8 Extremely Important Actions to Prevent Business Crisis .
This article is a short powerful and successful prescription for every business to implement in order to prevent a business crisis from happening and getting their business to shutdown it’s doors.
In this article I will provide you with 8 actions that each business must undertake regardless of their size or industry and or the time they have been in business, if it’s been since a decade or just a new born business. The reason for that is that in the last few years we have been seeing many huge businesses collapse like Woolworth, Compaq, Kodak, Eastern Airlines, Blackberry , Nokia , Avon…. or on that road of failure.Also to prevent new born businesses from going into deep business crisis.
The 8 Extremely important Actions to Prevent a Business Crisis are :-
1- Creating and Forming a Piercing Department ; a piercing department is a department who is responsible of searching beyond the scenes, of searching the un-searched, of being the first to notice trends and their instant future and degree of potential impact on your business very early, expect the unexpected, always attentive and monitoring your business marketplace for any updates or movements or even possible ones and monitoring your business industry changes and other related industries , also speculating events & trends and how they can escalate or not.Then you have to conduct changes to your business accordingly.
Sometimes you have to make radical changes like cutting lines of business or minimizing them and moving to new ones or you have to quickly embrace a new technology or expand your range of services and enhance them , you might consider serving new types of customers , or conduct smart strategic alliances, any of these actions are undertaken before any possible event or a trend comes to hit the business ……
This department should consist of highly knowledgeable insightful people who have unique insights and vision and extremely high analytical skills.They could be from all parts of your company and also experts in their fields , you can also outsource trusted and proficient people to be part of this department …..These people should create scenarios locally globally and keeping a close eye on other industries or events that might impact your business in away or another . Like Brexit . Keep in mind that it might not directly impact your business but to directly impact a competitor and then it could raise a great opportunity for your business.This department is your business IMMUNITY SYSTEM.
2- Under the supervision of the piercing department form the crisis team who should always be directed and updated from their supervisors in the piercing department, whom will arm the crisis team with all the knowledge and information needed .The crisis team should have strong communication skills and are great influenceres with strong impact messages to convey to the public , also they should be highly knowledgeable of all the platforms online and offline and when to use each of them.They should be experts in managing viral content and dealing with it. Also the crisis team should include legal people and people from the organization itself whom have been known for their credibility and authenticity and also who are responsible of executing and running all the processes in case of the crisis mode or hardship one.
3- Always prepare more than one source for running your operations , if you can’t financially or its not available then figure out a turnaround there will always be a way to keep on running your operations, prepare it , make sure it works and its efficient.
4- On a continuous basis attract investors to invest with you in different ways that would really drive them to put their money like by offering them a good amount of dividend especially if you are at the early stages, or buy holding some investments for not along time in exchange for dividend and part of the investments to be returned back ….Options are wide here , just work on them….
5- Put everything in place; and things are in place when they can provide value.So make sure that you have the right people in place , the right systems, platforms ,tools, locations,time frame….And make a continuous review on that , so you can execute needed changes.
6- Always be prepared with all the legal documentation and be aware of the implications regarding every aspect of your business, and continuously review it to make necessary updates and changes .
7- Build more than satisfied customers and employees base but also happy ones , they are your loyal people who will back you up in hard times.
8- Build your Portfolio of Niches.
Finally, I urge every business owner to review their strategies and actions if they are not implementing the above actions or one of them please make sure to quickly apply them . They are the vaccine for your business; that if not prevent a catastrophe or a business crisis then will mitigate the risks to the least possible.
Not strengthening your business immunity system not will only cost you money and reputation but it might also cost you to lose the life of your business . So, don’t wait tweak and modify the above actions to match your business circumstances.
If you are looking to increase your business immunity system and prevent it from future possible setbacks then contact me please via Dr.firstname.lastname@example.org or via skype : Dr.Salam Amin .