So, with a sense of fairness, here are a few issues raised by those whom I did not contact in the first round:
1) “Cole, the pandemic is hitting my business really hard but it is a foreshadowing of what is to come in the workplace. The press is covering the hardship faced by service workers in a variety of fields from food service to uber driving. What they do not seem to grasp is that another shoe will drop months from now. White collars jobs are going to get hit in a big way and many will NEVER come back. My own firm with under 50 employees will survive but will definitely be smaller in 2021. I have found out clearly for the first time who the keepers are in my organization. Some of my employees have surprised me and really “risen to the occasion” and performed very well. Others are not cutting it and complaining to me more than ever about minor issues ignoring that I am trying to live to fight another day. When the smoke clears, we will be leaner, much more efficient and I bet more profitable. My clients are telling me similar things and my network of business contacts echos that sentiment as well.”
2) “Has any good come out of this crisis? Yes, and I did not see it coming. There is very little politics now at the firm. Many are happy to be still drawing a paycheck so there is less bitching about who gets plum assignments. Also, with 80% of the team working at home, I don’t have to listen to the prepubescent B.S. about comparative office square footage or nice desks or lamps anymore. When we come back, my tolerance for that old nonsense will not be tolerated.”
3) “I see things much more clearly now. To survive, I am going to have to change the inner workings of my shop. That will be a huge challenge. Why? The late Eugene Kleiner, an early player in venture capital in Silicon Valley, once said, “It’s difficult to see the picture when you’re inside the frame”, which is so true. I used to see my team as a family. A lot has come to the surface the last few months. When the new era begins sometime next year (I hope), I will hand pick my team. Each employee will need to be flexible, humble and a team player.”
4) “ I used to float a major media client a lot of money for several years. One year he was in to us for a million dollars and I paid the media as I knew that he was good for it. He asked me to do it again for later this year. I had to say no. He was hurt but I offered to open my books and I did not have the cash cushion to help him and I was not sure that he would ever be able to pay me back. He went to a media buying service and offered a nice fee but wanted them to pay the media first. The buying firm leader called me and I said have the media bill him directly or do not take the business. He passed on the account as he wondered when he would even get his fee. Long standing deals and relationships are unraveling. I am asking for fees upfront and am not wasting time or money on speculative new business pitches at present.
If you would like to contact Don Cole directly, you may reach him at doncolemedia@gmail.com
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