Coming Out Stronger During a Time of Crisis

Coming Out Stronger During a Time of Crisis

It’s safe to say that the coronavirus outbreak has touched every aspect of society – personal, business, healthcare, government and social services – and has caused shifts in how we relate to and work with each other on a personal basis.

As the world collectively handles and works through the uncertainty caused by COVID-19, many business owners now find themselves in uncharted territory. Between finding new ways to adapt to working remotely to figuring out the best long-term solutions for your employees, customers and the organization overall, one thing has become clear: Now is the time to find effective, creative ways to boost team morale and rally your troops. While most executives never want to consider that their company may face a crisis, recent circumstances taking place in the world have proven how critical it is to be prepared for any situation that could significantly affect the stability of your business.

As Steve Jobs once said, “Great things in business are never done by one person; they’re done by a team of people.” Successful business leaders understand that philosophy that the strength of their business depends on a strong, hard-working group of employees who wants to see the business succeed. Right now, your team may be feeling understandably rattled and insecure about recent events — many of us are.

Now, more than ever, is the ideal time for your team to come together and strategize methods to come through a crisis more solid than before. GREENCREST has compiled a list of tips that will help the members of your team build their confidence and remain focused after an unforeseen event.

Clear Communication is Essential

Top executives understand the importance of communication in maintaining a business that stands the test of time. In fact, according to a Gallup survey, highly engaged teams show 21 percent greater profitability in reaching business goals. During a crisis, communication becomes even more vital to ensuring your company’s future. As a business owner, this may mean reaching out to your team in ways you had previously not explored:

  • Take the time to make a personal phone call to your valued employees — letting them know that you have confidence in them and the organization’s power to overcome challenging situations. Such efforts can go far in offering a much-needed boost in self-esteem.
  • Send out frequent emails regarding any changes in company policy to provide stability and reassurance.
  • Set aside time with each employee to reviewing their current strategy and objectives and focus on how they can realistically achieve those goals as the company rebuilds from any new developments that have taken place.

Taking such measures will help employees effectively refocus their role in the company, and it will help create a culture that builds peace of mind.

Update Your Business Strategy

As the leader of your company, all eyes will be on you as the business determines ways to continue thriving while dealing with unplanned fluctuations. As you work to create your new normal, it’s imperative to make sure all team members understand that, if possible, the business must still focus on the ultimate goal — providing top-notch products and services for your clients. Re-analyze previous budgets and goals put into place and make sure everyone is working together to help the business come out stronger. And remember: Throughout history, businesses have found effective, creative ways to bounce back through times of crisis. Here are some interesting facts to consider:

  • Studies have shown that during an economic slowdown, in particular a recession, the “noise level” in your industry can drop due to competitors cutting back on their marketing spend. Think of ways your brand can use this as a time to potentially keep your company name in front of your industry, re-brand or explore new marketing strategies.
  • Amazon sales grew by 28% in 2009 during the “great recession.” The company was able to develop new, innovate products, most notably the Kindle line, which helped to grow its market share.
  • In the 1990-91 recession, Pizza Hut and Taco Bell took advantage of McDonald’s decision to drop its advertising and promotion budget. The result? Pizza Hut and Taco Bell increased sales by 61% and 40%, respectively, while McDonald’s sales declined by 28%.

These statistics prove that with analysis of your company’s business objectives, forward thinking and hard work your team can power through an economic downturn and come out at the end more stable than ever. Stress this to your team often and confidence should soon be restored.

Use This Experience as a Learning Tool

Like CEOs all over the world, the chance that your business was prepared to face a global pandemic such as COVID-19 are slim to none. Hopefully, as you continue to recover and rebuild from the numerous changes that have taken place in the world, analyze what techniques have worked well for your business and what could have been better. Make sure that in the future, your team has a concrete plan for any emergency conditions that may take place. As a company, you can never be too prepared, and your team will be ready to pivot and do what is best for the business.

Remember that GREENCREST is continuing to support and provide stability for our clients during this time. If you are interested in discovering effective ways to help your business rally the troops and come back stronger than ever, please contact us!