Business Crisis Management

The key to surviving or, better yet, avoiding a crisis that could destroy your business is to have a business crisis management plan in place. This plan should include management strategies for each phase of a business crisis.

Avoiding a Business Crisis

Business slowdowns in a recession, a credit crunch, an aggressive competitor, unexpected events like the Corona Virus Pandemic, and other factors will always put stress on your business.

Businesses that have effective business processes and have a handle on sales and profits are most likely to stay out of trouble or extricate themselves more easily.

Using business management tools like QuickBooks Custom Reports will help you not only stay on top of your business but respond more promptly in a crisis.

Business Survival in a Recession

Business cycles are a fact of business life. You don’t always know just when a recession will hit but you can expect this sort of business stress time and again over the years. How your business does during and after a recession depends mostly on how you deal with cash flow, manage debt, set up crisis management, use proactive accounting and deal with your taxes.

Here are some tips regarding small business survival in a recession.

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survival guide

How to Survive a Business Crisis

The most effective way to survive a business crisis is to understand the stages of a business crisis and have a plan for what to do at every step of the way. Business crises can come out of the blue and destroy years of effort and your dreams. Understanding the nature of your business crisis and the most appropriate responses is vitally important. All too often business owners experience a “flight or fight response.” They narrow their focus, miss the critical issues, fix the wrong things or throw in the towel when recovery and ultimate success are just around the corner. How to survive a Business Crisis is to understand thenature of such occurrences and have expert advice as from a Fix This Next coach in order to take the right steps in the right order.

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How to Survive a Business Crisis

One ounce of prevention (as the old saying goes) is worth pound of cure. This age-old bit of wisdom is especially true when it comes to avoiding and/or surviving a business crisis. When you routinely use business intelligence tools like Microsoft Power BI to identify the critical issues in your business, you will be able to spot trouble much earlier than if you wait until the results of a crisis show up on your financial reports at the end of the month or quarter! At Exigo Business Solutions we are Profit First Professionals as well as Fix This Next coaches. As the top accounting firm in the Kansas City area we don’tjust do your books and your taxes. We can help you with risk management plans, ways to take a profit as soon as you start your business, and ways to efficiently manage your business before, during and after a crisis. From the initial shock of a crisis to effective evaluation and then well-targeting action, your business crisis management plan will ensure business survival and enhance your success thereafter.