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5 Steps to Weather the COVID-19 Storm
1. Be Surgical with Expenses
■ Smart business owners use a scalpel to cut expenses surgically, not an axe
2. Focus on the Customer Experience
■ Great companies use difficult times to focus on the customer experience
3. If the Constraints are too Large, Refocus on your Business Model
■ Agile businesses adapt in order to succeed… like restaurants are doing to stay alive
4. Short Term Planning
■ Smart managers understand their cash flow and cash needs for the next three months
5. Long Term Planning
■ Big picture thinkers don’t lose sight of the drivers of their business over the next three years and cash requirements – Bank Debt, Working Capital, or Equity for example.
GrowthLab, a Finance-as-a-Service (FaaS) company serving founders and management teams with full-service Financial Planning & Analysis, Monthly Accounting, Virtual CFO, HR-People Advisory, and Business Tax.