Top 5 things you need to do to Survive.

Control your costs.

Negotiate with landlord, lenders and suppliers to get the best terms possible including but not limited to deferred payment for 60, 90 or 120 days and freezing the accruing interest.

Develop your plan for employees.

The essential employees you need to keep the business alive need to know they are secure and the important role each of them plays in the future of the business.
The Non-essential employees need to be laid off as soon as possible. Talk to non-essential employees about unemployment insurance and what other programs they can take advantage of in your area to provide for their families. Depending on the quality of the employee discuss a potential metric for them to be rehired to the business.

Develop a sales strategy.

You must keep cash coming into the business. This strategy includes a lean and accountable advertising plan to connect with buyers. This sales strategy includes everything from lead generation, relationship nurturing and pricing models that keep driving sales.

Address needed product changes.

If your products are going to suffer in the current market, determine what you can leverage to pivot your product to the new market conditions. Where can you focus your business energy that has the most market value?

Develop a communication plan.

Keep your team and creditors in the loop as to progress and current challenges. Your team and those you owe money need to know that they are secure. Open, honest, regular, communication reveals that you can be trusted. Your team if engaged will be able to stay focussed on what is necessary for the business rather than distracted with the uncertainty of ignorance.

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