🚀Don’t just survive, but thrive. 🚀
Most entrepreneurs understand how vital cash flow is to the smooth running of their business.
Many still face cash flow challenges; some can be expected, yet others such as COVID-19 pandemic cannot be foreseen.
This CEO reached out to me a few weeks ago.
Her business had been successful for many years but as the pandemic hit, customers began delaying payment of invoices and the deal pipeline started drying up.
With only a few months of cash runway, she was in a difficult spot.
But there are always opportunities in challenges.
My advice to her was to respond quickly and decisively as follows:
➡ Tap into government incentives to ease up the immediate cash crunch;
➡ Build cash flow scenarios identifying variables that affected revenues and costs;
➡ Renegotiate payment terms with customers and suppliers;
➡ Re-imagine the business model to identify new revenue opportunities; and
➡ Perform a line-by-line review of costs to optimize based on the new business model.
Businesses that navigate disruptions better not only survive but thrive during and after adversity.
What changes have you made to your business during the pandemic?
Check out our Thrive30 program to help you navigate these challenging times.