That knowledge can be golden! Once you have that analysis underway, you are ready to create both your “survive plans” and your “change plans”! You can plan a small or a large operating strategy shift in the next dozen days, a change that will help you develop a much more profitable business a year from now. Now is the time to plan twelve months of effective transformative steps for your business. You can do that in the next twelve days so your business can survive and thrive whatever business crisis you are experiencing. Understanding what is really happening to your company in a developing crisis is no easy task.
It is vastly different than prudently planning for the next general economic downward cycle. To survive, you must commit to developing the plans and near-term performance necessary to be in business one more day! Start by finding and applying the power of your business. Once you know what you want to do and what you can do, it is much easier to know what to avoid. Careful reviewing of the following three principles can help you and your business weather the storms in an economic crisis. This is true whether the problems are broad-based or more unique to your business. To survive in a highly disruptive period, you will have to do things you have never done before.
All of which will be difficult … and necessary! Here are the three most important operating survival principles to take to heart. Never Run Out of Cash. It is axiomatic that you should never run out of cash in your business. However, what is critical is to understand exactly what happens to most businesses in a deep drop in economic activity. There certainly are differences between retail, distribution, manufacturing, and service businesses.