6 steps to reduce the effects of crises and find opportunities for your startup, Get to know them

A challenge always encourages us to push boundaries and explore opportunities

Challenge always encourages us to push boundaries and explore opportunities. Startups or pioneers are faced with such challenges from time to time, and this is a catalyst for growth. But what happens when the challenges become difficult? Instead of exploring new possibilities, the existing ones begin to fade away? Instead of growing, survival becomes the primary goal? This is what happens when a company goes through a crisis.

In a report published by the American Entrepreneur magazine, which specializes in entrepreneurship, the writer Charoz Dawa says that the theory of survival of the fittest is not just an evolutionary theory in biology, but also applies to the economy, where companies can go through various crises, which may include breakthroughs Cyber ​​security, conflict of interest, loss of a major investor or customer, bad debts, etc.

The writer explains that research conducted by McKinsey Consulting in June 2020, showed that even with the huge economic losses caused by the Corona virus crisis, many leaders are optimistic about their ability to take advantage of this challenge for the benefit of their businesses.

Here are some measures that companies can adopt to prepare for and address any crisis, according to the author:

1. Positive networks

The writer points out that there is a saying that says: human beings are the greatest resource. So why not use them in the process, guided by the need to consult colleagues, other CEOs, mentors, industry experts and even beginners if necessary, as creative solutions can come from either side, and there will be no need to reveal all the inside information, as it is possible to share Just facts.

According to research, consulting the team on important matters contributes to employee empowerment, increased job longevity and satisfaction.

2. CRM

The writer shows that it is no secret that 20% of any company's customers provide 80% of the revenue, and that is why finding primary customers is difficult, because they provide support even in difficult times only if they are dealt with correctly.

Therefore, it is necessary to protect the interests of major customers at all costs, and to maintain their faith in the company, and if necessary, to communicate with them personally, and assure them that the company will overcome the crisis.

3. Staff selection

The writer says to the owner of the company: Choose the right employees to deal with the crisis, there will be a need for vital and creative people to work on the problem and find the solution, so they must be selected based on their technical qualifications and experience in this field.

4. Focus on long-term goals

The writer points out that the difficult times and crises will soon be over, but they should be addressed in the long term, noting that focusing on long-term goals not only provides a direction to look forward to, but also maintains the confidence of employees and customers.

And he stresses that, at the same time, the operational cash balance must be maintained, as third-party resources, such as loans and bank investments in crises, may falter, and therefore, worst-case scenarios must be prepared, and the policy to remain in those situations must be determined.

5. Looking for an opportunity

The writer wonders, saying: What did Apple do in the times when the world was grappling with the Corona pandemic? Answer: I have worked hard on developing the Apple Watch to see how wearable devices can provide any warning of infection, noting that a strong R&D team goes a long way especially in times of crisis.

6. Keep calm

According to the author, such situations can be frustrating and upsetting, because they can create a lot of stress, so taking measures such as meditation practice, online counseling, group discussions, and family support can help you to achieve this. To help keep the mind focused, levels of anxiety and depression must be controlled, bearing in mind that the crisis will be temporary.

The writer stresses that strong leadership equipped with trained and skilled employees can overcome the most difficult situations, noting that all possibilities must be explored, from a new marketing strategy, to a completely new business plan.

The writer concludes by noting that even from a financial point of view, possibilities such as mergers and acquisitions, franchising, outsourcing, investor capital, collaboration, etc. must be explored in turbulent times. Thus, emotional intelligence, combined with financial strength and creativity, determines the course of a business in crisis.