The very first thing to do in any crisis is assess how it is likely to affect your business.
Whether it’s staffing, cash flow, supply chains or insurance, getting through a crisis depends on your ability to identify exactly what problems you face.
Will King created King of Shaves in the depths of the 90s recession, saw the dot-com crash and survived the financial crisis of 2008. He knows exactly what needs to be done in a crisis.
In this webinar, Will King said that entrepreneurs now need to be decisive and “skate to where the puck is going to be, not where it’s just been whacked.”
Will pushed home the message the importance of cutting spend and saving cash for businesses right now. He said that “If you don’t have cash you don’t have optionality,” adding that “when we went into coronavirus we were perhaps spending money on ‘nice to haves’. This situation might very well lead to some very tough decisions potentially involving staff.”
He encouraged entrepreneurs to minimise their losses in the first instance and then to look at “gaining ground”.
You can view the whole webinar for free by clicking the button below: