Crisis is rooted in both fact and feeling. The facts substantiate or quantify the crisis, but the resulting feelings will play a huge role in your subsequent decisions and actions. The confluence of where facts meet feeling is the pivoting point to success or failure when it comes to crisis management.
There are no magic pills or easy answers in this difficult and unstable environment. Making matters worse, outlets for relaxation and stress relief that contribute to balance and peace are disrupted. That disruption can lead to a noisy brain and blurred vision of the playing field.
Your crisis is most likely very real: revenue interrupt; customers canceling orders; vendors not getting paid so they can’t pay you; fluid government regulations; payroll and rent are right around the corner; if you can’t travel, you can’t sell or service; you’re not meeting sales numbers; your investors or Wall Street are bearish and your performance is under pressure.
No doubt your crisis is real! So what strategies can you implement when crisis strikes? Here are just a few crisis management tips that can make all the difference in times of need.
Quantify & Project
It may make things better or it may make things worse, but do the work to quantify the facts of the case by asking yourself a few imperative questions. Did you lose the business or the customer permanently or is it on pause? Is there a way to smooth out temporary losses by spreading it over a longer period rather than realizing it all in a few months? Can we match revenue to expenses and for how many months? Can I make up lost revenue later in the year? Do I have moving parts such as unnecessary or redundant staff?
After you’ve answered these questions, project the crisis impact over a month, a quarter, a year, and year over year. Be as detailed as you can. Once you quantify—double that for the worst-case scenario. Depending on the math, you may need a hard conversation with your boss, your family, your board or investors about unrealistic expectations and a new plan for new fact sets. A good business consultant or coach can be integral to this process.
Get Input
The reason you have been networking and investing in mentors for so many years is so you can get their input not only when things are going well, but particularly when times are bad. Consider talking to those you trust in the younger generation, your contemporaries, and of course grizzled veterans in your space. Tough as it may be, also try to talk to others who do not share your world view in order to expand yours. If you can, tap trusted resources in your industry to see if they see the crisis the same way as you see it.
Act
Hope is not a strategy. Of course, this isn’t easy. It does not appear to be getting easier and wishing it away is a pivot to failure in crisis. Do the math for your family and your organization. Be honest with yourself. Be willing to have very difficult conversations with those your lead, with your leaders and with yourself. There are definitive actions you can take—and many to avoid-—that will increase your chances of managing crisis well.
Crisis Management Consultant in California
Business consulting and coaching is critically important in moments like these. Our team at Nick Warner Consulting will focus squarely on you and what you need to do to survive and thrive in challenging times. Schedule a confidential consultation today.
Photo by Markus Winkler on Unsplash (7/17/2020)
