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Cash is STILL the King

Crisis Survival Guide Keith J. Cunningham March 28, 2020 Five birds are sitting side by side on a telephone wire. You shoot one of them, it falls off the wire and hits the ground. Now how many birds are left on the wire? The obvious answer is “4”. The correct answer is “none”. When you shot the first bird, the other 4 birds flew off. All of us are experiencing an infestation of flying birds as a result of the COVID-19 virus and the ensuing economic crisis it has generated. Although this is obvious, I am saying it anyway: This is not business as usual. In fact, if you haven’t already, throw away your 2020 budget. Shred whatever strategic or growth plan you might have dreamed up 4-5 months ago for 2020. That original strategic or growth plan will not help you survive this crisis… and survival and stability are the new objectives. A great example might be the Titanic. The original plan of every passenger on the Titanic was to get from England to the United States, but that plan radically changed the instant they hit that iceberg. After that iceberg, there wasn't one person on the Titanic who was thinking about what they were going to have for dinner once they got to New York. The change in priorities was dramatic because of the radical change in circumstances. Here’s another example to put things into perspective. Imagine you have been training to run in the Tokyo Olympics marathon. Three months before the starting gun is fired, you get hit by a bus. Assume you are in the emergency room with a collapsed lung, two broken legs, and a real possibility of being paralyzed from the waist down for the rest of your life as a result of the encounter with the bus. The last thing you would be focused on is the dietary and training regimen you originally thought was required to compete in that race. Your priorities would logically shift to accommodate the new reality of your circumstances. You might be disappointed about missing the race, but as you are lying on the bedpan in the hospital unable to wiggle your toes, it would not be your primary concern. During a crisis, your priorities and focus must shift from strategic to tactical. Think about an emergency room in a hospital. There are only two strategic outcomes: Keep the patient alive and stabilize the vital signs. Everything else is tactical. Things like keeping the heart beating, stopping the bleeding, and keeping oxygen flowing tactically support the primary objective of keeping the patient alive. In fact, if you take this analogy one step further, the monitors and machines hooked up to the patient are all intended to measure the things that, if they go wrong, will kill the patient. In an emergency room, they are not measuring your cholesterol or body mass index because those things will not result in imminent death. If you really look at an emergency room, you will find five recurring themes:  Extreme focus and a breathtaking level of intensity  Constant monitoring of vital signs  Instantaneous and constant communication  Massive flexibility to respond to any new crisis that could destabilize or kill the patient  Speed of action and interaction If your business is experiencing financial turmoil, I would highly recommend you adopt the same protocols used in hospital emergency rooms. Prioritize keeping your business alive and getting it stabilized as quickly as possible. Keeping a business alive requires CASH! The easiest thing to do right now would be to assume the problem is COVID-19. Or the government’s response to COVID-19 or Wall Street’s reaction to the government’s response to COVID-19. The reality is that none of these are the real problem. Each of these are predicaments…or said another way, a state of the environment. A problem is something that can be solved, and none of us (individually) can solve any of these “predicaments.” The real problem, for us as business owners, is how do we save our business? How do we stabilize our business? How do we respond to this environment of the virus and the quarantines and Wall Street seizing up by stabilizing our business in a way that gives us better than even odds that we will live to fight another day once these crises have passed? Here it is on a bumper sticker: Focus on the problem you can solve! https://keystothevault.com/cash-is-st...