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How to run business during the crisis

 

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How to run business during the crisis

Crisis makes the economy more healthy. There is no doubt that only strong business can survive within the crisis. Use this to do list for business owners at the time of crisis as your business survival checklist.


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HowToRunBusinessDuringCrisis.zip 6,5 Kb


Order 750 checklists in MS Word and PDF printable format at $49.99 USD only. BUY NOW! 

Wait-and-see attitude

  • Consider important decisions carefully
  • Don't put the company potential and reputation at risk
  • Decide what you are ready to abandon and keep safe everything else
  • Use the crisis time for breathing-space or rearrangement of the company and team
  • Monitor the situation to notice the end of the crisis and understand that it is the right time to start

Concentration on important

  • Find the possibility for development during the crisis
  • Don't try to achieve many goals
  • Choose the main goals and work with them
  • Have your strategic priorities and current situation analysis in mind
  • Concentrate all your resources on achieving the main goal
  • Ask yourself the following questions:
    • What can I refuse from in my business?
    • What should I pay more attention at?
    • What should I start doing (something that I haven't done before)?

Revision

  • Ask an independent expert/agency to hold the audit of your strategy and promotion
  • Reduce expenses and get new ideas for business
  • Arrange a group meeting with the expert/agency to decide together how to work more effectively during the crises
  • Refuse from unimportant

For example, in promotion there are always the channels which give the main part of sale volume, and additional, which can be refused without any essential loss. Pareto Principle (80/20) works here perfectly.

  • Cancel complicated and not clear promotion steps
  • Keep the team motivated and interested in results

Still if you decided to fire somebody, explain the reason and let others understand the lesson.

  • Analyze your partner relationships and their perspective

Actions analysis

  • Monitor the changes thoroughly, measure the result.

Measure ROI, campaign feedback, the response of partners and clients to your offer.

  • Appreciate the feedback form the customers as it is the most important source of information for the development
  • Draw the conclusions to correct mistakes and actions

Do not copy the competitors

  • Do not use the competitors actions as the basis for your strategy and promotion

Even if it is very respected and successful competitor, his actions may be good for his company only

  • Take advantage from competitors action plan analysis

For example, to reply the question of where and when to promote in order not to face with the competitor

Timely promotion and communication

  • Say NO to ineffective promotion, advertising and PR
  • Make a definite offer to definite person at definite time
  • Segment the motivation of your customers
  • Pay more attention to customer loyalty programs, CRM, co-branding and co-promotion
  • Answer the following questions:
    • What my customer really needs in the current situation?
    • What my customer can really get from my company/product?
    • What is the best way for my customer to get my offer?

Be predictable for your customers and logical in actions

  • Make sure all the changes you make are reasonable for your client
  • Be consistent in conveying your distinguishing idea

If your customer doesn't know what he can suspect from you he will not trust you

  • Don't fail the customer trust in order to get a time-limited benefit
  • Postpone expensive actions and campaigns

For example, rebranding, renaming, premium products and new product lines release

  • Be open in communication with clients and mass media.
  • Quickly reply to any questions the customer has with all respect and sincerity

Remember that one disappointed and frustrated client will bring more harm than hundred of glad and silent ones

Focus on existing clients

  • Remember that existing clients are the most important clients during the crisis

Existing relationship with clients and partners is the most important value your business has. Getting new clients costs much more than retaining old ones

  • Think how to make better the information channel, loyalty program, partnership, client database, etc.
  • Produce more useful and interesting events for the customers

For example, PR actions which will be covered by media for free

New channels and promotion methods

  • Choose the channels wisely
  • Answer the following questions:
    • How should it motivate the customer for specific actions?
    • What the customer can do after he or she hears/sees the offer?
    • What exactly the customer can remember from the offer?
    • Is the offer easy to understand?

Approve the budget according to your goals

  • Remember that money for promotion is needed anyway, otherwise there is a chance to lose the position and clients.
  • While considering the budget, limit it according to the goals.

The most effective budget is the one ...


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