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9 Tips for Business Survival in a Crisis

With the economy grinding to a halt amidst the COVID-19 pandemic, it is imperative that business leaders navigate the crisis carefully and deliberately.

by Peoria Magazine |
business survival

Entrepreneur and philanthropist Liz Elting offers some tips on how businesses can survive amidst the turmoil:

  1. Reassure your team. Do what you can to provide calm, steady leadership by renewing your commitment to the people who work for you. Set the tone, and everyone else will follow.
  2. Have backup plans for your backup plans. Much of the world is lurching over to work-from-home arrangements, which comes with its own set of problems. It’s going to take time to find the right solutions, so plan accordingly.
  3. Maintain person-to-person contact. Utilize more personal technologies to keep in touch—back off from email and text, and engage more over voice or video. Don’t become a disconnected presence.
  4. Proactive communication. Make sure your team knows what’s happening, step by step. Up your communication game—and that extends to clients as well. Their needs are changing day by day. The better you stay on top of those needs, the stronger your business will be.
  5. ABC—always be closing. Hustle like you’ve never hustled before. Be out there and offer solutions to the problems of this strange new world we’re suddenly in. Don’t retreat.
  6. Invest in work-from-home solutions. You won’t keep your business running with half-measures or workarounds. Find a solution that fits your business, and make it work. There will be a learning curve, so be sure to emphasize scheduling and goal-setting to keep your team on track.
  7. Remember that you aren’t alone. You don’t have to solve this crisis at once, and it’s not your responsibility to do it by yourself. Lean on the collective experience and intelligence of your team to help make the right decisions.
  8. Reevaluate your finances. Do whatever you can to preserve cash flow without cutting staff. The Fed is busy injecting capital into the financial system and slashing interest rates, which means cash will be cheap.
  9. Act with integrity. Understand the weight of this historical moment. This is not a time to shirk responsibilities or balk on commitments. Reaffirm your commitment to your team and support them through this crisis. PM
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