The COVID-19 pandemic is putting lives at risk, and clearly this is a top priority. However, businesses also must look for ways to stay afloat and survive moving forward in light on this crisis. Some suggestions from experts include:
- Create your model with four sheets—one for the income statement, one for the balance sheet, one to list all employees and their monthly cost, and one for variables/assumptions.
- Address three scenarios—best case (non-essential business facilities closed for four weeks), middle case (non-essential business facilities closed for three months); facilities closed for three months); and worst case (non-essential business facilities closed for eight months).