How to make sure that your business survives any crisis

June 19, 2020

We offer 4 steps to make sure that your business can adapt to any crisis it may face not just now but, in the future, ….

1.  What’s the damage? What does your business look like right now? Have you lost any customers? Are your suppliers& vendors still in place offering the same terms etc as previously? Are your previous sales and marketing strategies still able to deliver? Look for the areas of vulnerability in your business right now, fix what can be fixed and then look at what you are left with.

2. How are you moving forward? This is your crucial piece; this is your plan to keep your business afloat. Stop and take stock of your assets, things like your reputation, staff, premises, stock etc. Now, how can you use these assets to take your business forward, possibly in a new way? Is there new technology you need to bring into play? Such as an online booking system or use of online accounting software to save paying bookkeeping or accountancy costs? How do you keep money coming into the business in the current climate?Consider what your new market looks like and how can you use the assets that you have to fit into this new marketplace. The really important thing here is for you to own the process. Don’t allow events to overtake you and shape your business (or ruin your business) for you, take control and lead the process of change and adapting your business to fit where we are now.

3. See the opportunities, every crisis brings with it huge opportunity, so don’t allow your business to lose out on that. Look at what is showing up in your world now and see what can be used as leverage to create something bigger and better than you had before. For instance, are you trapped in an expensive rental contract for your premises, is this the time to use the current crisis to leverage yourself out of that? Are customers looking for mobile services? Can your staff pivot from a salon to a mobile role seeing client’s in their home? Look at what the possibilities there are for growing your business, remembering the assets that you identified in stage 1and use these to create your plan for the future.

4. Get started, don’t be so caught up in rushing around trying to fix everything that you forget to get back to work, implement that plan, use those assets and see those opportunities and act now- don’t wait.