We’re in uncharted territory with the Covid-19 pandemic.

Companies that outlast this crisis will have CEOs who can rapidly assess these new circumstances, recognize new patterns and opportunities, and act with urgency to take immediate action to pivot and restructure their companies. Those that don’t may not survive.

So here’s a five-day playbook to help CEOs of cash-flow negative companies, or ones about to go negative, assess the new normal and respond with speed and urgency.

Your company’s survival in this downturn can be captured in a simple formula.

Survival = (speed of your understanding of the situation) x (the magnitude of the pivots/cuts/lifeboat choices you make) x (the speed of your time to make those changes)

Notice that the word speed appears twice. This is not the time for committees, study groups, or widespread consensus building. Even with imperfect information, the future of your company depends on your ability to make rapid decisions and start acting.