This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2020/04/practical-tips-for-moving-forward-through-crisis/
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Written by Ruchir Punjabi, the co-founder and chief digital officer of Distributed Energy, a company that matches investors with renewable energy projects across Africa, Middle East and India, and the founder of Langoor, which was sold to Havas Group in 2019. He is also a member of the Entrepreneurs’ Organization (EO) UAE chapter.
A version of the following article originally appeared on Entrepreneur Middle East.
There is a popular meme circulating these days that asks, “Who is responsible for your company’s digital transformation?”
CTO
CEO
COVID-19
As this joke shows, most businesses are struggling to evolve in the current environment. But as every entrepreneur knows, every crisis offers opportunities, and this one is no different.
Before I go into considerations for surviving the current situation, I want to talk about self-care. We all know what the issues are. To analyze, plan and get on top of this, we need to ensure that we are healthy, safe, and in a good mind space.
Establish routines, talk to as many people as possible, and make the most of the current situation. Most importantly, focus on things you can control.
Empathy and decisiveness are the two key qualities that a crisis like the COVID-19 outbreak needs. Your ability to empathize with people in your business and your key relationships will ensure support and loyalty. Decisiveness towards survival, and later investing, will move the needle forward.
Cash Is Everything
For entrepreneurs, cash is everything right now. There are seven places where you can look for cash in your business:
Price
Volume
Cost of goods sold (COGS)
Overheads
Accounts receivable
Inventory
Accounts payable
It is crucial that you work out—given yo… Read More
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