During times of crises, businesses have to be more mindful of certain aspects of business and leadership to be able to survive slowdowns. It is important to remember that when the going gets tough, the tough get going.
Crises Don’t Last Forever
First and foremost every entrepreneur and businessmen needs to remember that crises don’t last forever. They are temporary, and a testing time for all. If you look at the previous economic slowdowns, you will realise that the market bounces back each time after the end of a crisis. So firstly, don’t panic!
Plan, Plan, Plan
No one knows how long this pandemic will last; hence make sure you prepare for all scenarios. Assess risks and work around them. Go a layer deeper and see how far your business can get affected. Accordingly, draw your future business plans for one-two quarters at a time. Normalization will not be as simple and fast as one would like. A redesign or a 360-degree approach will have to be put in place for every aspect of the business including demand-supply chain management, operations and most importantly safeguarding the workforce.
Connect With Your Customers
Your customers are your community. So, make sure you connect with them in the time of crises.
- Post frequent updates on how you are responding to the crisis; how you are conducting business, and what safety precautions you are taking
- Let them know how you can support them during this time, and ask them how they can support your brand/business as well
- Share stories that reiterate your commitment towards good customer service
- Build an online community campaign, fostering a feeling of “we all are in this together”
Research has proven that such engagements serve as building blocks for long-term customer loyalty.
Be Patient While Looking for Funding Options
Many investment firms have enough capital to deploy for the coming years and they may not shy away from offering help. So, be patient while looking for investment options. Although investors will be more vigilant and may take longer than usual to make funding decisions due to the crises, it’s important that you handle the situation with a calm and composed mind. Have patience and give investors the time they need.
Be Transparent with Your Investor Partners
At such times it’s important to be transparent with your investor partners. Have a healthy conversation and try to work with them so that, on one hand, the business operates on a minimum of resources, and, on the other hand, the investor remains committed. Let’s not forget, it’s precisely times like these that test an entrepreneur’s determination, and investors do see it. They see it all. When they see entrepreneurs behaving professionally, they try to share their ideas and tips to help the business sustain in the downfall. So, entrepreneurs/businessmen – be upfront with your investors and consult with them regularly. Investors have tons of experience and will surely have something to offer you.
Bootstrapping Your Business
Besides approaching various investors ask friends and family members, to help you tide over this period. If nothing works, see if some of your personal savings can keep the operations running. Remember that it requires a lot of confidence, risk tolerance, self-discipline, determination, dedication, and pure single-mindedness to achieve success. Some of the greatest entrepreneurs in this world have succeeded in life through these values.