INC. May 2020 / by Heidi Zak, Co-Founder/Co-CEO, ThirdLove / Read original article
If you run a business, you don’t have the luxury of making decisions based on optimism.
As a business owner, the worst thing you can do in a crisis is nothing.
After talking to dozens and dozens of founders and leaders within different companies during this coronavirus pandemic, it has been fascinating to see how people are approaching moving forward. As human beings, we tend to be naturally optimistic. Even throughout the rapid escalation of the coronavirus, there is still this belief that “things will bounce back” and life will be back to normal “in no time.”
But the truth is, as a business owner, you don’t really have the luxury of making decisions based on optimism.
Running a business during a crisis is no easy feat. This coronavirus pandemic will destroy a lot of companies, leave millions of people unemployed, and change the way we interact with the outside world for the foreseeable future.
In order to stay alive, and continue on your journey as a business owner, here are the four decisions you’re going to need to make sooner rather than later.
1. What is your worst-case scenario?
As a business owner, the first thing you must do is work with your finance team to model out what a worst-case scenario looks like — and it should be something that is a true rock-bottom plan.
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