How to Handle a Crisis

"The art of life lies in a constant readjustment to our surroundings,” Kakuzo Okakura

This phrase is more important today than ever before. For entrepreneurs, this is key to their success. 2020 has been a year of pain and uncertainty like never seen before. Thanks to the Covid-19 pandemic, everyone has seen their lives impacted in one way or another. As a result, many struggle to adapt to the new normal. This can drastically affect a person’s buying and spending habits. This means entrepreneurs must pay close attention and be able to adapt as well.

Here are the top ways entrepreneurs can be strong during times of change.

Collaborate.

Many entrepreneurs work as sole proprietors, attempting to do everything themselves. This is a mistake: the most successful business owners team up with individuals who are strong where they are weak. By working together, the probability of success increases.

During a crisis, actively seek out other business owners and work together.

Access to new customers. By sharing each other’s customers, they can reach more people interested in their products and services.  

Access to new markets. Reaching out to entrepreneurs in different markets could expand their business to areas they may not have considered previously.

Entrepreneurs should ask themselves the following questions:

•         What entrepreneurs could help you sell your product or service?
•         What do you have to offer other entrepreneurs in exchange for their products or services?
•         Can you bundle your products or services with another entrepreneur?

Remember: the goal of collaborations is to create a win-win situation for everyone involved. For example, restaurant owners may partner up with Uber drivers to increase their carryout business.  When used properly, collaborations can increase the success of everyone involved. 

Reach Out to Existing Customers

Customers may be reeling from the effects of the pandemic. As a result, they may not be thinking about your business. Let them know you’re still here, and that you’re thinking about them too. Keep in touch any way you can: email, social media posts, etc. This is the time to reach out to your customers and begin an aggressive marketing campaign. 

Each company is different, so what works for one company may not work for another. Ask yourself the following questions:

•         What are some ways I can reach my customers?
•         What are other companies in my industry doing? Can I use some of their strategies in my business? 
•         What can I do to prompt my customers to support me during these turbulent times?

This is the time to start thinking outside the box.

Increase Your Online Presence

Thanks to lockdowns, billions of people around the world are stuck at home with nothing to do. As a result, many of them are glued to their cellphones, surfing the net. This is an excellent time to build your online presence. Savvy entrepreneurs know building their online presence will allow them to interact with potential customers they may not reach under normal circumstances. For example, one way to build your online presence is to create an e-commerce store. Online shopping has increased dramatically. Selling your products or services online is an excellent way to adjust during these turbulent times. 

Popular ways to build your online presence include the following:

•         YouTube videos
•         Websites
•         Blogs 
•         Podcasts
•         Facebook
•         Instagram
•         Twitter

Bonus tip: Monetizing your blog, website or other online sites will allow you to make money from people who simply visit your site and not purchase anything.

Create Leverage

As consumer purchases and priorities shift, it’s important for entrepreneurs to change with them. This means modifying your business model or quickly creating a new one that resembles your existing one. For example, a company that sells shoes or apparel may start selling face masks in fun colors or with catchy logos. A dine-in restaurant may increase their carry-out or drive-thru options.

Questions to ask may include the following:

•         How can I pivot my business to meet the current needs of my customers?
•         What are consumers wanting or needing the most right now?
•         Which of my existing products or services can I highlight during these challenging times?
•         Is my business considered an essential business? If not, how can I make it fit the criteria?
•         What will consumers want in 3-6 months? How can I prepare for those demands now?

Make This a Learning Experience

The pandemic of 2020 caught everyone by surprise. While many people are reacting to events as they unfold, successful entrepreneurs are forward thinkers, already preparing for the future:

•         If this happens again, will I be prepared?
•         What steps can I take to protect my business from future catastrophes?

By asking questions now and being proactive, entrepreneurs are one step closer to protecting their businesses from future setbacks and uncertainties. For example, can your business function efficiently with less employees? Are you able to work from home? Does your company have an emergency fund or the proper insurance?

Putting it All Together

The pandemic has shown every business owner where they are strong and where they are weak. Mistakes will be made along the way, but they can be used as valuable learning tools. By being creative, focused and willing to take risks, a determined entrepreneur can overcome Covid-19 and any other challenges thrown their way.