business crisis, how to recover from one

How to recover your business from a crisis

How to recover your business from a crisisIf your business has had to suffer through a crisis such as Covid-19, the road back to normality and making profit may seem like a long one at first. Though, you should be aware that there are steps you can take to quicken up the rebuilding process.

You’ll have an awful lot to consider as you try to rebuild your business venture, once again taking it through the phases that you may have done right its starting point. Yes, you’ll accept that huge changes are afoot, but that’s simply something you’ll just have to deal with.

Business recovery after a crisis 

The new normal is in full effect now and it’s about time your business embraced it, because without doing so, you’re risking falling behind your competitors that’ll be using this time to their advantage.

As the owner of a business, you cannot afford to let this happen, so keep one step ahead and be in the race to recover your business before anyone else can recover theirs.

Create a plan of action

In order to ensure that you can still achieve all of your business goals after a crisis, there’s a few things you’ll have to keep in mind as you head on into the future, but planning is something you’ll find yourself rethinking.

You may have already had a business plan in place at the start of this year. Though, the chances are you’ll need to start the planning process all over again. This is the unfortunate truth you’ll have to accept if you want to get your business venture restarted and rejuvenated. Times have changed, as they do in every crisis, and so must your yearly business plan because of this.

You should divide your plan up into quarterly sections, this way you’ll only have a few months to think about at any one time. By doing this you’re also preparing for a future crisis without really knowing it. You won’t have to change your whole business plan if you run into trouble again through no fault of your own, you’ll just be laying things out differently for the following months.

Establishing a new routine will become apparent in the short term, as you attempt to get things back up and running again. Take your time when making important decisions and stay clear of distractions whenever possible, you need to get this right and staying focused will help you to do just that.

Market your way through

Any business that has gone through a crisis needs to find their way back on track. After doing this, you need to let your customers know about it. The best way to get the message across is through your business’ marketing strategies, so start building up new ideas and advertising campaigns right away.

You can have the greatest start-up business idea in the world, but if nobody knows it’s out there it simply won’t turn over a profit. Luckily, marketing is in many ways easier than in the past today. You have so many forms you can target and advertise on, and while the internet can be a crowded space, gaining an online presence can be cost effective these days.

Using social media is a great way to have a free online entity for your business. It doesn’t cost anything to set up social media accounts for companies. Instagram, Facebook and other social media outlets allow you to set up business-specific pages that are easily identifiable to consumers.

It’s useful to know what audience profile you’re aiming your product/service at. This will help you to identify where the majority of your marketing materials should go, allowing you budget accordingly in this area. You’ll need a website of some kind as well for your social media pages to link back to, it will allow your business to appear professional and may even be an added dimension of driving sales, depending on what type of business you own.

Getting people to spread help push your business over social media is the new word of mouth technique for modern day businesses. Seek out simple, helpful acts from friends and family by asking them share posts about your business across social media. Building from the ground up like this is extremely important for new start-ups.

Keep your audience safe 

If you run a retail business, you’ll know all about following the social distancing rules and regulations by now, so make an effort to stick to these, ensuring the safety of all who visit your premises.

Having your customers follow a few simple rules will not only make them feel more positive about their overall shopping experience at your business, but it’ll also allow you and your team of staff members to feel safe. It is as much about you as it is your consumer base, so present your business platform in a way that adheres to social distancing guidelines and creates a safe environment for everyone that will come into contact with it.

Change is now inevitable

Following on from a crisis, all businesses have to readjust and make changes in areas they’d rather not. But, instead of being put off by the changing landscape of your venture and the sector it operates within, embrace the change and act before you competitors do in order to give you a head start in securing and reassuring your old audience that things will be back to normal as soon as they possibly can be.

Tips for getting back on track after a crisis

Sometimes, recovering a business from a rough patch can come down to the mind-set of the business’ owner. So, here’s our tips on remaining positive:

Continue to evolve after your knockbacks

The evolution of a business owner is a critical part of being able to achieve long-term success. There are many types of business, as there are many types of business leader in the world today, this is why adapting to your ever-changing environment is so important when trying to stand out from the crowd and gain business success.

Keep your eyes wide open and look for changes in the market, or shifts that could affect your industry. If you catch these things early you’ll be one step ahead of your competitors at all times, as well as being the one putting down the marker for forward-thinking, unique ideas.

Remember why you started the business

It is essential that you make an effort to keep up your motivation when the going gets tough, but it is so important that you remember why you began this journey, and all the moments that lead you to where you stand today.

Some of the most common reasons to begin a business are for an individual to work within a field they’re passionate about, for someone to become their own boss, or to pursue a career that peaks their interests. If any of those applied to you, then you likely started your venture for all the right reasons, so try to think back to what it was like before you ran your own business, chances are you weren’t as happy as you are today.  

Now, we may have previously mentioned that if things are going well, you’ll possibly still have some changes to make, though if luck doesn’t seem to be on your side, you’ll be searching for solutions with more prominence.

Don’t be too easily discouraged

Businesses of all shapes and sizes go through good times, as well as darker spells where the road feels a little bumpier than before. You should remember that running a small business is not solely about the end goal, it’s in equal parts about the journey as well. Don’t be disheartened when the going gets tough, analyse the problematic areas within your company and search for ways to rectify them. That is in fact another challenge within itself, and you wouldn’t have started a business venture if you wanted a career without facing challenges that had to be overcome.

During this period of time, think back to the beginnings of your company, the reasons that made your start this journey, as well the goals you set out to accomplish. Have you achieved what you set out to achieve yet? If so, tick those things off the list and search for new goals to chase after, that’ll restore your motivation f nothing else.

Business finance for a crisis situation

If your business is in a crisis situation you may wish to look at re financing your venture. Working capital is always welcome as this could make the make or break influence you need. The funding could help with marketing, pay off debts, or simply bring in hired help to put a fresh set of eyes over the business. As a direct lender we offer emergency business crisis finance, this allows businesses to borrow up to £200,000. Simply complete the online enquiry form to receive more Information on this product

Knowing what you’ll need to do

When a crisis occurs and your company is in need of recovery, you should have a plan of action that your business can easily follow:

DEVELOP YOUR PATH TO RECOVERY

  • When you identify your resources and stakeholders, set specific recovery timelines for every area of your business venture.
  • You should assign responsibilities to every stakeholder.
  • If needed you should create new roles for remaining stakeholders, depending on their business functions and levels of expertise.
  • Have meeting places where you can communicate effectively.
  • You could create flowcharts or checklists to detail those tasks that are required to mitigate damage and encourage recovery. This will set out clear rules of what needs to happen and when it needs to happen.

CONSIDER EMERGENCY COMMUNICATION

  • Choose the stakeholders that should be contacted right away with important information. This may possibly include your disaster recovery team if you have one, members of leadership, and the director of public relations, etc.
  • Determine how you will pass on this information to the remainder of your stakeholders and when.
  • Create a communication strategy for your respective company. Ideally, you should be able to contact all employees at any time—not just if they are sitting at their desks.  So, taking things online through the use of email, video conferencing and the like is a good way to go about proceedings.

REMAIN PREPARED

  • Ensure that each stakeholder has the ability to access the most up-to-date disaster and business recovery plans, regardless of where they are or what time it is. Consider making your plans digitally accessible, in a mobile crisis management platform to allow stakeholders instant access to all relevant documents.
  • Update your plans regularly to ensure they remain relevant and up to date.
  • Run tests on your plans at least once a year, so you can be certain that they’ll really work when you become reliant on them.
  • Regularly have practice run-throughs of your plans for all employees and other stakeholders, so that they understand what they must do in a disaster.
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