Chapter 1: The Florist in Crisis

It's currently 12:35 AM on this Friday night. Sleep eludes me as my mind races with thoughts about this article. I decide to rise, fire up my computer, and brew a cup of my favorite decaf Earl Grey tea. With the lights dimmed, the ambiance is just right for writing. But hold on! There’s something missing… YOU! Since I can’t sleep, why not rouse you as well?

Awake now? How much debt are you carrying, and to whom? Remember, I mentioned I’d be back! Quick, do you know your numbers by heart? If so, you’re primed for this tale. If not… now that you’re awake, you might as well dive in!

Years back, I encountered a client, a florist I’ll call Andrew, who found himself in a serious financial bind. A talented young man in his thirties, Andrew was a master of luxury floral arrangements. His passion for his craft was palpable as he created an exquisite arrangement for me that day. I usually consider myself lacking any affinity for flowers, as they tend to wilt quickly in my care, but this particular arrangement was so stunning that I surprisingly nurtured it for an extended period.

However, Andrew struggled significantly with managing his business. When I visited his shop, we retreated to the basement/warehouse for an uninterrupted conversation. The chaos of the room was evident; we had no choice but to stand. (Standing meetings can be beneficial—they stimulate quicker thinking.)

As we spoke, I noticed a certain disarray in his demeanor, but we had limited time. I promptly shifted to assessing his financial situation. He had never previously analyzed his finances. Imagine this: we stood by a cluttered workbench, Andrew pacing restlessly as he chain-smoked, while I fired questions to maintain his focus on the paper where I was recording our findings. Cigarette butts littered the floor in a fragrant yet chaotic space, reflecting his inner turmoil.

What were your monthly sales?

How much do you pay for rent? Utilities?

What are your payroll expenses?

How much is allocated for marketing?

Do you have any digital subscriptions?

What are your outstanding debts to suppliers?

What’s your credit card debt?

Who else do you owe? Any bank loans or car loans?

We dissected both his business and personal finances. He was in a precarious position. Sales were meager, and he had no savings to support his family or the store. He was months behind on rent for both his shop and home, with landlords demanding he vacate. His debts loomed large, yet he had remarkable B2B potential that he couldn't tap into because of his financial paralysis and psychological barriers.

I reassured Andrew that I could help him navigate this. I urged him to focus on today and tomorrow rather than the overwhelming future. “Don’t worry, I’ll assist you,” I said, noting the mixed expressions of doubt and hope on his face after months of isolation.

First Rule of Debt Management: When the gap between income and debt is narrow, your focus must sharpen. If you’re experiencing low sales alongside high debt, small daily actions should be your priority, with results reviewed each day. For Andrew, we agreed to talk every day for at least a month, and he needed to commit to this plan rigorously. Typically, after a month of focused effort, progress begins to manifest.

Second Rule: In times of little to no income, it’s crucial to find or borrow funds to cover essential payments and stay afloat. This alleviates mental strain and fosters clearer thinking.

Here’s what I suggested Andrew do the following day:

1. Reach out to 3-4 of his best clients, including a major hospital, and propose a discount for six months of advance payment.
2. I discovered he had lent money to someone previously, so I encouraged him to contact that individual to retrieve at least a portion of the funds.

We would evaluate the outcomes of these actions and determine our next steps. My goal was to motivate him without overwhelming him.

Curious about the outcome? It’s 3 AM, and I’m feeling quite sleepy. I’ll continue this narrative tomorrow. In the meantime, how about brainstorming what your first action might be? Feel free to share your thoughts in the comments!