Dec 01, 2020 Business Approaches to Surviving Covid-19
I have not written any posts since the beginning of the pandemic. I did not feel comfortable just carrying on as if nothing had changed. For the last nine months, I have worked diligently to help my clients get PPP and other loans, developed many cash flow forecasts, and came up with many survival strategies. I think the key is to figure out the possible actions a company can take and then try one. If it does not work, try the next. While this may seem random, it is the same process that I have used with many start up companies and it is an appropriate approach for the times. Before you try one, you should think out each approach, rate them in terms of possible impact, the time needed to implement, the resources (money and people) needed and probability of success. Use these ratings to put them in priority order. If the idea does not achieve the result you were looking for, spend a little time evaluating what went wrong, what assumptions were incorrect and use this knowledge to re-rate and prioritize your list. You can even add ideas to the list.
Be mindful of how much cash you have on hand and don’t underestimate how hard it will be to pivot your business. Most of all, be realistic.
Bryan B Mason
Apollo Consulting Group, Newport, RI
No Comments