NFX Capital created a useful guide for how companies should be thinking in a downturn. It comes down to three main categories, with a list of 28 very specific actions every company should be considering.
- The first is managing losses. This will be the most difficult and painful thing you do as a CEO because it involves people, but it’s often not so much about the what as it is the how. Your empathy and speed are key here.
- The second is gaining ground. These are the ways you will reorient your focus, your tactics, and your team so you come out ahead after a crisis.
- The third is managing psychology. It is crucial you keep yourself, your team, and those around you healthy, sane and productive.