During a volatile market situation, companies usually minimize risks and show the least possible activity. Managers strive to keep the company safe and calculate every step. However, in difficult conditions, those who take risks succeed, not those who minimize them. In the article, we will consider the advice given to managers by the owners of successful businesses. Whether you listen to these tips is, of course, up to you.
The most important thing during a storm is to save the ship's crew
After passing through the crisis, the team becomes stronger, more united, closer, and more organic. There are always two teams on a ship: employees and customers. Before attracting new sales, focus on those who have already trusted your company.
The speed and accuracy of the reaction
Large markets are quickly released during a crisis, and many large and medium-sized companies take a break to “look around”.
Now is the best time to change starting positions. Companies operating on this principle show growth in a changing market. This is possible due to rapid reorientation to new tools for attracting customers and an active increase in advertising budgets.
Making long-delayed decisions
Such decisions may include:
- changing the client's portfolio to a high-quality or diversified one;
- adding new traffic sources;
- employment of highly qualified specialists;
- transfer of part of the company's departments to a flexible payment system;
- reduction of non-core costs.
- If you have wanted to do something important for a long time, but have been putting it off, now is the time.
Business owners who have experienced crises in their companies know that it is crucial to make timely decisions. The more time is delayed for approval, the more time is needed for implementation. Decisions made too late are less effective and more expensive in the long run.
Management, organizational, and leadership skills determine success in such a situation. What helps most companies that have passed through a crisis is a formulated vision of the company, a clear mission, and the ability to take risks correctly.
At the same time, it is crucial to organize the team's joint work: from the general director and front-line employees to the marketing and information technology departments. These teams must work together — not as individuals. This is the only way they can see the big picture and help the company benefit from work, even under stressful conditions.