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5 Strategies To Help Entrepreneurs Get Through Crises

5 Strategies To Help Entrepreneurs Get Through Crisis

By Lilian Marins.

2020 arrived and with it several plans and expectations. In fact, beginning a new year also means the possibility of a new start. However, were we prepared for a fresh start combined with a never seen crisis? What is the entrepreneur’s leadership role in the current chaotic scenario?

Crisis management is a challenge that most leaders and entrepreneurs are already used to face in their businesses. However, managing a crisis combined with saving lives is a new challenge to all global leaders. We are living in a transition phase when uncertainty and insecurity are daily fellows. No one knows what the right way is. In fact, not even the public authorities can validate the information, that in a few minutes suffers changes by bodies and distinct sectors, creating instability and insecurity.

The fact is: we are living in the “VUCA” world.

V – Volatility

U – Uncertainty

C – Complexity

A – Ambiguity

And to help you face the “VUCA” world, listed below are 5 strategies that will help you strive to succeed in this new reality.

1 – Communication: In a moment of uncertainty and fear people need to rely on someone. Embrace your leadership role and keep a clear and transparent communication. It is the leader’s responsibility to bring order in the chaos. Explain your plan, create a crisis management committee and ask for contribution. Be positive, and above all things be a hope and peace channel, give your team the vision and direction they need.

2 – Be flexible and able to adapt: to understand that your original plan doesn’t fit the “VUCA” world is key. Establish short term plans (48 hours maximum) and use agile project management methodologies to monitor your business during this period of unexpected changes.

3 – Acknowledge the crisis but keep running your business: as cliche as it may sound, take advantage of the crisis and create new possibilities. If you still haven’t transitioned your business to the digital world, this is a great opportunity to expand your tools, therefore, this may be your biggest competitive advantage during and post-pandemic.

4 – Be aware of the demand, do not anticipate the offer: in the “VUCA” world, as explained and exactly the way we experience it, the paradigm shifts are numerous. New standards of behavior in all sectors such as marketplace, that is, digitalization of consumption as a great trend, acting through social selling or customer success. The new reality is fully compatible with the current entrepreneurs’ adaptable profile, thus entirely feasible when allied to their agility.

5 – Create a value chain: we know that our values guide the decisions, and this is the moment when our destiny is set. For this reason, it is necessary to use your main assets in a very strategic way, which currently are motivated people, with hope and engaged with your purpose.

More than a legal name, you created a corporate name, therefore, do not underestimate the crisis/pandemic, use it to add value to your business, after all, we live in a new era, increasingly collaborative, inclusive and sustainable. Do not forget, you are the great leader and vital to the growth and prosperity of your business.

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official view of the FCBB.

Background photo created by mindandi -www.freepik.com

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