The key to surviving an unexpected challenge always rests on some sound business practices. While many start-ups can prove spectacularly successful in the short-term, it’s only by changing and adapting to the economic environment that a new company can survive for a sustained period. Here are some of the critical things that established brands have done to survive over the long-term.
Investing In Technologies
While start-ups are renowned for their ability to take advantage of internet knowhow to keep their costs down, it’s only by continually investing in the latest technologies that they are going to be able to stay on top of their game. Whether it’s an engineering firm
EasyJet has secured a £600m loan from the Treasury and Bank of England’s emergency coronavirus fund, as the airline’s founder and biggest shareholder, Sir Stelios Haji-Ioannou, claimed it would run out of cash by the year end regardless.
The airline said it would also borrow another $500m (£407m) from commercial creditors to ensure its liquidity, with its fleet grounded for at least April and May due to the pandemic.
The announcement came as Haji-Ioannou, who with his family owns just over a third of easyJet shares, demanded an emergency general meeting and called for the sacking of two directors.
The Cypriot tycoon relaunched his attack on the airline’s management and its order for 107 “useless” planes from Airbus, saying his “main objective is to terminate the £4.5bn Airbus contract”.
In a statement issued before confirmation of easyJet’s government loan, Haji-Ioannou had claimed that even remaining solvent until August – based