Learn from the lessons of history:
- Ford drew down all of its credit lines in 2009 to protect cash reserves, allowing them to invest strategically for the post-recession future. This accelerated their recovery and they did not take bail-out money.
- Netflix was forced with the hard choice of cutting half their workforce to preserve their capital during the dotcom crash of 2000, as detailed in That Will Never Work by the founding CEO. This experience developed into critical elements of their culture, including “Dream Team” and “Keeper Test” that is codified publicly as part of their culture and detailed in Powerful.
The above points are not prescriptive in nature, but should definitely be considered as you and your management team prepare for the many many tough choices ahead.
“If you haven't read hundreds of books, learning from others who went before you, you are functionally illiterate – you can't coach and you can't lead.” - General Mattis
We can all learn many lessons from history that are very applicable in today’s situation.