COVID-19: Avi Reichental on Navigating the Crisis

Five bold actions that organizations can take to keep their doors open throughout the pandemic and thrive on the other side

Communication:

OVER communicate with all stakeholders. Frequently. Don’t sugar coat.

Continuity:

Ensure team safety and business continuity contingencies are in place.

Cash:

Is King!
Cash preservation, cash investment and cash generation.
Adjust your burn runway. Know your break-even. Tighten credit. Understand the harsher venture environment.

Change:

Bin your 2020 plans.
Prepare your company for the best – and worst – case scenarios.
Reinvent your business model – the most adaptable will survive.
For the additive manufacturing industry, COVID-19 may prove to be a growth catalyst and turbo charge the future, particularly in supply chain disruption and design agility.
- Reposition around mission critical solutions and resources.
- Redefine how you think about cost per part.
- There has never been a better time to collaborate – seek uncommon partnerships for access to everything.
- Scan for mergers and acquisitions on the other side.

Courage:

To lead, to be in reality and not in denial.
For your employees, customers and investors.
For the preservation of your business.
To ask for help, to lean on your board and community. No one expects you to have all the answers.
To act with agility and boldness and make the right decisions.
To practice honesty and transparency, even when inconvenient

Community:

We’re in this together. This pandemic will pass but its lessons, and our combined efforts to get through this together as a community, will remain with us for the rest of our lives.

COVID-19: Avi Reichental on Navigating the Crisis

Five bold actions that organizations can take to keep their doors open throughout the pandemic and thrive on the other side

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