Managing a startup in a growth-oriented and cost-efficient manner is a major challenge for all founders. In the current situation, however, swift action is essential to ensure the startup's survival. This is less about three-year planning and more about navigating "foresight" when the economy is expected to freeze for months. Every case is unique, but there are some questions that every startup founder should be asking themselves right now.
Dr. Carsten Rudolph, Managing Director of BayStartUP GmbH, provides helpful insights and tips from his many years of experience (including the crisis years of 2000/2001) with startups, industry, consulting and investors:
- How do I adapt my liquidity planning to the current circumstances?
- What scenarios/assumptions should I plan for?
- What expenses can I afford? How do I get an overview? How do I set priorities and decide what to spend money on? Where do I start now?
- Do I have room to maneuver on the revenue side? Does the crisis perhaps even offer special opportunities?
- How does the collaboration with existing investors look?
- What are my current chances of finding new investors?
- Who can help me (tax advisors, customers, partners, investors)?
- What funding is available for startups?
