Business Crisis Survival Guide
The first one is urgent.
- Review your financials. Do you have cash/credit cushion to get through the next three months
- Based on your industry, are you closed, reduced throughput (labor and goods) or surging (disposable items, sanitation products, etc).
- Project your budget based on this “new normal”. Act now, before the funds are depleted.
- Plan your expenditures based on the above (cash on hand and cash needed)
- If needed, where is your financial net coming from?
- Don’t wait for a bailout, count on yourself and your network. Any government assistance would be helpful but unknown. Act now.
- Communicate with your employees – You are a team, be clear, be kind. If having cutbacks use the unemployment insurance safety net for your crew.
- Understand and act on the “new normal”.
- Don’t let fear control you. We can do this.
- Keep your eyes open to see what is happening in your business. Be “hands on”.
- If you haven’t done so, form an action group/plan to survive the next few weeks (help each other).
- Get “out of the box”, out of stress comes diamonds. Get outside ideas as needed. (use our 20 minute sessions)
- Communicate with your mentor, consultant, coach. If you don’t have one, consider our experience to assist you.
- Stay calm. Breathe, Have faith
After this crisis passes – THRIVE!
You will be leaner, you will be smarter (you should have a deeper understanding of your business after the deep dive to survive)
You probably will discover new revenue ideas and discard some ineffective activities you have realized. This is great news!
You will be stronger, you should understand the power of strategic planning. Keep doing it!
Yes, this is stressful. Stay safe, save healthy (exercise, stay hydrated, wash you hands, sanitize)
And above all – Know that this will pass. Breath deeply, live long and prosper