How To Survive A Business Crisis: The Ultimate Guide.
The pandemic and its ensuing restrictions have made life increasingly challenging for entrepreneurs.
Here is a series that I believe could help entrepreneurs strive even in the face of a Crisis.
By its very nature, entrepreneurship comes with its share of challenges, successes, and failures, which makes the journey exciting and worth pursuing.
As you progress on this journey come responsibilities, which become heavier as you realize every decision you impact not only the direction of the organization but the people helping you in driving business growth
However, the crisis we face today takes this to a whole different level. Lockdown, cessation of business activity — a crisis we never envisioned and typically one is not prepared.
How can an entrepreneur save the day in the face of a crisis?
As a Business Coach and an entrepreneur, my learning is that, for organizations to weather a crisis successfully, they need to have some key fundamentals in place.
The one that tops the list is STRATEGY.
What is strategy?
To put it simply: if your business is going from point A to point B. But you want to drive it from point A to point C.
To achieve the desired path, you will need to formulate a plan followed by actions to divert the route to guide it to C instead of B, where it is naturally heading. This formulation of plans and actions is what strategy is all about.
Crisis gives many an entrepreneur cold feet & the pandemic has been no different.
They need to realize one needs to think beyond cutting costs.
They need to devise the right strategy. With the right strategy in place, the businesses flourish and perform even better than the “pre-crisis” period.
If your growth rate is below your industry’s growth rate, it is an indicator that your strategy needs a revisit.
If the strategy is right, it enables you to manage the external factors and adapt your business.
Do follow us. I will cover what entrepreneurs can do to manage the business effectively in a crisis through the next few blogs.
Listen to Business Coach Ratish Pandey and see your business thrive even in trying times.