Today, the majority of businesses are facing hardships due to the COVID-19 outbreak and subsequent lockdown initiated to mitigate the crisis. For companies to survive the fallout, it’s vital to be prepared.
To do this, businesses can start by adopting strategies that not only help them thrive today, but also positions the organization for growth once the controlled “new normal” begins.
Here are a few strategies to not only help you to make through difficult times but also boost up your company’s performance in the days ahead.
Start Preparing Now
It’s never too late to start prepping for downtimes, even when you’re in the midst of one. All it takes is making that first step. If that seems overwhelming, make a plan for how you’ll approach just that one step.
It’s also important to look back at some of the decisions you wish you would have made before the outbreak. Note those strategies that had you known of this outbreak you would have implemented differently. Use these strategies to develop new protocols for a crisis and also create preventive measures to take in the future.
Don’t lose hope because the outlook continues to be uncertain. Besides the available loan options to help you economically, you can also seek support for private and public sectors for economic recovery. Which is an excellent segue into our next tip…
It’s OK to need help
It’s human nature, asking for help can be difficult. You may feel some vulnerability when asking for help as a business owner, that you’re conveying some weakness or mismanagement that put you in this situation. You might be surprised to know that we really are all in this together, especially when you witness what your friends, neighbors, and even strangers will do when you genuinely ask for help.
Use social media or other communication platforms since we’re all social distancing. You might also consider seeking advice from experienced professionals in your industry, how they got through a time of crisis.
Motivate and Support your Team
As an entrepreneur, you have likely been affected in various ways, none more important than making sure your teams are taken care of. When morale is low, it is difficult to make hard decisions and be a leader for your staff. Remind the team of your core values, why your customers rely on you, and most of all remain calm.
Your staff relies on you, and you rely on them to operate. Motivate your team and remind them of the vision and values of your company during economic and social turmoil.
During a crisis, you can enhance the performance of your team by merely encouraging and giving extra support. Take each challenge one-by-one, communicate effectively, and transform setbacks into teachable moments for your organization.
This is the time to applaud your staff’s relentless efforts and promote their resolve to see this pandemic through. These seemingly minor gestures will help your team to stay focused, motivated, and happy.
Share perspectives to grow together
It is difficult for every person to brainstorm positive ideas and strategies in a difficult situation. Finding some positive ideas can not only help you survive in the time of crises but also can be helpful to get out of the box things. It will act as a motivation tool to build up the morale of your staff.
This is the time when you will learn many lessons, and you’ll have to adapt quickly. Consider keeping track of what you learn by recording those lessons. Whether small roadblocks or major setbacks, write them down so you can keep the solutions in your arsenal — after all these are hopefully rare times.
To go a step further, make the record of lessons learned accessible to your staff. It’s crucial to share your knowledge with your team if you hope to find the right path the next time you find yourself unsure of the future.
Every company suffers new difficulties and unique challenges during an economic downturn and especially a crisis like this pandemic outbreak. Preparing for rough roads ahead is hard and monotonous when you don’t think you’ll ever need it. How you prepare for and respond to critical situations defines you as a leader and as a business owner.