Nothing develops smoothly. Crises bring new opportunities, but many companies do not survive and give up. It all breaks out when people give in to panic, stop going to shops, making purchases, and no longer make transactions. As a result, companies’ revenue reduces significantly. How to manage this situation?
The crisis doesn’t come out of anywhere. There are always red flags. Your task is not to miss out on the first signs of the crisis and immediately start taking measures.
For instance, make sure you don’t have burdens. These are the products that only take up space and can’t be sold anymore.
It’s important to listen carefully, not only to top managers. Listen to everyone in your team: employees, distributors, and customers. Besides, the information from various sources will help you get the picture.
Managing a business in quarantine is a challenging situation for entrepreneurs. There will always be grumbling people with inauspicious presage. In quarantine, it’s vital not to give in to panic. Instead, look for ways out of this situation.
Bad Times Help You Look Deep into Internal Processes
The company is already going through tough times. So you should not come up with new ideas and launch another project. It’d be better to optimize what you already have. Dedicate your time to internal improvements, adjust working processes, contemplate on can be improved without investing significant resources.
Be Honest with Your Team
Realizing that times of crisis are inevitably approaching, create a new salary plan. Your employees’ salaries are likely to be cut to optimize the company’s costs. In this situation, it’s vital to have an open talk with the team.
If it’s drastic to retain employees, then you can discuss with them a temporary reduction. If your company will get over the crisis, then you’ll pay them some extra sum in addition to what you’ve cut previously.
Honest and trusting relationships with the team help keep business in the pandemic. Loyal employees who are willing to meet your halfway are an opportunity for the company to grow despite the tough times. That is, honest and open talks with your employees are drastic for building such relationships.
Besides, you need a strategy and a reliable team to continue to grow in times of crisis. Trust your people and create an appropriate atmosphere for your team. By the way, it’s important not to tighten the purse strings on corporate parties. Team building is another opportunity to bring colleagues together.
Be Ready to Let Go Your Colleagues
If you cannot keep an employee, it’s important to bow out on good terms. In this way, a person is unlikely to have any resentment. After the crisis, you’ll have the opportunity to hire this employee again.
Besides, you as the leader must communicate personally with key employees. If you have a small business, then you need to talk with all of the team. That is, the director shouldn’t hide behind the backs of the subordinates. Otherwise, you’ll be alone.
The company’s reputation is a lifeline that’ll help you not to fail. Buyers are usually reluctant to take risks when they already have little money. So they’re likely to obtain the goods if they have trust. That is why the idea of lowering the quality of the product to reduce its value isn’t that profitable. You’ll lose your regular customers.
Don’t Rely on Positive Forecasts
The beginning and end of the crisis are outside your will. It makes no sense to count on any specific time frame for its termination. Besides, don’t rely on the forecasts of economists, political scientists, and other specialists. Their authority doesn’t matter in this case. Any optimistic prediction may turn out to be false. That’s life.
In general, any business should be managed as if right now was the most challenging time. To consistently achieve success, you must step out of your comfort zone.
Attract New Customers
What you need the most in crisis are the new customers: they’re difficult to find. The major channel for finding new clients are the following:
- Website promotion in search engines can attract a fair share of new customers;
- Contextual and display site advertising. It’s an effective way to attract a precisely your target audience;
- Social networks. Chat, add potential clients and partners to friends’ list. Develop an affiliate network;
- Text, photo, and blogs. Give useful advice, share valuable knowledge with your clients and partners. Demonstrate your expertise in your sphere in every possible way by writing guest posts for improvement blogs. In this way, you can address a wide range of audience;
- Watch out for your competitors’ fall. They can be shaken during the crisis so they’ll have to give up part of their market segment. Your task is to be ready and take measures in time;
- Word of mouth. Encourage your customers, partners, subscribers, and acquaintances to talk about you to others. There are two effective ways: a quality product (service) and an affiliate network programs;
- Use other standard advertising channels: TV, radio, outdoor advertising. They’re usually quite expensive, but if they work effectively, they can be used too.
Keep Watch Over your Competitors
In a crisis, not only can you fail, but your competitors are all in the same boat. Pick a few of them in your field and keep a close eye on their strategy.
Of course, you shouldn’t blindly copy someone’s actions. Never do something just because the majority does or supports it. Always ponder and weigh any action you intend to take.
The crisis is high time to pay attention to the optimization of internal processes. Develop a new marketing strategy which takes into account the current situation. Focus on the area that is most profitable for your campaign. Avoid ventures that could affect the company’s reputation adversely. Take the most of every opportunity to keep the company afloat.
Frank Hamilton is a blogger and translator from Manchester. He is a professional writing expert in such topics as blogging, digital marketing and self-education. He also loves traveling and speaks Spanish, French, German and English. Meet him on Facebook and Twitter.