Today I would like to talk to you about managing your business during crisis!
You must have heard that small businesses are quietly dying by the thousands during the coronavirus pandemic. Big companies have felt the brunt too. However, the small business owners suffer the most during this financial crisis as their livelihood depends on it. The second lockdown has truly proven to be fatal for thousands of businesses. There have been mass bankruptcies filed and a record number of companies have sought creditor protection.
I personally know of such businesses whose owners are good friends. They had to close down their ‘mom and pop’ store due to the pandemic. It has been estimated by the Canadian Federation of Independent Business (CFIB) that one in seven small businesses are at risk of closing.
In August 2020 around 158,000 business closures were recorded. This is in Canada alone, so you can imagine the number of small businesses that have gone under in North America and worldwide!
This has not only left people with financial upsets but also with tremendous emotional upsets. If you look around, you will see people at different stages emotionally but mostly ranging from fear to anxiety to anger. There has been an increase in mental depression and the suicide rates have gone up!
Although I hate to say this, unfortunately, this is just the beginning. The situation is going to get worse. Never have we experienced anything like this before. Never has the economy come to a halt.
Surviving this business crisis is not easy, but those who preserve will come out as winners! Although this is a very novel situation, business owners who are tenacious and resilient have found a way to stay afloat and hence this pandemic will be no exception!
Survival will not happen magically. It does require patience, tenacity, determination, planning and precise execution.
Hence if you want to come out as a winner, you must know the business survival tips for managing your small business during this economic downfall. These are the steps that some business owners are taking and thriving through these turbulent times.
Businesses need to get creative and pivot during this time. Business owners need to plan differently than before if they want to thrive. Creativity will help businesses survive these pressures and secure their position in these uncertain times.
In this blog, I will be sharing with you the lessons firsthand that I have learned and practiced in my own business to thrive and manage a business crisis.
These are the 7 powerful steps that you need to take if you want your business to continue.
1. Be creative- Come up with new ideas on how you can help your clients in this new situation, while at the same time keeping up with the values and integrity of your company. Innovation, thinking outside the box and coming up with a new business plan is the need of the hour.
2. Communicate more- It is of utmost importance especially now that you must reach out and increase your communication. This is the time to build more connections and create relationships with your clients both new and especially your exciting clients.
3. Monitor your Financials very closely- Especially now is the time to keep a close watch on the income versus outgo. Make sure your accounts are well managed and you have good control over your finances.
4. Adapt to your customer’s needs- If your client’s buying habits have changed and they prefer to shop online, you must have a strong online presence. You need to expand your reach on all social media platforms. If you are not sure how you can do that, you can contact me, and I can train you on various social media strategies.
5. Care for your team/ workers now more than ever- This entire year has been challenging for everyone. Your employees and your team have also gone through a great ordeal due to the uncertainty lurking around and have been subjected to a tremendous amount of stress whether it be physical, financial or emotional upsets. Make sure you support them in any which way you can.
6. Update your marketing strategies- Now is definitely not the time to stay low. Now is also the time to take a look at the values and company culture. Does your company support a cause? What does your company do to make this world a better place? Also, position yourself as an industry leader.
7. Use this time for training and enhancing your professional as well as personal skills- The world is changing and so must you! You could do these by enrolling in online courses and business expansion programs. You could also reach out to a business mentor who can help and guide you through these tough times.
I am sure you must have enjoyed reading my blog and I am positive you must have found ways you can implement right away to turbocharge your business.
Reach out to me and I will be more than happy to help you in any way I can.