It goes without saying, but cash is King in any crisis. Crises always hit the balance sheet, since people feel scared to (or can’t) spend. The economic impact often ends up being far deeper than you anticipated. It also usually lasts longer. So, when planning for the foreseeable future in the COVID-19 crisis, make cash the first priority for your business.
There are some ways to do this (some are simple, and some are more complicated). First, cut all unnecessary expenses and luxury costs, like software, satellite offices and other non-core subscriptions.
You may also need to change the size of your team or the amount they work. If you want to try to save your team during the crisis, consider looking for ways to reduce hours. This will minimise the amount of money you have to pay out until things return to normal, but still, take care of your staff. Once you’ve stabilised expenses… then it’s time to think about how to continue to thrive in this crazy time. One of the best ways to win is just to focus on survival!