Steve Blank of The Startup Owner’s Manual and The Four Steps To The Epiphany fame wrote about the need for a Business Survival Strategy in the post The Virus Survival Strategy For Your Startup, which he starts with, “This is the one blog post that I hope I’m completely wrong about.”
Whether you have a startup or an existing business, the post is worth a read. Whatever you thought your Business Model was last month or yesterday, is it still valid today, tomorrow, in three months, or three years? Unlikely. As with plans, yesterday’s Business Models are unlikely to survive unscathed in our new reality. We always need to review and adapt our Business Survival Strategy to suit the context, and as is evident, you need to review yours sooner rather than later.
We are in the beginning stages of a global emergency where the economy is being sacrificed to save thousands if not millions of lives – we will ALL be affected. What’s your new Business Survival Strategy and your new Business Plan?
Read the post, it’s worth it (as are all of Steve’s work and books). To entice you more, here is Steve’s summary:
- This is a conscious shutdown of our economy, trading jobs for saving hundreds of thousands of lives
- It’s likely going to cause a recession
- The Covid-19 virus will change how we shop, travel and work for at least a year and likely three
- It’s inconceivable that you can have the same business model today as you did 30-days ago
- Put in place lifeboat plans for three-month, one- year and three year downturns
- Recognize that your investors will act in their interests, which may no longer be yours
- Take action now
- But act with compassion