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Keep Your Business Healthy - Open Letter to CEOs

Dear Founders & CEOs,

Since we work with business owners in 4 continents, we are gaining first-hand knowledge of coronavirus’ effects on global businesses. Remote work is currently the main answer. But remote alone is no answer, EFFECTIVE remote work is. 

As with all crises, there are some business threats and opportunities at once. The only thing you can control is your answer to it.

Our answer has been cannibalizing ourselves before others do it. We have skilled up and created a 1:1 consulting experience that works perfectly (Client success includes higher EBIT margins and doubled monthly revenues) without any flight, from the comfort of their home offices. Read more.

 

Many companies have banned meetings and travel. Our competitors are loosing 60-70% of their work, because they relied too long on traditional solutions. Many of our competitors will not emerge healthy from this phase. It will take considerable time before we can be confident that the economic crisis has passed. The only thing in our control, is to act with clarity and courage on increasing our business health score (Goal: From currently 83 to 95 until end of Q1). You can measure yours here

We suggest you question these assumptions about your business:

Core capital. Do you really have as much liquidity as you think? Could you withstand 2 poor quarters or 4? Have you made contingency plans? Ask these questions now to avoid potentially painful future consequences. Use this tool

Sales forecasts. Even if you don’t see any direct or immediate exposure for your company, anticipate that your customers may revise their spending habits. Deals that seemed certain may not close. The key is to not be caught flat-footed. Use this audit.

Marketing. With softening sales, you might find that your customer lifetime values have declined, in turn suggesting the need to rein in customer acquisition spending to maintain consistent returns on marketing spending. With greater economic and fundraising uncertainty, you might even want to consider raising the bar on ROI for marketing spend. Use our tool.

Capital spending. Until you have charted a course to financial freedom, examine whether your capital spending plans are sensible in a more uncertain environment. Perhaps there is no reason to change plans and, for all you know, changing circumstances may even present opportunities to accelerate. But these are decisions that should be taken with intention. Use this audit

 

A distinctive feature of enduring companies is the way their leaders react to moments like these. 

Prepare to emerge from the financial crisis ready with a health score over 60 and to seize the opportunities at hand.

 

Stay healthy, keep your business healthy, and keep rolling.

The Strategy Sprints Team

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