WCE // BITNW - Crisis Protocol Outline (COVID-19)

It's more important than ever to be building a protocol should anything like this happen again. I wanted to share mine, even though it's incomplete and raw, in the hope that it might help others get started. Here it is: 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 & 𝐩𝐥𝐚𝐧 - Act swiftly, don't panic, take an advil - Gather all possible facts, circumstances, scenarios, etc - Plan for the worst - Shift sales offerings to support & assistance - Call points of contact to touch base & see what they're thinking - Begin assigning staff additional tasks - Push collections immediately** 𝐀𝐧𝐚𝐥𝐲𝐳𝐞 & 𝐓𝐫𝐚𝐜𝐤 - Build cashflow projections & burn rates - Analyze cash-on-hand - Utilize industry contacts and partners for trends - Develop realistic timelines for the uncertainty - Adjust KPIs to granular level (10 weeks, tracked by week) o Gross Margin o New WOs o WO Revenue o Payables (Purchases vs Paid) o Receivable (Invoiced vs Received) - Review last 6 months of Income Statements - Build a "cut list" for employees on the fence - Build a round 2 "cut list" 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐞 & 𝐓𝐞𝐬𝐭 - Make small adjustments to procedure & offerings so you have something to set you apart when you draft your letter - Shift marketing strategy to community, outreach, and caring - Look for creative ways to save costs - Encourage ideas from everyone 𝐈𝐧𝐟𝐨𝐫𝐦 & 𝐃𝐢𝐫𝐞𝐜𝐭 - Draft Letter to customers - Draft Letter to employees - Draft Letter to vendors - Draft Press Release - Draft "essential business" letter, if applicable - Adjust leadership meeting structure & schedule - Communicate with customers AP departments on payments, terms, expectations, etc - Remain positive, but realistic - Share findings with others 𝐄𝐱𝐞𝐜𝐮𝐭𝐞 & 𝐎𝐯𝐞𝐫𝐜𝐨𝐦𝐞 - Layoffs, if necessary - Apply for SBA loans or assistance for reserves - Implement new marketing plan & sales strategy - Make final cuts to spending - Continue collections carefully - Monitor metrics daily, at minimum