Businesses, whether big or small, suffer one bout of crisis or the other. It is in these crises that many businesses usually fold up. Most often, this period of crisis often challenges the durability of these businesses. And unfortunately, there’s no playbook on how to overcome the business crisis because each crisis has its peculiarities.
Most leaders shrink in the face of challenges, however, a crisis is a true test of wisdom and grit. The more crisis businesses overcome, the stronger and wiser they grow. Most recently, we have seen many companies shut down, downsized, or even decline in the face of COVID-19. However, there seem to be some who remained agile, innovative and smart enough to thrive.
In this article, I explore five ways to lead your business through crises.
Maintain Soundness Of Mind
It’s very possible that a crisis could want to mess with your mind. Ensure that you’re able to see beyond the crisis rather than getting enmeshed in it. Having control over your mindset and attitude help you make sound decisions. One of the best ways to remain mentally stable is to surround yourself with informative and encouraging people. Get the right data you need, the right strategists, thinkers, and smart people who can come out with survival and coping mechanisms that can sustain the business throughout the crisis.
Adapt Quickly
This is what we call the ability to respond in seemingly quick pacing issues. The problem is that most leaders get overwhelmed that they’re too slow in making and taking decisions. Most often, during a crisis, decisions must not be perfect before you can take them. They’re temporal, just to keep the company running until a lasting solution is booked out. In cases where you’re overwhelmed, get experts and professionals who can make up for your apparent gap in knowledge.
Reallocate Funds To Functional Programmes
Dealing with a crisis cost money. During a business crisis, you might be forced to allocate funds to crate makeshifts. Also, in a crisis, it’s expedient that as a businessperson you’ll have to cut off illegitimate and unnecessary spendings in order to generate resources in the midst of a financial meltdown. Sometimes, underperforming programmes might have to be scrapped off and redirect their allocation to more important areas.
Improve, Innovate, Invent
The reason why businesses drown in the depth of a crisis is that they don’t improve on previous products/services or innovate by introducing production techniques and methods or invent something new to keep the business running. Many businesses often suspend innovation in the face of crisis
Take Actions
This is very pivotal. After much planning, failure and success analysis, recommendations and resolutions, what’s left is action. Take action every day. Inspire your team to do the same. Learn from mistakes, redress them and keep the ball rolling.
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