Change Better. We support companies to structurally improve their business…
Governments across Europe start to ease coronavirus (COVID-19) restrictions. That said, this virus will continue to have a substantial impact on our private life and companies. Where do you stand on the business time crisis line? What are you doing to turn the ship around? How do you prepare for the (near) future? Please continue to use immediate recognition in order to maximize your going concern potential. Based on our experience, we share lessons learned and some best practices how to manage your businesses during a crisis.
Action
Act now. Establish a crisis taskforce and handpick cross functional members wisely.
Homework
Prepare and do your homework. Redesign your business plan, update your rolling forecast and in particular your liquidity projections. In particular don't forget to minimize the net working capital position. What is your runway (total cash/ burn rate per month)?
Risk Analysis
Calculate your risk. Prepare to brace for more impact and don’t bury one’s hand in the sand. Did you already explore the company under a microscope? What is the cause, effect and consequences to your organization as a result of COVID-19 outbreak and new regulations?
Communication
Communicate to your customers and be empathic. Don’t send a bot, but a human being in order to prevent any miscommunication, or for that matter frustration. Try to please everyone, but accept that you won’t.
…with our head in the sky and feet in the mud
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