You need a plan that address everything that impacts cash – revenue, expenses and what you focus on.

To navigate your way through this crisis, you need a plan. This plan must include the following:

What should be in your plan?

Revenue: predicting what your revenue will be for the next 6 months?

Expenses: reducing expenses to a level that helps you survive. This includes how you are going to address employee costs.

Cash: actions to preserve cash and accessing other cash sources.

Financial Plan: an income statement budget that lays out expected revenue and expenses.

Focus only on the Most Critical Things: you must eliminate time and effort on anything that is not critical to the plan.

“We WILL get through this together.”

What should not be in your plan?

Your plan must only include essential things. Of course, we all have bigger dreams for our businesses. During this time we have to put those dreams inside and focus on getting through all this. This means that the things we decide to do and more importantly not to do will be critical choices we have to make. As a result, you must resist the temptation to simply execute the plan you had prior to the crisis. That means you may have to eliminate one or more of the following.The simple question you must ask yourself is do I need to pursue this to survive? Consider holding off on any of the following:

New Hires
New Marketing Spending and Programs
New Product Development
Launch of New Products
Increases in Salary
Acquisition of New Equipment

Obviously, if your business is doing well and not subject to the risks of other businesses, you can invest in these items. But if you are unsure, make sure you put these things on hold until the dust settles.

Follow Us on Social Media

Where do you go for answers?

Try It for Free

Our Learning Community is the one stop shop for the intelligence you need. Instead of countless hours searching for answers, we’ve organized what you need to know across all of the business and personal issues you face. You’ll get answers from 100s of learning modules, tools and templates, vendor reviews and a vibrant community of your fellow entrepreneurs. Try it for free!