Five bold actions that organizations can take to keep their doors open throughout the pandemic and thrive on the other side

Communication:

  • OVER communicate with all stakeholders. Frequently. Don’t sugar coat.

Continuity:

  • Ensure team safety and business continuity contingencies are in place.

Cash:

  • Is King!
  • Cash preservation, cash investment and cash generation.
  • Adjust your burn runway. Know your break-even. Tighten credit. Understand the harsher venture environment.

Change:

  • Bin your 2020 plans.
  • Prepare your company for the best – and worst – case scenarios.
  • Reinvent your business model – the most adaptable will survive.
  • For the additive manufacturing industry, COVID-19 may prove to be a growth catalyst and turbo charge the future, particularly in supply chain disruption and design agility.
    • Reposition around mission critical solutions and resources.
    • Redefine how you think about cost per part.
    • There has never been a better time to collaborate – seek uncommon partnerships for access to everything.
    • Scan for mergers and acquisitions on the other side.

Courage:

  • To lead, to be in reality and not in denial.
  • For your employees, customers and investors.
  • For the preservation of your business.
  • To ask for help, to lean on your board and community. No one expects you to have all the answers.
  • To act with agility and boldness and make the right decisions.
  • To practice honesty and transparency, even when inconvenient

Community:

We’re in this together. This pandemic will pass but its lessons, and our combined efforts to get through this together as a community, will remain with us for the rest of our lives.