John Doerr is on Forbes magazine “Midas list” and is one of the most influential figures within Silicon Valley USA. He is on the Board of Sun, Amazon and Google and recently set out an 11 point plan on how to survive the current downturn.
Some of these ideas could well be relevant to MIA members and the Motorsport industry.
1. Act now, and act with speed.
2. Protect the vital core of the business. Cut once, and cut deeper than you need to.
3. Make sure you hold and retain 18 months worth of cash. Make sure you know exactly where you stand with your current investors.
4. Do not spend money on facilities, technical infrastructure or even software which you do not need to run your business in the immediate future.
5. Re-evaluate research and development priorities.
6. Re-negotiate all contracts.
7. Make sure everyone in the company, from the receptionist to the engineers, is selling the company’s valued proposition.
8. Offer your people equity in the company instead of a cash bonus.
9. Secure your cash reserves.
10. Figure out what your lead indicators for revenue are, and monitor them.
11. Over communicate with all your staff. Make sure employees, and their families, know where they stand with you.
