Wednesday, April 17, 2024

HomeFeatured BusinessCould you lose your business in a crisis?

Could you lose your business in a crisis?

Could you lose your business in a crisis?

  • Here are 4 quick ways to prepare your business to survive crises

  • How secure is your business?

  • What every woman in business ought to know about crises

  • Preparing your business to survive crises

As dynamic women in business we must make planning ahead our priority. Crises come with and without warning and they’re usually more devastating than we imagine and of course; we’re never fully prepared. In the aftermath of a crisis salvaging what’s left of our businesses can seem like a never ending soap opera but it doesn’t have to be if we mitigate threats with an actionable plan.  What is your top priority? As women we’re perfectionists, we run successful businesses, we put in the hours, often neglecting ourselves while working hard to provide for our loved ones yet the business that affords us all this success; we neglect to put a plan in place to protect.  Remember crises can damage our businesses and at times our personal reputations, bringing fear, uncertainty, insecurity, disturbances and worst death. Why not put your plan in place now? The best time to prepare for a crisis is before it happens, it is better to be prepared and not have the need than to have the need and be ill-prepared.  As crises (natural and man-made) can cover the gamut of dramatic events (disasters i.e. flooding to technology i.e. website hacking to PR dilemma), the aim of your plan should be to take quick actions to save the business (or your) reputation and or business continuity.  With such a wide range of crises; how do you start? It’s no surprise you’re confused but look around you; think:-

  1. Which potential crises could affect your business and what impact could it have? 
  2. How vulnerable is your business and what resource would you need to protect you from this? 
  3. What are the core functions of your business that keep the business in operation so that all stakeholders remain happy – employees, suppliers and investors?

You should consider the answers to these questions and plan strategies to deal with crises most likely to affect your business in a critical and negative manner. Use an all out “crisis mode” approach to plan strategies which can mitigate threats, you never know which crisis may strike but ultimately you should plan strategies for communication, operation and recovery. Keep in mind that any crisis can become a reality and bring devastation, no matter how small. Therefore, use all tools at your disposal to help you in the planning process. 

  1. Your mobile phone – it’s (almost) always within your range. Perhaps you’re reading this very blog on it. So why not make your phone even smarter? Add apps that can keep you informed i.e. learn first aid and or get tips, get weather updates, store emergency contact numbers as quick dial options – fire, police, relatives’ numbers etc. It can also be a source of contact (it is best to set up designated mobile phones) for your communication plan with stakeholders trying to reach you in the event the phone lines to your business are down. 
  1. Your team – employees must be trained ahead of time so they know how to respond in any crisis. They play an integral role in a successful crisis plan with their response, readiness and how they can prevent a crisis as they assess threats i.e. secure servers, back up data and secure their devices that access the business network.
  2. First aid kit – and of course have a basic one on hand stocked with the essentials.    
  3. Data – backing up your data ensures business continuity any plan you make must include data security and recovery to ensure accessibility to critical business functions.

As you may have seen, a plan doesn’t happen overnight, it takes preparation and needs testing to ensure its effectiveness. Protect your business and future with a plan that in the event of a crisis you will have the confidence to lead with resiliency.  Connect now to learn more ways in which you can grow your business. Follow in Twitter for more tips.

 

Dionne is a Business Strategist at DM Consulting. She consults with top clients internationally on business topics, mainly working with women in business. Connect with her on LinkedIn and view more posts  from her here.

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dmorrison
dmorrisonhttps://DioneMorrison.com
Business Strategy Expert - ready to show you ways to start, grow and succeed with your #Biz
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