Crisis management for startups in times of Covid-19 – securing liquidity, saving costs, keeping an eye on long-term planning
The current challenge for all founders is to manage a startup as quickly and cost-efficiently as possible while at the same time aligning it with a delayed growth path after the crisis.
Christoph Rommel, Head of Industrial Cooperations and member of the management team at BayStartUP GmbH, provides helpful insights and tips – partly illustrated with an example and implemented in the corresponding profit and loss statement and liquidity planning based on EXCEL:
- Why are costs currently in such focus?
- What do typical cost structures look like for startups?
- What savings opportunities do I have in general?
- What considerations should I make before making my decision?
- How do I adapt my liquidity planning to the current circumstances?
- What scenarios/assumptions should I plan for?
- Why is quick action so important right now?
