7 Steps on How to Handle your Business in Crisis - Corona Virus

Usad Creative Marketing
Mar 18, 2020
4 min read

Despite the Pandemic Corona Virus, we Entrepreneurs still can't get enough of doing business. We're always positive about any situation thrown at us and It's in our nature still to think about providing our services to the people.

However, it's still hard not to worry about the future of the business.

"How will I survive through this crisis?"

Implementing these practices will help your small business survival and even allow it to thrive during tough times.

1.) Listen and Be Informed

In times like these, the best way to cope up is by being informed. As a business owner, it is your responsibility to make crucial decisions especially if the safety of your employees, customers, and clients is at risk. Know when it is right to stop operating (if you're in a public-operated business).

You also need to listen to your customers and your employees. Remember that you are in the business industry and business is nothing without its people, serving them is our purpose. Once you know what they are thinking and feeling about the situation, your thoughts would be more clear which would lead you to better decision making.

2.) Don't Panic

Stay composed. These are tough times but you have to keep it together. You are the captain of this ship and if you panic, most likely your employees and your customers will do too which is not good for business. Going back to Tip #1, once you listen to your people and you are informed, you get to address their concerns.

Now's the time to test yourself as an Entrepreneur. Constantly challenge yourself!

Since you have a lot of time, do your research and get back to the drawing board. Think of new ways to make your business better.

3.) Help through your Services

Business is all about helping your customers or clients through your products or services. Any business should always be in the "helping" industry, that's why in times like these, we need to be creative.

By creative we mean thinking of other services that are within your niche while following the implemented rules by our Government and health officials. We need to keep on providing value to our customers!

For example:

- If you are in the Graphic Designing industry you need to partner up with companies or health officials by doing "Announcement/Caution" infographic designs for them.

- If you are in the Food industry, share contents online educating people about nutritious meals that can help them boost their immune system (which should still be within your niche products/goods).

- If you are in the Health and wellness industry, share tips on how to stay hygienic to avoid the spread of the virus.

- If you are in the entertainment industry, create inspiring videos that can uplift people despite the hard situation.

You are an Entrepreneur that impacts the world. Be the change!

4.) Be Sensitive

In a time where most people are not working because of the Enhanced Community Quarantine, most likely people are tight when it comes to their budget, and of course, they're also more worried about the current situation so avoid "spamming" their social media feed with your ads. Imagine having to worry about your expenses and your family's health and upon scrolling your feed you would see "Selling Selling Selling" ads.

Being sensitive also goes out to your team members. Make sure that we don't sacrifice employee satisfaction over our financial needs.

Also, take note: You are a hardworking and smart entrepreneur but hoarding facemasks and selling it at a higher price isn't good business. It's taking advantage of a bad situation.

5.) Protect Cash Flow

For every business, money matters.

- Plan your finances. Know where it came from and where it's going. Make sure that we are precise when it comes to where the money is being spent.

- Protect your business through insurance. Allocate a budget for emergency situations.

- Find other investments. Make money work for you.

In unfortunate events like these, make sure that we cut our costs as well. As business owners, we should be ready for anything!

Learn more about Emergency Funds

There are many ways to protect your cashflow and learning about handling money is one of them.

For more valuable tips about Financial Literacy, follow Financial Passionates

They give out realistic views about personal and business finances, very useful for local business owners!

6.) Stay Social through Marketing

Online is the best way to reach your customers especially if we are on quarantine. Now is the best time to put out more contents for your followers.

Make sure that you keep them engaged through the valuable contents you're putting out.

Share updates about the business and be transparent to them. Be considerate of the situation and make them feel that you are a brand that cares.

7.) Have a Crisis Management Plan

Being in a situation like this won't hurt too much if you're ready for it.

1.) Asses how a situation like these can impact your business - risks, vulnerabilities, finances.

2.) Once you've determined the risks, begin with your contingency plan and how you can take action for each crisis scenario.

3.) Get the plan ready for operations - If you have team members, we suggest that you delegate relevant tasks to each team member.

Key employees such as PR, HR, legal, marketing can help to provide insight into available resources and potential hurdles.

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