As business owners, we’re all going to have to navigate a downturn or a crisis at some point in our career or life in general.
It’s therefore important to have a plan in place so you can come back up prepared.
Here are 7 key points to think about to help you navigate a crisis:
- Adopt a strategic mindset and relentlessly pursue self-care routines.
Have a clear head and a clear heart. Eat well. Sleep well. Drink lots of water. Be mindful of what you consume – the music and podcasts you listen to, news, blogs, social media, etc.
- Gather the facts and confront them boldly.
Understand your concerns, fears, and worries. Outline your strengths and weaknesses as well as the opportunities and threats.
- Identify safety and compliance requirements for all those in your care.
As a leader and business owner, it’s your responsibility to look at where your people are. What do you need to do to keep them safe?
- Complete an economic assessment and 13-week forecast to gain clarity.
Know where you're at. Assess your cash, debt, sales, payroll, etc. Are you expecting a dramatic shift in your sales? If you have a system to monitor this or a balance sheet, good. If not, look at your bank accounts, bank statements, your shopping carts, and your sales ledgers. Meanwhile, 13 weeks is a good way to look out and run the gamut.
- Consider sales and marketing innovations for the current climate today and in the seasons to come.
What can you innovate? Where can you disrupt? How can you help based on the current climate? It's about asking those types of questions. Find the opportunity without being opportunistic. Stay present and mindful of what people want right now.
- Understand state and federal tax filing and payment requirements.
Taxes are always still going to be due and you're still going to have to file. The government doesn't go away. And you are responsible for yourself and your business.
- Review economic aid options and decide a strategic plan for continuity.
Economic aid options can look a lot like an SBA loan. They're all going to want facts from you. So be prepared to present the story and the facts – who you are, what you are, and what you're doing.
If you want to learn more about how you can navigate crisis in your business, check out 006: Thinking UP In Down Times – A Leadership Skill To Master
