The Coronavirus Crisis Checklist for Startup CEOs

Monday, March 23, 2020

Your job isn’t about finding the best option anymore — it’s about finding the option that is least bad

Feliks Eyser for Marker drafted a checklist for startups that are now shifting their mindset  and are in search of liquidity.

Managing a crisis can be hard, especially if it’s your first and has the magnitude of the current one. So consider these points as a guideline to give you a bit of a direction:

• Dump your 2020 strategy and business plan and take out a blank page
• Create a safe work environment by working from home
• Overcommunicate
• Establish a daily Covid-19 war room with daily meetings
• Stabilize your business operations and supply chain
• Inform customers about business continuity
• Realize that your revenue can (and probably will) get out of your control
• Calculate your runway in multiple scenarios
• Don’t count on VC funding
• Pull in cash from all sources
• Create a cash-conserving plan through cost-cutting
• Watch your marketing spend and ROI
• Check out government aid programs and talk to other entrepreneurs
• Inform your investors about the situation

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