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How to Run a Business in Difficult Times

Whether we agree or disagree, we have no other option but too accept the fact that the world runs on business. Business has developed into a world order over a period of thousand years and today we can’t live without doing business. Even in times of crisis and calamities, the business should run as usual so that it springs back once the crisis wears out. But can we do business as usual when people are suffering and governments are fighting to restore the order. Obviously, we can’t. Even though the world of business demands to be competitive, cutthroat and aggressive, in times of crisis one should hold back his horses and act accordingly.

When a business turns inwards and starts finding ways to stay alive in difficult times, being aware of the situation, it is sure going to make a mark on people’s mind and reap the benefit of showing presence of mind. But if you indulge in the same old practices of business without trying to understand the burgeoning crisis, you would certainly face the wrath of people once the crisis eases out. Here are a few ways to handle your business in difficult times.

Understand the Crisis

A crisis never arrives with alarming bells that you could hear from a long distance and prepare yourself for the worst. It always hits you without giving any warning. There are two types of crisis: financial crisis and humanitarian crisis. Most of the businesses have contingency plan for financial crisis or they can seek help from the government to come out of a crisis. It is the humanitarian crisis that a business should give attention too. War, disease, calamity etc. come under humanitarian crisis. A business should understand what sort of humanitarian crisis they are dealing with and make the plan accordingly.

Planning for the Crisis

Once the crisis hits, the decision making members of a business come should together to face the challenges the crisis is presenting or going to present as it unfolds. A plan or plans should be put forth taking into consideration all the parameters of the crisis. There are no set guidelines for coming up with a plan in a crisis because each crisis brings it’s own difficulties to deal with. Hence, you should have the acumen to gather as much information as possible regarding the crisis and device a plan. Some plans may fail in the initial period but holding your ground and facing the problem would not only make things easy but also boost the morale of your colleagues and workers.

Execution of Plan

When crisis comes, you might succeed in coming up with a plan to face the crisis but it is the part of execution that demands all your energy. Gathering resources becomes a huge task to execute your plan. Make sure that you plan keeping in mind the number of resources available on hand. The execution part goes smoothly once you take the available resources into your confidence.

Show Compassion

One of the best opportunities of any crisis is bringing out the human inside you. While you are busy in planning and executing, you should also be compassionate towards your subordinates, clients, workers and people. Understanding their need and helping them through generous donations would not only help in alleviating the difficulties people are facing but also make you a better human being.                      

March 28, 2020

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