It’s the biggest crisis any business community has faced, in our lifetimes at least. So, it’s ok to be worried – everyone is.
Your initial reactions are now in the past. The shock has hit, you reacted with disbelief, anger, a sense of numbness, helplessness, sorrow, perhaps all of the aforementioned. Any such response being understandable and requiring no justification.
Now comes the really difficult stage, a time where you must harness your emotions setting aside those which are non-productive. It is a time where you must focus your attention on things you are able to influence, however small they may be at the moment.
The crisis has hit, there’s no changing what’s happened. So, assess your options, create a plan, a way forward, gather support around you (don’t even think about doing this alone), then set about implementing the plan.
The Gawler Business Development Group has access to advisors who can help you with a crisis management plan. The plan will be different for each business but will look something like this.
- Assess the damage.
- Consider your realistic options.
- Gather people around you who can aid.
- What will your business look like on the other side?
- What resources do you have at your disposal (physical, financial, human) and how are these resources best allocated.
- What resources do you lack (in order to survive) and how can you obtain them.
- What resource do you lack for trading on the other side, and how can you obtain them.
- Think about your customers, how have their needs changed? What new habits have they learnt and what changes should you make to your business model to accommodate the changes?
- Thinking about your business model, was it perfect pre the crisis. Did your business generate enough profit? This is an ideal time to make changes to your strategy and management practices to build business profitability on the other side.
- Thinking about the other side, it will be better, but we will face a recession. What does this mean for your business, and how should you react? This needs to be part of the plan.
Once your plan is in place, it is important to realise there will be times when the unhelpful emotions of anger, frustration, and helplessness are foremost to mind. Try not to make decisions at these times, you are likely to regret them later. These are the times to rely on the team you gather around you, friends, co-workers and advisors.
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