November 11

How to manage crisis in your business

  1. Time horizons

The first thing to do is change your planning horizon. You likely do annual planning to set goals for your business. When a crisis strikes, immediately put that plan aside—it’s no longer relevant—and move to weekly planning. More specifically, commit to coming up with a new plan in a matter of weeks. Since the market is not stable enough to look any further ahead than that.

2. Have a plan B

When the crisis hits, you should immediately move from the existing plan to the conservative plan. 

This will reduce your spend and help you conserve capital in order to navigate the uncertain waters ahead.

Don’t stick with the conservative plan throughout the crisis cause it may lead to a slow death for your business. Perhaps you will need to watch out  for signs and move to the existing plan over time as the market allows.


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