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moreWe have developed the 4 stages to consider in preparing your business for any crisis which can form part of your own Business Readiness Plan.
Find out about Stage 4: Bouncing back after crisis below and in case you missed earlier stages find links below to jump back.
Bouncing back after a crisis ends
Change is the only certainty in life, and it’s never more welcome than during times of great struggle.
Eventually, a crisis will end – taking with it the damage and stress it caused.
If you have carefully followed steps 1 through 3, then you have given your business the best chance of making a bounce back and even come out ahead of the competition.
There’s unspoken respect that’s gained when a business survives a time of crisis, be it due to clever strategy, customer and employee loyalty, the determination of leaders, or any other factor.
Once the dust has settled, the first thing you’ll want to do is reinstate certain business functions which may have been dormant throughout the threat.
If you used the downtime to instigate new projects – such as an IT transformation or a digital marketing strategy – now is the time to leverage those actions to maximise your return on investment. For example, you may have taken the time to implement a new CRM system, which you can now put into full swing to start delivering an enhanced experience for customers while helping staff be more efficient in their everyday work.
Don’t forget to thank your employees for their hard work and commitment, and keep them abreast of your bounce-back strategy. They may also have ideas on how you can capitalise on new momentum or any pivot strategies that were implemented during the threat.
Be wary of celebrating too early (as we all saw with COVID lockdowns in 2020), and remain cautious of unnecessary spending until your financial reserves are fully restored.
Lastly, never stop looking into the horizon. Recent times have certainly shown us that we never know what’s around the corner, and keeping on top of your Business Readiness Plan will place you in the best possible position to deal with new uncertainties that will surely arise in the future.
Getting help in stage 4: Remember the lessons you learned during the crisis. While your business may have gone through a 'juice cleanse', you can leverage the event to make more effective business decisions – both in the short, mid, and long term. Because it may be difficult to see the forest from the trees so soon after the event has passed, ask your business advisor to work with you to ensure the business bounce back is as positive and profitable as it can be.
Click here to read stage three
For more information, contact our business advisory team here.