TONY’S VIEW COVID-19 No.7 SUPPLEMENT
20 April 2020
Last week I invited readers with experience of past recessions to send me their thoughts on the most important things they did to handle those downturns. The 89 responses contained insightful and detailed comments on the things which worked, the things which were a waste of time, the mindset to develop. My hope in sending out the attached summary of those responses is that businesspeople experiencing a recession for the first time will gain some useful knowledge of what to do and what not to do in order to maximise their chances of getting through this unique shock.
I've summarised the responses into 10 key points which include focussing totally on cash flow, making decisions and changes quickly, involving all affected parties including suppliers, staff, and family, delivering detailed information and plans to your bank to make their job easier, avoiding negative media and people postulating how bad the situation might get if such and such happens, looking for opportunities, and focussing on the future once the initial cost-cutting and restructuring exercises are complete.
Feel free to pass on to friends, clients etc. They can subscribe here https://forms.gle/qW9avCbaSiKcTnBQA