Don’t Panic! Understanding your business is key to figuring out how to cope in an economic crisis.
Small businesses have undoubtedly taken a hit in the last month and surviving the dip in the economy is an essential and universal goal for any small business owner.
Devising a plan of action for the months ahead is a great way to cease the panic and redirect energy back into the very foundations of your strategy.
Here’s the 5-step process we recommend to help you, and your small business, deal with the crisis.
Understand your current reality
The first and most critical step in this process is understanding where you’re currently sitting in terms of income, outgoings and reserves. While strategy is important, implementing your plans will be near impossible if you don’t first come to terms with the reality of your business.
2. Form specific plans
Specificity is key to bringing a plan of action to life. Setting your business measurable goals is a great way to not only visualise success but also actively reduce the anxiety of uncertainty by taking back control.
Having considered your current status you can easily identify which strategies have been successful in the past but adapting to the changes in the social and economic environment will be essential to your business’s survival in the current climate.
Start by creating a timeline and plotting your action points to keep yourself accountable, avoid knew-jerk reactions and keep track of progress.
3. Keep your customer
Once you have devised your plan of action, it’s time to prioritise your main areas of concern, which for most businesses is keeping your customer.
Managing the relationship your business has with its customer in times of crisis is vital.
Existing customers should be reassured of the value of your service – this is a great opportunity to open a line of communication, either by email, social media, or print media.
4. Implement your action plan
Bringing your business plans to life can be daunting at the best of times but taking back control and implementing changes can help your business survive the current crisis while also creating a more resilient and adaptable business model for the future.
5. Test & Learn
Ensuring there is a continuous level of improvement in your business is a matter of measuring and adapting.
Continually challenging your strategy by analysing results and making changes can improve the adaptability of your business and ultimately its durability for COVID-19 and beyond.
If you’d like to learn some more business growth ideas and strategies, then come along to one of our weekly Bizmosis® events.
Article by Adrian Brown.
Learn more about Adrian here: https://2be2serve.com