The novel coronavirus is an unusual situation for all. The world has lost numerous lives to the pandemic. While remaining vigilant, the entrepreneur community shouldn’t lose hope and keep evaluating the impact and choose apt measures, says MSA Kumar, former president, TiE Kerala.
Preserving cash is an important aspect. Checking one’s cash position and fixed cost in reserve will prove to be helpful. Look for cost reduction options and be prepared for the worst, adds Kumar.
He also alerts entrepreneurs to keep their customers informed. Frank communication is the necessity of the time. Be open with suppliers regarding the company’s condition and be mindful of sales opportunities.
Most importantly, maintain regular and right communication with your investors. Keep them in the loop. Constantly brief them about the company’s performance, he explains.
