Cash is Key Cut cash flow to the bone now
- Make the tough decisions about what is absolutely essential to survive
- Once you make the cuts, if you have less than 12 months of cash, find additional funding
- Revisit current funders and get loans, grants, or new funding
- Search out new sources of funds from individuals, companies, and other organizations
There is sand in the gears of everything Many decisions and actions will be slowed or suspended indefinitely
- Everyone in the ecosystem is hammered and facing the same hard choices you are—that includes your funders, suppliers, and partners
- Systems that support your supply chain and partnering will be traumatized and will not function smoothly if at all
- Consider if it makes sense to change your business model to fit the new situation and the realities of your cash flow
Compassionate transparency to your people is a top priority Clear, transparent communication to staff, funders, suppliers, and partners is essential
- Tell the tough truths about the situation even when it is not good news
- Communicate often and become a source valued information
Take care of your people Support their physical, financial, and mental health
- Listen, talk, communicate in large and small groups and one-on-one
- Generate creative short-term solutions to help people survive— help find paid or unpaid jobs that create value and make them feel useful
- Build connections of support in your ecosystem
- Get people to share ideas on how to help each other
- Connect the dots so anyone in your ecosystem that can help others gets connected to those that need help
The bottom line for entrepreneurs: shift immediately into survival mode and help your staff
Download the Survival Guide for Social Enterprises Checklist PDF
For additional resources, webinars, and opportunites please visit millersocent.org/covid19
