The solution, I asked one of our most loyal private fitness clients if they would renew their membership a bit early so that I could meet my employees payroll (I didn't take a salary this week).
The openness and honesty of my request combined with solid relationships and a good reputation paid off; the client agreed to renew early and I'll be able to make payroll and send some money to my attorney who has generously and patiently been awaiting a payment from me.
I'm also letting my employees know about the situation just as I was very clear to them about what to expect in a bootstrapped (cash-strapped as I'm now calling it) start-up venture at the time they were offered a position.
P.S. I've just completed the first edition of my brand new newsletter, The Truth About Fitness & Weight Loss. It's one-of-a-kind and delivers entertaining insider tips and advice on health & fitness plus more. It's available via first class mail and currently only in the US. If you'd like to become a subscriber, please email your name and mailing address to me at adam@entrepreneurevolution.com.
It's a very interesting post, Adam! I want to tell you many managers confront with such problems. The way we solve these problems denotes our abilities as good entrepreneurs. And you have the characteristics of a good one.Good luck!
Posted by: The Market Analyzer | August 21, 2006 5:14 AM | Permalink to Comment