Founders: Job one in a crisis is to keep the company alive. You need to make hard choices, stay calm & sharing the plan with the team
ie "We are a real-world business & we will see revenue go down 50%+ over the next 3-6 months. Here's is the plan, subject to constant iteration:
1. Managers are taking 25% pay cuts for the rest of 2020, or until revenue rebounds.
2. The rest of the team is taking 10% pay cuts during that same period.
3. We are moving three full-time executives to part-time consultants today--we thank them for their service.
4. We are renegotiating three key deals we have with vendors in the hopes of moving payments terms out to net 90 days.
5. We are working with our investors on a bridge investment after we make the cuts above.
6. We are eliminating project X since it will not drive revenue
You have to grow up, put on the big boy/girl pants and make hard choices.
that is what you signed up for when you took the CEO/founder slot.
Grow up, do the work and survive.
No time for bullshit, be a leader.
You can follow @Jason.
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