COVID-19: Avi Reichental on Navigating the Crisis
Five bold actions that organizations can take to keep their doors open throughout the pandemic and thrive on the other side
- OVER communicate with all stakeholders. Frequently. Don’t sugar coat.
- Ensure team safety and business continuity contingencies are in place.
- Is King!
- Cash preservation, cash investment and cash generation.
- Adjust your burn runway. Know your break-even. Tighten credit. Understand the harsher venture environment.
- Bin your 2020 plans.
- Prepare your company for the best – and worst – case scenarios.
- Reinvent your business model – the most adaptable will survive.
- For the additive manufacturing industry, COVID-19 may prove to be a growth catalyst and turbo charge the future, particularly in supply chain disruption and design agility.
- Reposition around mission critical solutions and resources.
- Redefine how you think about cost per part.
- There has never been a better time to collaborate – seek uncommon partnerships for access to everything.
- Scan for mergers and acquisitions on the other side.
- To lead, to be in reality and not in denial.
- For your employees, customers and investors.
- For the preservation of your business.
- To ask for help, to lean on your board and community. No one expects you to have all the answers.
- To act with agility and boldness and make the right decisions.
- To practice honesty and transparency, even when inconvenient
We’re in this together. This pandemic will pass but its lessons, and our combined efforts to get through this together as a community, will remain with us for the rest of our lives.