Few investors could have predicted that a viral outbreak would end the longest-running bull market in U.S. history. Now, the COVID-19 pandemic has pushed stocks far into bear market territory. From its peak on February 19th, the S&P 500 has fallen almost 30%.
It’s impossible to predict how long Covid-19 will impact the financial markets and its societal disruption is unprecedented. Some things might change for good – some economies may go into severe depression, some sectors might suffer much longer while others may bounce back hard in no time, business models will transform, value-propositions will change, definitions of scale will alter… how do you survive through this?
Here’s some advice we have been giving to our portfolio companies:
1. Communicate – Be brutally honest & transparent – with customers, teams & as well as with investors; that’s the best way to get them all to chip-in to the best of their ability. It’s time to hold on to your customers, your key team members, and nurture relationships that matter!
2. Pivot – Eliminate inertia to change – target new customers, tap new segments, new use-cases, roll-out new business models - whatever is your market’s need – run trials & tests via pilots - do them free of charge!
3. Recalibrate – Revisit those projections – optimize spends, rework budgets, rehash plans, rethink recruitment – prioritize your efforts and your capital utilization!
4. Conserve - Manage cashflows – reduce burn, renegotiated fixed expenses (rents, cloud credits, etc.), focus hard on collections, preempt capital needs - raise a bridge – do all you can to extend your longevity!
5. Refocus – Rethink your efforts – Hunker-down to build product capabilities, advance innovation roadmaps, build new IP / capabilities now that help you stand tall later - once new business starts shoring up!
While each founder needs to find her/his path/means to survive through this ‘bear market’, there is hope - when things start moving upwards, they will move fast; growth will be steep – at an unprecedented pace!
Be ready to catch that wave … Go Slow Now, So You Run Faster Later!
~Abhishek
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