Crisis management in business is essential in this stage of Lockdown. Stress is increasing due to the record amount of cases daily. A great quote to live by is that crises are only as large as our response; when Lockdown first started last year, we talked about this. However, it deserves a refresher. This Lockdown is a forever-changing beast and is still developing.
Here are our FIVE key aspects to look for when evaluating your crises management plan
- Cash is King. Find ways to ensure that there is some steady income coming in. Pick your core area or lowest hanging fruit and ensure that you can pivot to ensure you’re generating revenue and satisfying demand.
- Protect your costs. A lot of businesses could benefit from a financial audit to minimise their spending. Now is a great time to conduct a mini audit and see how you can cut unnecessary costs. Wherever you can reduce your costs is progress. Within our business, during the first Lockdown, we transitioned to a shared office space to remove the cost of long-term leases! We ensured that these spaces were situated near public transport so we could eliminate the need for multiple cars.
- Your team. As much as we would like to think that we can keep everyone employed, you shouldn’t keep anyone on unless they are producing value. There are many government support systems available for these people that you may have to let go of. Some alternatives to laying off staff include the utilisation of holidays and leave, while also considering putting your staff on a casual wage instead. Manage your team to improve productivity and efficiency
- Your Stars! Look after the best at what they do. Keep your best and most valuable staff members happy and involved to ensure they are content and still connecting to the companies vision.
- Plan for what post-Covid looks like. Use this time now to adapt and find out how you are going to fit into this environment. Have a look at what you’re doing right and what could be better!