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Uncertainty in the business industry is always a given. However, there is one certainty that entrepreneurs will inevitably encounter in the long run: a crisis that will have a significant impact on their business. Even though emergencies vary, there are still ways to help your company sail smoothly through the storm.
1. Leverage Pre-Existing Expertise
May it be a standard or a worldwide crisis that only affects your business; it will still require you to adapt to how you operate your brand. Services and products may need a dramatic turn to appropriately address your situation while ensuring your business stays above water. Brands that have a successful pivot utilize their existing expertise to efficiently and quickly adapt to their environment.
2. Take a Look at Your Vulnerabilities Before Things Go Downhill
Keep a keen eye on your business to adequately scrutinize vulnerable areas or blind spots that are barely noticeable to avoid managing situational risks. Always remember that even though you might be good at judging and evaluating your brand before a particular crisis pours down on you, the audiences affected along with the media will be a more significant challenge during the chaos that comes after.
3. Reform During a Crisis
Most of the time, you see opportunities to upgrade your business, yet you still hesitate to act on them because you are aware that resistance always comes with change. A good example would be retraining, reassigning, or firing some of your current employees. Keep in mind that for every opportunity that you don’t take, your business might move from “innovating” to “obsolete.”
When experiencing a crisis, change is the most significant opportunity you can benefit from, especially because you cannot avoid change during an emergency. You can cease operations on an unproductive area, have a different product line, or promote a smart woman you met in one of your business trips rather than an old acquaintance with high expectations on seniority promotions.
4. Make Sure to Inform Everyone on What’s Happening
Keep your stakeholders in mind when experiencing a crisis and make sure you have their contact information. Regularly communicate and update them of the crisis at hand and let them know once resolved. Discuss with your stakeholders a post-mortem evaluation to evaluate what you learned as you take note of critical points for the future.
5. Put Technology at the Forefront
Technology might be a promising key in managing a crisis. The coronavirus outbreak has severely affected businesses that rely on face-to-face interactions. Your company must create plans on how you can use technology as leverage to ensure your business maintains its operations despite the current crisis.