According to the dictionary, a time of crisis is an intense and difficult period, but in the world of business and entrepreneurship, this is a time of opportunities and innovation, from experiences, the best businesses come out of the worst times. Facebook, Google, Flutterwave, Andela and most notable start-ups started during one crisis or the other.
No doubt the current state of the economy and uncertainties surrounding the COVID-19 pandemic, will have a negative impact on businesses and founders but remember, the best will stand! As a founder, rather than panic, take advantage of the crisis and scale.
To do this effectively, you need crisis management steps. These are steps an organization uses in responding to critical situations that would negatively affect the company. Top crisis management steps for entrepreneurs are;
1. Re-evaluate and Reform Everything; it is time to ask some hard questions; will this business survive the crisis? What are the needs and wants? What assets are available and how can they adapt to the new normal? What skills are needed? Do I need to change my industry? Do not shy away from these questions; they will give clarity on the next steps to take. A crisis is an opportunity to change everything, so don’t be afraid to make necessary changes.
2. Maintain a consistent brand messaging; to ensure your company speaks with one voice and delivers a clear consistent message; appoint a communication person with the role of interacting with media, stakeholders and costumers.
3. Keep employees informed; everyone knows when there is a crisis, so don’t try to hide the truth from employees who are already tensed about losing their jobs. Rather, have honest and transparent conversations with staff to build trust and a healthy work environment.
4. Move your money to safety; this involves investing in projects that are safe and stand higher chances of making you money during the crisis. In good times, businesses can afford to take risks, during a crisis, slow down on that.
5. Communicate with customers; adopt available medium especially digital to communicate with clients. Talk about your contingency plan, show concern for their well-being, make a point of duty to always stay in their faces even when there are no product or services to sell so they don’t forget the business.
These are steps you need to take as a business owner to help manage the crisis and avoid closing down
