519: What Would Lu Do?

A Well-Designed Business® | Interior Design Business Podcast

LuAnn Nigara

Arts, Design, Business

4.9 • 810 Ratings

🗓️ 17 March 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to A Well-Designed Business! LuAnn has been considering adding a Wednesday show answering straight-up questions that you ask her via email and SM, and with everything happening in the world right now, she thought this was the perfect time to debut “What Would Lu Do?” On today’s episode, she will be discussing doing business through a crisis. In the 40 years, she’s been in business, she has had to weather all kinds of crises, such as recessions, acts of terrorism, and viral pandemic scares. Listen in to learn how you can be smart, strategic, and patient to help you get your business to the other side of this! Be sure to join her next Wednesday as she shares some additional tips to help you through this difficult time. Show Highlights: This is critical: 1) Don’t overreact. 2) Don’t NOT act. Cash flow is KING. Everything in your business will depend on your cash flow. The first-level action plan: Focus on sales. Monitor cash flow and keep your vendors paid. Review all money owed to you and collect any outstanding balances. Go through your expenses with a fine-toothed comb. Owner’s pay cuts as loans to the company. Other ideas for consideration: Consider working remotely. Work on projects that you have been ignoring, especially if they generate revenue. Keep a routine. Find your mentors, your peers, set up phone calls, zoom meetings, brainstorm ideas on how to stay productive, how to maintain your clients and how to build your pipeline for when this is a bad nightmare for all of us down the road. LuAnn’s favorite tip from an emergency virtual meeting with her colleagues at Exciting Windows is from Steve Wishnow, who said, “Get Smart - Get Market Share.” He urged the allocation of money to marketing during this time and to not make the mistake of curbing this expense. Don’t go into debt, do everything with common sense. But now is the time to let people know you are here, you will be here and you can be depended on. Find a way to stay positive through this! Links: LuAnn’s Website LuAnn’s Podcast - Please SUBSCRIBE, Rate & Review! Purchase LuAnn’s Book! The Power Talk Friday Tour LuAnn Live WCAA Exciting Windows IWCE Vision Carla Aston Tips for Building Future Success When Your Interior Design Business is Slow Episode Mentioned: episode #242 Carla Aston

Transcript

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0:00.0	Are you looking to build an exceptional team? Our hiring toolkit bundle at Luannigara.com
0:06.6	forward slash store is your comprehensive source for success. Craft compelling job descriptions,
0:13.8	know the right interview questions to ask, and implement a thorough evaluation process so you
0:19.0	get the right person. These were developed in collaboration
0:22.0	with my cousin Eileen Hahn and based on her 40 years of experience in building exceptional
0:27.2	teams, plus my insights from 1,000 plus interviews, our toolkits are tested and proven. Whether you're
0:35.0	scaling from 1 to 3 or from three to ten or from ten to
0:38.5	twenty, the hiring toolkit bundle provides the guidance that you can use to plan your
0:44.5	hiring strategy effectively. Go to Luannigara.com forward slash store and invest in your success
0:51.7	by investing in the success of your team.
1:06.6	Welcome to a well-designed business.
1:08.9	My name is Luann Nigara, and I'm so glad you found this podcast. Together with my husband Vince and our partner Bill, we have grown our company Window Works from the ground up. So I know and I understand the challenges you face in running your interior design business. I also know that your talent alone isn't enough to ensure your success.
1:29.8	So on this podcast, we talk about strategies and practical steps to help you grow your business.
1:36.3	But make no mistake about it, we have our share of fun here too, mixed in with those aha
1:41.3	moments that I love so much. This isn't fluff. Nobody has time for that.
1:46.1	Whether you are a new interior designer or a season designer, I am here to help you create and to
1:52.1	manage the kind of interior design firm that you dream of. It's straight talk and it's action. Are you
1:58.1	ready? Let's get started.
2:03.6	Hi, welcome to a well-designed business. Today begins a new feature. What would Lou do?
2:09.8	You might remember me talking about the possibility of this last fall. And it's been on the
2:15.8	schedule and I've been thinking about it and I've been moving it around
2:18.9	and I've been kicking it to the curb and I've been planning it and today it became a thing.
	...

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