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Protect revenue and explore alternate sources of revenue

March 23, 2020

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When planning on ways to protect revenue and explore alternate sources of revenue, set your priorities:

What Can You Do? Brainstorm specific concrete actions largely within YOUR control; get a real list; try to avoid “hope & a prayer”

What Would It Accomplish? For each action above, consider its potential impact

  • Magnitude and direction of impact (e.g. reduce interest payments by $X)
  • Likelihood of achieving impact if you take the action
  • Other risks if you TAKE the action
  • Other risks if you FAIL to take the action

Identify interdependencies, connections among actions, e.g. “you must do B in order to do C,” or “if you do G you will not be able to do H”

What Should/Will You Do? Engage a dialog partner (fellow executive, one of the “Playbook” advisors) to discuss and rank order your Action Plan

Note: Depending on the complexity of your business, it could be sensible to add some simple Scenario Planning to this exercise (e.g. Scenario I: lockdowns lifted by mid-April/effective medications & treatment available quickly; Scenario II: lockdowns persist into summer, etc.)

IDEAS

  • Offer gift cards that can be used once the lockdown is lifted (potentially sold at a discount to face value)
  • For businesses that need to expand into omnichannel/online presence (e.g., online ordering for restaurants), take advantage of special opportunities from several tech companies, including free activation and several months fee forgiveness.Options include:

 

Please send suggestions to improve this playbook to pandemic@umbrex.com

 

Contributor:

Nick Palmer