Tuesday, November 29 2016
The 2008 Great Recession was the biggest economic crisis many of us had ever experienced. In just a few short month businesses, mostly in the auto, housing and loan sector, closed their doors forever or needed a government bailout. But businesses need not face a global disaster in order to experience their own catastrophe. When faced with a big economic crisis, how will your business react? How will the leaders in your industry respond?
Leadership means showing more composure than ever in the workplace. It means rising to the occasion when times get tough and showing grace-under-pressure.
Faced with those impossible tasks at the absolute wrong times? Ask yourself these questions before making those difficult decisions that affect your business.
How is the crisis affecting your business?
Ask yourself, is the crisis really effecting your business? A decline in auto sales doesn’t necessarily mean a decline in the lumber industry. So don’t hit the panic button just yet when a downturn hits in a sector different from your business’s.
What opportunities arise from this problem?
Not every problem means an open door for a new opportunity, but sometimes it can. Take a good look at the basics of your business. What’s really going on in the eye of the crisis? Is the business model changing? How will your company need to adjust? Where are sales falling and what are consumers doing?
In a crisis one of the greatest risks is short term thinking.
Most business leaders think in the short term. Instead, ask yourself what can and should you do for your business for the long run? Is cutting costs the real answer? Do layoff’s need to happen? Don’t pull the trigger too quickly when a simple change in priorities can lead to a better solution.
Which leads into …
Identify trends that continue beyond a crisis?
It’s always the basic’s people go back to. Honing in on those key elements that originally got your business up and running can be a great strategy. Often times business’s grow themselves into the situation they’re in. Remember what happened to the auto-maker GM?
Navigate your business through tough times. What’s your social strategy to make sure your business gets seen on the web? Creative Writing Agency will help your online presence by handling your social media and web site development.
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