Crisis Management

Once this crisis has passed and business begins to ramp up again, history will show that some companies will have fared better than others at crisis management. Also, it begs the question, what did their leaders do differently?

They took three simple actions: 1) Think 2) Plan 3) Improve. Therefore, take advantage of unplanned flexibility in your schedule to retool your business.

To begin with, every business has projects they have not had time to do. So do them now. Let’s look at some examples.

• Research and Development – Work on that new product(s) you’ve been considering.
• Financial Management – Complete a cash forecast. Manage it daily.
• Marketing – Assess your current branding. Now’s a great time to make changes to website, collateral, and advertising.
• Technology – Expand the use of your current software applications. When business returns to normal it can be a low-cost way to improve productivity.
• Inventory – Review your inventory. Clean out the old. Prepare for the new.
• Workflows – Document the procedures and workflows that have been long overdue.
• Planning – Prepare that transition plan that you haven’t had time to complete.
• Customer Service – Develop a survey for your customers on how your company performed in the prior year. Additionally, this will also serve as brand reinforcement.

You probably have additional ideas. Trenton wishes your business success during the recovery.