A Business Survivability Guide
Damon Pistulka √
Helping Founders Scale, Prepare, and Exit | Value & Profit Growth | Live Streaming Business Development | Buying & Selling Businesses | Chief Exit Officer | LinkedIn Live Stream Host
Business survivability is probably on your mind. You may be concerned with how your business will survive the next days, week, or months.
There are proven processes for addressing monumental shifts in business. These business survivability practices are proven under fire from turnarounds in companies near the brink of shutting down. . I hope these help and one day you are prosperous again.
Let’s get started.
Get The Right Mindset
The decisions you make today, and the following weeks can mean life or death for your business. If your business is not around it will not benefit you, your family, your customers, employees, or suppliers. When in survival mode, it is about surviving, not worrying about hurting someone’s feelings, appearances, or vanity. It is a battle to live to fight another day.
In the end, the only thing that will let you sleep at night is knowing you did your best and what you truly thought was necessary to survive.
Cash is King
In tough times, cash is King. If you burn through your cash you are likely screwed. You have no time to contemplate whether you should conserve cash. Do it immediately.
Steps to Maximize Odds of Survival:
- Understand the new requirements of your business. - Figure out how you can move forward and make money. Shutting down is an acceptable option if it allows you to survive & fight another day.
- Adjust your business to the new requirements. - Don't hesitate to make significant changes if your old model is dead. Get over it and move forward.
- Double down on sales. - You must devote more time to sales than ever before. It is critical to "double down" on your sales efforts. Sales will solve the problem!
- Refine your approach. Understand your performance and make changes to improve. Track key measures weekly. Review consistently. Change to improve performance.
We Are All Affected
Just about every industry has been significantly affected by Covid-19. Everyone is scrambling to figure out the path forward. You are not alone, reach out to others, discuss your challenges, seek out advice. There are people to help.
More Information
You can read the entire article on our website: Business Survivability Guide
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1 个月Great share, Damon!
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9 个月Damon, thanks for sharing!
Financial and Professional Services Coach?NED?Linkedin Trainer?Sales through Service and Business Development expert
4 年really useful information, after a very calm period of benign interest rates and steady progress of the economy it is now time for SMEs to adapt and pivot quickly to stay in business and find new markets and niches to continue to prosper.
?Customer Service Pioneer??Columnist, BIZCATALYST 360°??Creative Writer, Poet??Word Jedi Poetess??A soul with purpose is an advocate for the birthright of dignity. Finding My Worth Saved Me from the Worst??#Opism #PaulaG
4 年You keep us well informed Damon Pistulka √ I like this.... well said my friend???? “In the end, the only thing that will let you sleep at night is knowing you did your best and what you truly thought was necessary to survive.”