You’ve been hit with a crisis. Now what? Here’s how strategic business development services can help cut through the chaos and help you to make sense of what you need to do right now.
A crisis can come in many forms. From divorce or other family matters to a virus pandemic, a disaster can throw your business into disarray.
And when a traumatic event negatively impacts your business, it often seems overwhelming. But in most cases, there’s a light at the end of the tunnel.
Sure, there are times you need someone to turn that light on, but it’s there.
How does a crisis affect a business?
There are probably as many answers to this question as there are different kinds of business setbacks. A crisis can affect sales and delivery of services and products. It can also affect the business’s stability and readiness to compensate staff.
Inappropriate response to a crisis can deteriorate a company’s reputation.
Sometimes a crisis can cause a business to shut down completely.
An adverse event that is widespread will not discriminate against which businesses are affected. From financial services to manufacturing to mom-and-pop shops, everyone could be affected.
How you prepare for crisis and how you handle your business during the event are critical indicators to how likely you will be to bounce back afterward.
How can Strategic Business Development Services Help Before and During a Crisis?
We’ve been helping our Orlando and St. Petersburg clients with strategic business development for years. Most of the time, our services come at the inception of a business.
We closely collaborate with the business owner to help them with everything from financial tool selection to profitability forecasts. Further, we help them understand the key strategies that make a business healthy. The people, processes, and tools that these companies need to thrive in good times and emerge successfully during downturns.
And it’s those exact strategic business development techniques that a business needs during times of crisis. These include:
- Making sure you are always working to have enough cash reserves to get through several months of crisis management.
- Establishing communication protocols so that your clients are kept informed of your business objectives during a traumatic event.
- Having well-defined procedures for how employees are compensated (or not) while your business regroups after the event.
- Following a financial plan in place that provides step-by-step instructions on how to handle the business during and after a crisis
- Documenting short-term and long-term objectives and business goals when you are bringing your business back from any adverse event.
I’m in a crisis now, and I haven’t planned. Is it too late?
This is a complicated question and one that is not quickly answered.
Here’s what we can tell you. In most cases, with enough dedication, work, and creative energy, it’s not too late. Our primary goal is always the increased financial performance and stability of a company. We’ll know very quickly if that goal can be realized for your company in crisis.
If you have no strategic business plan in place, and you are facing turmoil in your business, time is not on your side. We strongly encourage you to contact us for a free consultation to learn what the potential next steps are towards turning your business around.