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Key Steps to Deal with Crises in Business

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Key Steps to Deal with Crises in Business

In this article, Anastasia Ksenofontova offers anti-crisis recommendations to help your company deal with turbulent times. 

At any given moment, top management and owners run two companies: the business they are in now and the business their company is becoming. During times of crisis, it is common to forget about this second company. Maintaining a focus on the longer-term horizon is essential to properly capitalize on the opportunities that arise during times of crisis. There are three main topics that you can focus your efforts on. These are your customers, your staff, and your finances and operations. Below are recommendations on how a management team can do this.

The loyalty shown to customers in times of crisis is highly appreciated and can bear fruit in the future. It demonstrates that the company and the clients are in the same boat. You can create value for customers in the following ways:Provide free consulting on anti-crisis measures in topics where you are an expert, and develop anti-crisis plans with your clients.CUSTOMER SUPPORT–

–Become a moderator and center of expertise for industries/client groups: hold webinars, and send mailouts to clients on current topics.At an accelerating pace, develop and proactively offer customers products and services that will help them generate additional revenue, reduce costs, or improve operational sustainability. This is an initiative where speed matters.For ongoing projects, allow for dialogs to see if those projects are still relevant and identify any opportunities to pivot. Provide human support to the members of the client’s team.–

–– Provide free consulting on anti-crisis measures in topics where you are an expert, and develop anti-crisis plans with your clients.– Become a moderator and center of expertise for industries/client groups: hold webinars, and send mailouts to clients on current topics.– At an accelerating pace, develop and proactively offer customers products and services that will help them generate additional revenue, reduce costs, or improve operational sustainability. This is an initiative where speed matters.– For ongoing projects, allow for dialogs to seeif those projects are still relevant and identify any opportunities to pivot. Provide human support to the members of the client’s team.

Times of crisis can also be difficult for your staff. Below are examples of initiatives that can help keep them productive and engaged:Remove personal stress and fears through regular communications at different levels. Beyond company-wide town hall meetings, this should include 1-1 brief conversation with each employee down the structural hierarchy.

STAFF SUPPORT–

Provide employees with new work tools if the former ones no longer work.Predict the expected workload of your employees for the year ahead. In an expected decline due to the loss of customers or a decrease in sales, offer employees attractive conditions for additional leave (for example, partially paid sabbaticals for several months). You can also find alternative tasks for employees so that they can continue to add value.Maintain morale by encouraging employees to take regular paid vacations. This will help you manage the potential workload spike that will inevitably occur when the business recovers.Do not forget to support the company’s management team. Often, executives are so busy saving the company and helping employees 24/7 that they forget about their own mental health. It is essential to take steps to relieve managers periodically to prevent burnout.–

 

Key points include:

  • Remove personal stress and fears 
  • Tracking legislative changes
  • Maintaining morale

Read the full article, Anti-crisis Recommendations, on YourBusinessProducer.com.