of the meeting