Many businesses fail not because they are in a deep business crisis ,but because they mistakenly react to a business crisis and they lack the right knowledge to properly take the right action at the right time and by the right person .
In this article I will put 6 actions that will help any business in any field to react successfully to a business crisis and improve its capability of recovering.
The 6 Successful Practical Actions are :
1- If you are a large business or company or even a small one as a CEO or a business owner quickly speak to the public or contact your customers directly or via your most frequent platform that your customers are used to hear from you through it.
Communicate to them a message that embraces the following ideas that you will figure out what happened quickly and investigate it, you will compensate them in away or another, or explain if you know the reasons what happened and why it happened and that you will solve things in a timely manner …….The idea here is that to appear to the public at the very beginning so prove your caring about your customers and stop speculations and fake news and other issues by explaining what happened even if you did something wrong confess it and apologize for that and try to compensate if possible because that will increase your authenticity and credibility.
2-Dedicate people to answer and communicate with customers and help them according to the type of crisis if needed through all possible platforms .This will have a great positive impact of minimizing the stress and will enhance your business reputation .
3-Shift your business model towards adding real value to your customers and not from the perspective that I want to beat other market competitors. And you can do this shift with redirecting and utilizing your current resources and capabilities. To help you implement a correct efficient shift ask your management team these questions :
-How can we provide real value with our current resources or capabilities ?
-What customers can we serve that are not served from other competitors yet with our current resources or capabilities ?
– How much time do we need to start on serving our current and new customers and thus generating revenues and profits ?
Don’t do the type of shift like blackberry did but be value focused ,you will be amazed with results that you can get in a timely manner when you do this by leveraging your current resources, you might even not need to ask for funding or loans and this is what you should always do. A successful example of what I am talking about is Marvel Comics company or IBM.
4- Quickly turn your eyes towards your strongest foundation and power which is your people ask them for solutions and suggestions, you will get shocked! Sometimes they know the business better than you do and they can really provide you with applicable solutions to get out of your crisis status.They might provide you with quick cash flow solutions.
5-Conduct quickly smart strategic partnerships or agreements exchanging and leveraging each others resources and sharing profits;it could be mission or project based partnerships or alliances, they can be temporarily.
6- Instead of going after aggressive marketing that most of the times fail, you can do one or both of these options according to your business type and size : The first option is to market through influencers targeting your customers and this is easy nowadays especially with the existence of social media platforms. The second option : is to contact some of your target customers and let them try your products and services and then record their views to publicize via press or social media platforms.
Finally, instead of thinking of taking loans , selling your business ,aggressive marketing or unwise re-modelling , or laying- off people, or shutting down your stores think of implementing these 6 actions .
Every business can be saved no matter how tough the situation might look like .As much as there could be obstacles and difficulties, there are enhancements and efficient ways to solve problems especially in our current era.
If your business is suffering and are in the middle of a crisis or close to shutdown your doors Contact me as soon as Possible via email Dr.Salamamin@yahoo.com or Skype: Dr.Salam Amin .