Cash is Key Cut cash flow to the bone now

  • Make the tough decisions about what is absolutely essential to survive
  • Once you make the cuts, if you have less than 12 months of cash, find additional funding
    • Revisit current funders and get loans, grants, or new funding
    • Search out new sources of funds from individuals, companies, and other organizations

There is sand in the gears of everything Many decisions and actions will be slowed or suspended indefinitely

  • Everyone in the ecosystem is hammered and facing the same hard choices you are—that includes your funders, suppliers, and partners
  • Systems that support your supply chain and partnering will be traumatized and will not function smoothly if at all
  • Consider if it makes sense to change your business model to fit the new situation and the realities of your cash flow

Compassionate transparency to your people is a top priority Clear, transparent communication to staff, funders, suppliers, and partners is essential

  • Tell the tough truths about the situation even when it is not good news
  • Communicate often and become a source valued information

Take care of your people Support their physical, financial, and mental health

  • Listen, talk, communicate in large and small groups and one-on-one
  • Generate creative short-term solutions to help people survive— help find paid or unpaid jobs that create value and make them feel useful
  • Build connections of support in your ecosystem
    • Get people to share ideas on how to help each other
    • Connect the dots so anyone in your ecosystem that can help others gets connected to those that need help

The bottom line for entrepreneurs: shift immediately into survival mode and help your staff

Download the Survival Guide for Social Enterprises Checklist PDF

For additional resources, webinars, and opportunites please visit millersocent.org/covid19