Business in crisis - what to do?

Business in crisis - what to do? Pay attention to the processes and systems you use to run the business.

While many see the perks of being their own boss, new entrepreneurs sometimes forget that even when plans are being exec...
02/11/2021

While many see the perks of being their own boss, new entrepreneurs sometimes forget that even when plans are being executed, there is a possibility that things can go wrong and mistakes are made. Whether it’s a badly phrased ad or a bigger problem like KFC running out of chicken, business leaders must equip their companies with the tools to protect themselves against any unforeseen circumstance.

Of course these are established organisations, but the principles are the same for startups. “Respond rather than react,” says Jonathon Gabay, co-founder of KBA, a PR firm. “Think first, rather than become driven by reactions. Otherwise you can find yourself in deep water without knowing how to swim.

Warren Buffett once famously said: “It takes 20 years to build a reputation and it takes 20 minutes to ruin it”. These w...
02/11/2021

Warren Buffett once famously said: “It takes 20 years to build a reputation and it takes 20 minutes to ruin it”. These words of warning ring particularly true today when reputations can be ruined faster than in 20 minutes. Hence being prepared to managed crisis is more important now than ever.

Given many businesses experience bad things, it would be a huge mistake for startups to wait until a crisis hits before thinking how to respond. “Get ahead of the curve and, at a bare minimum, think about taking your employees in confidence so as to get their support as well as pay heed to statements given to investors,” says Leon Emirali, co-founder of Crest Communications, a marketing agency for startups.

Pay attention to the processes and systems you use to run the business. With the unique circumstances we're all facing w...
28/10/2021

Pay attention to the processes and systems you use to run the business. With the unique circumstances we're all facing working from home or away from the office, it's given exposure to a host of new tools we might not have known about before. Everything from using email autoresponders to automated workflow can have a big impact on how you and your team operate.

There no doubt that any firm that didn't have a work-from-home program will now. What we can count on going forward is that this is likely changing the way we work forever. The opportunity is to use this time to think about how you might digitize and use technology and automation to make your business leaner and more efficient.

It can be difficult, if not impossible, to make changes to your business model when you're growing. Even the idea of rai...
28/10/2021

It can be difficult, if not impossible, to make changes to your business model when you're growing. Even the idea of raising your prices or adding new products can be overwhelming as you service customers as fast as possible.

But now is the perfect time to put changes like these in place. How could you put through a small price increase that can dramatically impact profits when revenue starts to grow or perhaps add a bunch of value to customer to help retention?

Think about it: what do you do when you find yourself with unexpected time on your hands? I know in my case, I'll do thi...
28/10/2021

Think about it: what do you do when you find yourself with unexpected time on your hands? I know in my case, I'll do things like clean out a closet or the mess on my desk, catch up on emails, and maybe even call a few friends and clients--things I might otherwise put off when I'm too busy.

You can think of a downturn in a similar way--a chance to do things to strengthen your business for when the economy recovers. There are actually three areas you can focus on, topics I cover in my book, Great CEOs Are Lazy, to help use this crisis to make you stronger.

For some of you, this might be the first economic downturn you've experienced in your career. For the rest of you, who, ...
28/10/2021

For some of you, this might be the first economic downturn you've experienced in your career. For the rest of you, who, like me, have been through other economic crises, heed this piece of advice: this too shall pass.

I recognize that things might seem scary right now. And you should be doing everything you can to help your business survive--particularly when it comes to preserving your cash. I have also been using the mantra, "survive and thrive."

But there's actually a bit of a gift that comes with a downturn if you can learn how to unwrap it. It gives you time and the opportunity to do things to improve your business you might not otherwise be able to tackle.

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