How to Build an Adaptive Crisis-proof Business in This Global Turmoil?
With the rapid transmission of the deadly Covid-19 pandemic, the entire world is going topsy-turvy. The life-threatening coronavirus is not only casting destruction upon Global health but also shattering the World’s economic structure. With both the health and economy at stake, more and more companies are turning on to the crisis management mode.
Building a crisis-proof business overnight is a tough nut to crack. However, nothing is more important than safety at this stage. So, we have to dig deeper to narrow down some key components to build a crisis-proof business as well as strengthen the company.
This grave crisis tends to affect the business in two direct ways-
- Affect the health of the Management and the Associates
- Affect the financial stability of the company
These two aspects are equally unacceptable to responsible management, and they need to implement some key strategies to ensure the continuous growth of the business.
Be Transparent to your associates and communicate regularly-
When the world is going upside-down, the associates are susceptible to panic more, falling prey to some misinformation rumors about the financial condition of the company. They are likely to be manipulated also with some conflicting news. Your responsibility is to control this panic-stricken mindset by being transparent to your associates.
Do not keep them in the dark even if your company is dealing with financial mayhem. Inform them all about the state of the business, the overall industry, and explain to them why some actions are being taken so that they can have true knowledge and proper understanding of the matter.
Remote working is ideal for social distancing-
Though it depends upon the niche your company specializes in, sanctioning the remote working mode is the best option to overcome this crisis. As social distancing is the only effective prevention against this infectious virus, it minimizes the chance of the associates getting infected without coming into close contact with each other. Moreover, it also decreases the overhead cost like electricity, and internet charges of an office thus combating the financial crisis also.
But remote work is not just allowing the associates to work from their home but also arranging the necessary equipment and online tools to conduct the virtual office. You have to make sure the associates get all the required things to successfully deliver what they have asked for-
- Provide them laptops, smartphones, dongle, extra mouse, and other necessary equipment to perform their job.
- Give them access to the online tools and applications they need to use.
- Set up accounts and project groups on Skype, Hangout, Flock, Messengers for smoothening the remote collaboration.
- Allot a senior team to supervise individual productivity and monitor the work progress.
- State a proper guideline that all the associates need to follow.
Utilize the data you have acquired-
When there is a crisis, the important data you have acquired plays a vital role. Utilize the data as much as you can to identify the strength, weak points, and opportunities to help you optimize your company. It may reduce the stress you experience from the crisis your company is passing through.
If you run out of manpower who have the capabilities to acquire, process and utilize the data, try investing in software that can do this job for you. The software could be able to analyze all the business processes and provide you with a clear picture of the current state of your company.
20:80 rule may work for you-
When a situation can alter within hours, it is vital for you, as the business owners to make an important decision that works for your company in this crisis. You have to prepare three or four alternative plans, evaluate them, and execute them often. Herein lays the importance of the 20:80 rule that means investing 20% of your time and effort to get 80% of the outcome. You should focus on the particular elements in this utter uncertainty on:
- Projects that bring the most revenue for your company
- Projects with the highest risk factor
- The things which can be quickly optimized to extract the profitable results
Try Zeroing on an option out of the mentioned one which has the potential to give you the best results even in this crisis. Start chalking out plans on it and work accordingly. Added to that, implement few techniques to extract relevant information about it and guide the associates to get out of the crisis. There must be a light at the end of the tunnel.