One week ago, a major income stream for my company was cut off.
Today, everything is back to normal. Almost.
My "money" stuff is back to normal, but during the past few days, I've been implementing a plan to make sure a situation like this never happens again. I still plan to go through with it, so that's going to change a few things.
In short, the plan is:
- Renew my focus to ship quality goods.
- Diversity income streams, so losing one product, retail outlet, or distributor is painless.
I am very dedicated to this. Funny how one experience and just a few days can jumpstart such massive action.
The timeline of everything went down...
Wednesday: Got notice our distribution contract had been terminated. Immediately called The Big Boss and we composed an email in an attempt to find out more details and get back in.
Thursday: Composed a second email, backing up the previous one with documentation that we're a good partner for this company and want to continue to work with them. Felt like crap all day.
Friday: As we hadn't received a response, we started working on a plan to "go around" the problem. New distribution, revised products, formation of a new company, etc. Felt a little better. Got a massage.
Saturday: As it was both the weekend and New Year's Eve, we didn't expect to hear anything back...and didn't. Physically, I was back to normal. Did a yoga class and went for a hike.
Sunday: Still nothing... Hit the gym.
Monday: Checked out what I'd have to do in order to form a new company, which was part of my plan to diversity things. Would have set everything up that day, but, as the government was observing New Year's Day, I wasn't able to.
Tuesday: Formed new company. Filed with state, got new Tax ID, etc.
Wednesday: Got email from distribution company that "After reviewing your response, we have reinstated your account."
As I'm typing this, I'm thinking, "The sitation sounds really simple." Perhaps on one level, but on another, there were a thousand little things that went into it becuase of what I've experienced since starting my business 1995.
Even the similar distribution situation that happend just a week earlier, and my response to it, affected how I handed this one. What would have happened to "the big one" had I not had the smaller deal fall through?
If you're going through a similar experience, my advice is to trust that you'll use the lessons you've learned so far and, even if things don't "work out" for you, know that you're at least developing skills that will be useful in the future. In addition, I think it's important that you force yourself to "step away" from the situation. For me, this usually involves doing something physical, like hitting the gym; something that will help me get out of my head and more into my body.
Overall, this situation was a good experience. Nothing wakes your ass up more than having a part of your income zeroed out. Thanks to this, I'm much more focused for the new year and everybody involved in my business, from the distribution company to the end customers, will benefit.
I am very, very grateful.
Congrats! And man are you cool under pressure! So awesome your choices were so grounded and steadfast. Fantastic example. Many diversified blessings in the new year and thanks for sharing :)
Posted by: YoGeek | Thursday, January 05, 2012 at 12:32 AM