In this blog, we will give you the tools to face a crisis and avoiding hasty decision making. It consists of two blogs where we divide the 10 steps that will help you manage these moments of crisis like an expert CEO.
A crisis has impacted our society, and our economy has been affected by delays in internal workflows. Some aspects have been halted, and others slowed down. Companies and entrepreneurs worldwide need to find ways to solve the adversities that arise and will arise in the future.
The purpose of this blog is to give you 10 steps that will help you make correct decisions when facing an economic crisis:
The last 5 Steps:
If there are unfinished businesses, we recommend that you specify and talk to your clients to finalize the critical issues. We must try to maintain current customers, so it becomes a priority to speak to them and discuss the current situation.
We recommend using discounts and preference strategies for old customers so that you can strengthen your relationship with them, as not to lose them, ensuring a post-crisis relationship. If you notice that they are in trouble and do not have the ability to purchase your products or services, offer them plans and prices with which they cannot say no.
You have to review the contracts you have with your providers concerning the leasing, technology, or other costs that require a monthly or biweekly payment. It is essential that you clearly define how you will fulfill these obligations.
NOTE: Keep in mind that risk must always be shared. Especially during a crisis, since it can get out of hand and hurt all parties involved.
You, as CEO, must prioritize within your company and solve each problem step by step, without losing sight of the small details.
- Review of the business model
It is essential to review the business model. During a crisis, the priorities of the clients and the premises of the market will change. For this reason, we recommend you to rethink the structure of your business. The following steps can help you through it:
- Focus your business and give it a new front: This means that if you, for example, sell textiles, let your customer know how important they are and make them a priority.
- Create products that are in demand. Change with the times. Concentrate on generating what people want.
- Return on Investment: Analyze each project that involves an investment (advertising, for example) and review your return on each investment. Look for a positive margin and look to lower costs.
- Go digital: If you have not already done so, seek to offer your services digitally and remotely.
- Build Loyalty: There may be even more competition after the crisis, so you will need to keep your customers happy and connected to your brand during a crisis.
- Multiple incomes: Look at which sectors are related to your company and analyze their viability as new categories that are adjacent to your business.
- Always attentive: The crisis brings new opportunities, eliminates competition, there may be a rapid recovery, and customers can change their tastes, so you should take advantage of this and not let your guard down. Remember, the one who falls asleep LOSES.
If there are more than 2 investors in your company, it is important that they discuss the future of the company, since decisions must be taken together. Furthermore, whenever there is capital involved, it is necessary to be clear with all those involved.
We do not recommend investing more money than you require for your daily tasks, and, in times of crisis, preferably keep the investment as low as possible, since your company must enter a time of austerity.
- Succession plans
In a crisis, not only are the finances of a company affected, but also work personnel can be changed. It is essential to train all employees to work from home through virtual platforms. Choose a platform that allows them to have a close relationship and constant interaction. Should someone were to be absent from your company for any reason, there should be another person willing and prepared to fulfill those obligations.
- Personal care
Maintaining a company is not easy at all! Especially when you face new levels of stress than the ones you usually undergo. It is important that you, as CEO or business owner, take care of yourself, take care of your health, and that of your employees. You must recharge your energy and use any extra time to expand your knowledge.
Note: HEALTH IS FIRST BEFORE ANYTHING ELSE. Do not forget that if you get sick, you will not be able to implement any of the previous steps, and all you will do is lose opportunities after the crisis.
Sleep well, rest, do activities after work, and read about topics that help you grow intellectually.
We invite you to read the first part of our blog: Business Management Guide: Surviving the Crisis (PART 1)
We have provided you 10 steps with which you can open your mind and start working from home. Do not forget that the most important thing is that both you and your team are healthy and can give 100% of your being to overcome the obstacles that the crisis brings.
Our team of professionals at QA Digital Advertising can help you with your projects.
If you are looking for advice on how to create an online presence, we at QA Digital Ads can help you. Contact us at 240-338-8056, and we will be happy to assist you.