“There is no need to be afraid of anything that is temporary”
Endeavor Friday Webinars #4, dated April 17, 2020; It was made with the participation of Emre Kurttepeli. The headline of webinar was “Chaos and strategy management from an entrepreneurial and investor perspective”.
The topics of Endeavor Webinar #4; “moving away from the traditional business model, the processes of opening back sectors such as trade, tourism, luxury consumption, international damages and measures, why enterprises may be more fortunate than corporate companies.
Recommendations After COVID-19
- Your first priority should be the health and safety of your colleagues and customers. Do not compromise in any case.
- Cash flow is more important than profitability or growth during this crisis period. Quickly switch to cash flow management. It is always better to shrink and survive than to close your company.
- It is inevitable to cut costs at the moment. One of the lessons of the past crises is that the fastest actor to cut costs will survive. Do not forget that in such periods; reducing costs is much easier and faster than finding financial resources
- Not every expense is equal. Look for strategic (core-competency) rather than quantity when lowering expenses. Strategic expenses are the last ones to be cut down because you will need them again when the crisis is over and the growth period begins.
- Pay close attention to your collections, follow them closely.
- Those who survive at the end of this period will get stronger. Better times than before are waiting for you when you get through this period. Never take this out of your mind.