Business Tips
20
Management during a
crisis
H
ow you decide to manage your business during a crisis will determine whether your business will survive it. I would like to share with you 10 areas of management that need to be looked at carefully that detail some serious changes and decisions that need to be made during crisis times.
Business plan It is critical to review your business plan during a crisis. If you’ve never had a business plan before, now is the time to sit down and write it, and if you do have one, then review it. Look at where you are in comparison to the rest of the
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online @ probeauty.co.za
It’s challenging enough to manage a business at the best of times, however management during a crisis is a different ball game altogether, writes MARISA DIMITRIADIS.
industry and your competitors and if you are not moving in the same direction and are getting left behind, it’s time to pivot so you get back on track.
Stock / inventory
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The best time to introduce new brands and stock items is during a crisis. Look for brands that fit the crisis criteria and which do the following: • Boost profit – look specifically for higher profit margins. • Create curiosity – is there an interesting story behind the brand and products? Do they have a strong social initiative and are they focused on reducing the carbon footprint? • Innovate – during a crisis
consumers like to see anything new that helps them. • Support you as a business better – think about which brands or products or service providers stood out during crisis times and supported the industry. That is who you need to partner with, because it’s not only during the good times that you need your brand partner, but more so during the tough times.
Staff
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There are a few areas to focus on when managing staff during a crisis. First of all, understand that YOU are in control of managing the energy transference of your team. It is critical to have a wellness initiative running at all times, even if it is only
