Courtesy of SunwinkThe founders of beverage startup Sunwink created a crisis checklist to navigate their priorities during the coronavirus pandemic and prepare for the months ahead.
But there are ways to plan for the long road ahead — including a recession of historic proportions. Whether your business is struggling to stay afloat, or whether it's relatively stable for the time being, now is the time to make a game plan for your worst-case scenarios. So they made a crisis checklist to work through these new challenges and come up with solutions. They shared their checklist with Business Insider and told us how they're using it to get through the crisis. Once coronavirus hit, the founders had to throw their 2020 plan out the window. Ganesh and Schenck's checklist starts by creating a framework for next steps, assuming you'll have no revenue and reduced growth throughout the crisis.
"We also doubled down on opening up new distribution centers for grocery more quickly than we had originally planned," Ganesh said. The next step in Sunwink's checklist was to create a cash conservation plan. Stabilizing its supply chain and sales were their top priorities. They put a hold on all new product innovation and marketing initiatives tied to postponed or canceled events. This pushed them to scale back traditional marketing and rethink community building. For example, they considered ways to create spaces to share their mission with people, like partnering with artists to lead painting sessions on Zoom.
"So we had to work with our investors and personal networks to really understand the SBA loan process and what the long-term financial implications could look like for the business," she said. Sunwink declined to disclose whether they applied for federal stimulus funding through the Paycheck Protection Program or Economic Injury Disaster Loans.Ganesh and Schenck said it's imperative to have daily check-ins, even if it feels excessive.
Thank God for bringing bitcoin to man,it has being a great source of blessing to all of man kind who have passion for bitcoin trading. Now the poor are getting rich over night and the rich getting richer. lisaMakT thank you for your proper management .