Although it may seem simple or reasonable, remembering to keep calm is very important.
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The opinions of the employees of s You are personal.
Sometimes the complex economic situation can be overwhelming; the instability and business insecurities exist that threaten their continuity, and there is no insight into quick and happy outcomes, but complex and delayed ones. That is, with too many variables. The scenario is complicated and we are not sure what to do. Even in the most complex situations, there are always actions that allow us Reduce the impact on our business.
Here are some you can use now:
1. calm down
Although it seems simple or reasonable, it is very important KEEP CALM. A ghost in disarray will have a team in disarray, goals in disarray, direction in disarray, that is, a company in disarray.
2. Have empathy
Remember that a recession or economic crisis affects us all. Try to be friendly and do your best to help your employees, suppliers and customers.
3. Inform your team
Kill your team immediately and be well informed. Generating more uncertainty does not serve you. Involve them in defining and implementing the strategies that need to be taken to ensure business continuity and overcome the best economic downturn, or even better find a way to take advantage of the eventuality.
4. Make financial forecasts
- Three different financial scenarios are projected: a positive, a medium and a pessimistic one. Draw up the action plans that you have to carry out for each one.
- Adjust your annual financial planning.
- Research and use programs that give you additional resources.
- Adjust your budget and eliminate all unnecessary expenses.
- Offer functions for your receivables to optimize cash flow.
- Do not make strong investment movements unless you know the risks or are perfectly informed about them.
- If you want to take up debt, then at fixed interest rates.
- Give a revised insurance and rent the necessary ones.
- Consider sales tools such as discounts, negotiating fixed and accessible prices, and / or factoring.
Although it seems simple or reasonable, it is very important KEEP CALM / Image: Depositphotos.com
5. Check your operation
Discover and implement alternative work measures according to your career. Adapt your business model to the needs and trends of the market.
- Home delivery
- Work online
- online shop
- Alternative payment methods
- Digital marketing and intensification of social media
- Video conferencing
- Collaborative work platforms
- New communication and contact channels inside and outside the company with work team, suppliers and customers
- Increase your sense of belonging and your team in the face of the challenge
- Strengthens communication
- Be open to flexible, rapidly changing, and adaptable business continuity strategies
- Define a succession plan for critical decision-making positions.
- Supports essential business continuity information and defines the assistants who would have access if needed
6. Talk to your investors
Always keep them up to date with the strategies and measures that are being implemented and evaluate possible scenarios and capital injections.
7. Stay well informed and up to date
There are many variables that determine a country’s economic cycles, economic and non-economic factors, internal and external, and we all know or at least understand that the consequences of a recession or crisis to some extent cause the belts to tighten and nothing what remains to be done is to minimize the impact.