As posted on LinkedIn…
As an entrepreneur, in both Brazil and the US, I had to constantly battle with limited resources and deal with crises, both internal and external. The current COVID-19 pandemic is certainly unique in several ways, but many of the same lessons apply. I have prepared this list to hopefully help some entrepreneurs think through a few options to keep their heads over the water.
- Negotiate prices and payment schedules with suppliers and service providers.
- Review priorities and eliminate non-essential expenses.
- Consider on-demand production and drop-shipping instead of building inventory.
- Focus marketing on cheap/free social media, “guerrilla”, inbound, and SEO/SEM.
- Avoid on-premise software and switch to cheaper/free cloud-based (SaaS) options.
- Consider offering stock options mainly/only if you need to hire new C-level people.
- Outsource as much as you can instead of hiring (keeping) staff.
- Consider part-time consulting or freelancing to help pay the bills.
- Focus on government (relief) grants/loans and friends & family if you need funding.
- Take the opportunity to do market research, strategize, and consider pivoting.