29 Mar 5 Ways to Manage a Crisis
By Narelle Blackadder, Business Advisor
Narelle Blackadder is the Sothern Region Business Enterprise Centre (SRBEC) Business Connect Advisor for the Southern Highlands & Shoalhaven assisting clients to maximise their business potential. Previously Narelle was a Sydney city-based recruiter. In the late 1990’s she started The Blackadder Recruitment Company which grew into a multi-million turnover operation within 10 years. Pre September 11, 2001 the business was recruiting into the financial sector and overnight went to zero revenue.
A cash flow analysis showed enough retained earnings to pay rent and staff for 4 months. She and her staff reinvented themselves and in less than 4 months they changed the business model, created opportunities and built a far more resilient business. She’s also a Wedding Celebrant & Justice of the Peace, has a consultancy providing support to long-term, front-line Police Officers wanting to transition their careers and designed a website for the newly retired. Her philosophy is “Embrace life’s opportunities, be passionate and above all spread the risk”.
Business is in unchartered waters, none of us know how or when the current crisis will end. Yes, we need to keep safe and well, we also need our businesses to survive and thrive.
- Take Control – The whole point of owning a business is having control over your own future. Manage your activities as if there was no government help arriving. If it does come, it will be less and after you’d hoped.There are still businesses with money, if you have capacity in whatever you do, now is the time to reward your customers for their loyalty and ask them to refer you to other businesses. Talk to your suppliers, renegotiate your payment terms.NOW is the time to redo you cash-flow.
- Be Creative–requires divergent thinking (generating a lot of ideas) and then convergent thinking (combing ideas) to read more about creativity here is link to Torrance Tests of Creative Thinking (TTCT). Look at your business from the position of potentially buying it – what would you do to improve or add to it? If you have staff, tap into their thoughts and suggestions, brainstorm with family, friends, and don’t forget kids, often they see things we don’t.
- Adapt – change with the market’s needs. Like restaurants and cafés, how can you adapt your business model to deliver your service/products? Can you deliver your service online, or home deliver, what else haven’t we thought of? This is where we ask the kids.
- Network – and collaborate, join Facebook communities, or start one of your own. Google your Industry sector and engage.
- Manage Stress – Give yourself time to adapt, you don’t have to do everything today. Listen to music, do virtual tours of art galleries, cook a lovely meal with your family, talk to your friends. We do need to listen to the news, but try not to create a space of negativity, above all we need to find a way to laugh.
To contact Narelle for assistance,