𝗛𝗼𝘄 𝘀𝗵𝗮𝗹𝗹 𝘁𝗼𝗽 𝗺𝗮𝗻𝗮𝗴𝗲𝗿𝘀 𝗿𝗲𝗮𝗰𝘁 𝘄𝗵𝗲𝗻 𝗶𝗻𝘀𝗼𝗹𝘃𝗲𝗻𝗰𝘆 𝗶𝘀 𝗹𝗼𝗼𝗺𝗶𝗻𝗴, 𝗠𝗮𝗿𝘁𝗶𝗻 𝗛𝗲𝗻𝗱𝗿𝗶𝗰𝗸𝘀?

Uncertainty leads to freezing. We asked Martin Hendricks, a long-standing top manager, consultant, supervisory board member and expert in high-risk situations, to share his extremely valuable insights with our readers:
 
As always in every critical situation – be fast, take risk, communicate.
Then: get as much structure and substance as possible in your actions
Execute diligently – adjust as you go when needed.

➡    Assess honestly your current situation and financial outlook.
 
➡  Cash is king: get a view on what you still have, how long it will last and really get a strong grip on spending.
 
➡ Communicate as much as possible – and as much as you are legally allowed – to all stakeholders. Keep communicating throughout the process.
 
➡ Take care a of key people, convince them to stay, incentivize.
 
➡ Take cost out radically – better you do that then someone else tells you to.
 
➡  Build a strategic plan for the next 3-5 years. Potential investors want to see that there is a future for this business.
 
➡ Together with – skilled, qualified, and experienced – advisors, legal and professional, address your dept and start investor process, gain new investor.
 
⬆ It is never easy, and every case is different, but these key topics will help you get started and probably to a successful outcome.

Thank you, Martin Hendricks! Dorothea Assig + Dorothee Echter