Crisis Changes the Trajectory
Black swan events, such as financial recessions and pandemics, change the path of populations, governments, economies and businesses.
With Covid-19, we are already seeing signs of a shift in how consumers and businesses behave. Some of these changes are direct, short-term responses to the crisis and when contained, will go back to regular levels. Other changes will be long term reactions and shifts in innovations, on a global scale.
Regardless of how well your business is managed, one crisis could bring things to a crippling halt. This is especially true for small businesses. Inadequate resources could leave the business vulnerable in dealing with the complications of such a situation.
Furthermore, this could result in customer backlash and reduced sales, affecting the company’s profits as well as damaging credibility. Even the largest and most well-reputed corporations are not immune to such a reality.
Flexibility and Honest Communication are Key
If your business ends up in a crisis situation, here are several ways to successfully overcome it:
- Assess the situation
- Retain an honest profile
- Keep open communication
- Outline a management plan
- Adapt, Improvise, Overcome
“Part of it is making sure you’ve got authentic leadership, that the messages you’re giving out are consistent and aligned with your values,” says Squamish-based business continuity specialist Edward Matley.
Look for Opportunity and Lead the Way
Forbes mentions, as a glimmer of hope in these wild times, we’re seeing unprecedented levels of funds, tools, and other resources being mobilized to support the businesses and make our communities thrive.
Don’t panic! Instead, look for the opportunities. Clever investors, business leaders and salespeople look at these downturns in the market to find new ways, new solutions, new markets. Remember to keep communication open and be creative in finding ways to keep doing business.
There are more opportunities than you think. We need to work together now more than ever!
