Crisis conditions can also be used as an opportunity for growth. Besides, companies, having experienced a period of chaos, find new opportunities and are amplified by unforeseen and undesirable external factors.
The main feature is to act quickly and be mobile.
6 important tips
1. Hoping for the best – getting ready for the worst
Old as the world truth, but in this situation, it is more applicable than ever. It is important to be honest with yourself and understand that the ongoing crisis will last a long time. Think through all the scenarios: from the most favorable to the worst – be prepared for everything.
2. Finance control
This advice inevitably follows from the first. A serious threat to business is the so-called cash gaps – a temporary lack of funds needed to finance budget expenditures. Therefore, one of the primary tasks is to minimize them. It is important to adapt budget forecasting to the situation and rationally distribute cash flow.
3. Rational Cost Planning
This advice refers to the previous paragraph: since you need to control finances, then expenses need to be optimized. It is important to prioritize the categories of expenses for the needs of the company and the staff:
- 1st category: the most important, vital for the company;
- 2nd category: expenses of secondary importance;
- 3rd category: expenses to maintain comfort, additional.
And the most annoying, but sometimes necessary, is to conduct the same analysis of positions in the company. No business owner wants to say goodbye to his staff, but sometimes it is necessary. If the future of the business is at stake, it’s better to say goodbye than to bottom out together.
4. Quickly adapt to market changes
It is necessary to conduct a permanent analysis of the market, changes in consumer interests, demand. Assess the situation during quarantine, build hypotheses about what the market will be like after it ends, and adapt your activities and budget to the situation. So you will get more chances to survive than companies that operate according to familiar patterns.
5. Search for new ways to attract customers
The main key is the marketing system. If in a stable economic situation you attracted customers without a plan of marketing activities, then during the crisis it is time to start building it. If he was, but now turned out to be ineffective – adapt.
In a crisis, marketing should be aggressive, and sales should be as clear as possible.
6. Set up remote processes
Well, of course, where can we go without remote work. Transferring employees (if possible) to remote work during quarantine, as well as establishing processes for working with clients in such conditions is an important task. If the communication system in the company is poorly adjusted even in the office, it will not be easy, but this is a great chance to learn new things and test the team for strength.
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