April 14, 2020

Business Crisis Survival Guide

Small Business
By: Ronald B. Allen

The steps for dealing with a business crisis are fairly standard although the details will vary from situation to situation. Here are the three basic features of business survival in a crisis.

• Objective Assessment of the Situation

• Development of a Business Survival Plan

• Improvisation, Adaptation, and Success

Objectively Assess Your Situation

Whether the country is sliding into a recession and taking your business with it or if there is some other sort of business crisis, the first thing is to get a firm handle on what is going on. Are your sales down? Or, perhaps sales are OK but your profits are sliding due to increased costs. Perhaps you have a PR issue because of some sort of scandal related to your business. If you have the Fix This Next system in place, you will have the wherewithal to sort out the problems and start devising a solution.

Develop a Survival Plan for Your Business

All too often business owners panic when their business slides into a crisis. Not only do they fail to identify the key issues to deal with but they are then unable to devise a survival plan that will succeed! A Fix this Next coach like Exigo Business Solutions can help you with this critical step.

Honesty and Good Communication Are Essential

A common and usually fatal flaw in dealing with a business crisis is to try to hide the issue. (Or hide from it) This, obviously, does not work. You need to have everyone on board when you are confronted with a crisis situation that threatens your business survival. Many times the folks in the trenches at your business have the best ideas for how to cut costs, improve production, and gain more customers even during trying times. You need to make certain that everyone understands what is going on and does not live in fear of losing their job in a poorly executed set of layoffs!

While some companies use such a crisis to “cut out the dead wood,” what frequently happens is that valuable workers with unique skill sets are lost at these times. This makes your recovery more difficult and clouds your business future.

Flexibility Is the Key to Business Survival

No business crisis solution is guaranteed to succeed. Thus you need to adapt your approach according to the results that you see. With a Fix This Next coach like Exigo Business Solutions at your side, you will be able to make reasonable estimates as to when a fix will take hold and to what degree. Then, as you start seeing results you can institute the sorts of effective business processes that make your changes automatically.

If your business is entering a crisis, contact a Fix This Next coach for help devising and executing an effective business crisis survival plan. As the top accounting firm in the Kansas City area, Exigo Business Solutions not only does your bookkeeping and taxes but provides effective business solutions to both everyday problems and in times of business difficulty such as business crisis management.

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