. It is time to cut all discretionary spend

Persevere Toefy says that although fear and panic is rampant, entrepreneurs now need to rely on one of their strongest traits: perseverance. Co-opetition

Co-opetition is when you cooperate with your competition. He says that now is not the time to try and beat one’s competition, but to reach out and see if one could share workloads, share knowledge and work together to try and survive this. “Rising tides lift all ships, and never before have we needed ships to be lifted as much as now.”

Communication

As with all crises, increased communication reduces anxiety. Toefy suggests that increasing communication with staff, suppliers and clients is paramount.

“Remind your clients that you are still operational, offer help and support. Your staff will be anxious, so help them through this time by being as open and honest with them as you can. It is ok to be vulnerable; you may be surprised how much support you receive. There have been several cases of companies where staff are choosing reduced hours and pay instead of laying people off at this time.”