Nothing is decided correctly in the heat of the moment, it is very important to be able to mentally process the situation calmly, to find the space to be able to reflect.
This is not the time for complaints or emotionalism, that is wasted time and does not contribute to any change, we must assume the change and be VERY TEMPLATE in the analysis of the reality we face. Moments of change are not necessarily a drama but an opportunity to adapt to a new reality.
3.- ECONOMIC AND FINANCIAL ANALYSIS OF THE COMPANY
To make decisions for an action plan I need to know what I count on, how is my company really doing? Is it prepared for a downturn in sales? Do I have external or internal liquidity support? I need to have an x-ray to know which treatment is the most appropriate for medicines or vitamins, or both.
4.- VARIABILIZE EXPENSES, eliminate superfluous expenses and make fixed expenses variable.
5.- INVESTMENT EVALUATION,re-evaluating investment projects does not necessarily mean stopping them, many times they are necessary to take advantage of the moment, but it is important to evaluate the moment of execution to see if it fits with the economic demand.
6.- ACTIVATE FINANCIAL SHIELDING,privilege your cash flow, look for liquidity by all means (improve collection, negotiate suppliers, improve your bank lines).
7.- ACTIVATE MARKETING STRATEGIES, seek to position yourself and be current in the market at low cost (social networks, marketing notes, etc.) Your competition will also be affected, it is an opportunity to occupy the market. Periodically review your business model and ADAPT.
8.- ELIMINATE “BAD” DEBT, free yourself as much as possible from high interest debt such as credit cards, overdraft lines or similar.
9.- EVALUATES THE USE OF YOUR FIXED ASSETS
In many companies the use of the company’s assets are over-protecting the activity, check if the company’s liquidity can be improved by making a refinancing structure more in line with the economic moment.
10.- PLAN B
It is always healthy to have a contingency plan, such as looking for new partners to add value in management and capital as an option and also to take into account the valuation of your company in case it is time to sell.