While the pandemic effects on businesses have been unprecedented, it’s not the first time most have found themselves at some level of crisis, and it likely won’t be the last. Today’s silver lining? There’s much to learn before next time.
• Create a financial reserve: Prepare to keep paying bills and staff if income stops.
• Draft a crisis plan: Establish steps to follow for a handful of scenarios, avoid figuring things out in-the-moment while stressed.
• Prepare communication: How will you let your team, customers and vendors know the plan?
• Tighten up ship: What will you need, or not, to continue operating?