It has been an entire eight weeks’ break without our weekly posts. The situation that led to this was quite unpleasant and I’m not keen to relive the details here. I don’t think narrating it would serve any good purpose. However, I deeply apologise to all our fans that have greatly missed the blog updates. The good news is that we are again up and running, and in good form to continue with our goals and objectives. Let me take this opportunity to wish everyone a belated Happy New Year! I believe that every focused entrepreneur will make new headways in this New Year! There are lots of opportunities around to take advantage of during 2018.
Today, I would like us to consider managing crisis in an enterprises or a business. Now, crisis is a term that is broad, and my intention is not to assume that I know the crisis facing your business now. My only hope is that you really assign the word ‘crisis’ to something that deserves it, because some people use this word very liberally to mean anything and any challenge. That is up to you if you want to do that. I choose to be positive and only call few situations crises. Non-crisis is simply a challenge to me. Do you understand me? So, I’m going to provide a general guideline to help manage many types of crisis in your enterprise, whether it is financial, staffing, production, market, or whatever related, including potential disasters.
Business crisis or sudden and negative events, just like any other crisis, normally leads to danger or disaster, instability, stress, difficulties and challenges, disruption of normal functioning, confusion, difficult choices and actions. There are endless examples of crisis and disaster situations in a business but I’m not keen to start giving examples here. I believe as an entrepreneur you can easily jot down a list of things that can be described as crisis or disaster in the event that they suddenly occur in your business. Can’t you? The earlier you understand potential crisis in your enterprise and prepare for them, the better! Isn’t this a truism?
Crisis can destroy the value of your enterprise and years of hard work that went into it. So, what are the key steps or considerations in managing crisis in an enterprise?
Now – just one more piece of advice before I conclude! You can minimize and eliminate most potential crisis and disaster situations in your business with business risk profiling and analysis, forward thinking and purposeful forward planning. You can manage by objective and peep behind and around the bend and corner for potential hazards. Can’t you see how road constructors guide you of potential hazards ahead as you drive? They are not dumb – and ignore their advice at your own cost. The world is never perfect, and you cannot entirely avoid crisis, but at least you can avoid looking like crisis itself when faced with one. Insurance is another forward way of managing potential crisis. Some people have this backward thinking that they will face a crisis at it comes. Some are even weirder in their thinking, believing that planning for crisis is inviting it. By the way, let me remind you here. We are talking about business and not superstition.
So remember this. A crisis or disaster could happen in your enterprise even if you don’t invite it. A crisis could kill your business or seriously damage it. A crisis needs to be prepared for in advance and properly managed when it occurs. Crisis preparation and management can be enhanced with the above points. Period!
So, wishing you a crisis-free 2018 in your enterprise – and till then,
The Wise Entrepreneur