Addressing a Business Crisis
A basic guide on how to handle a crisis like a pro
Between the tariff wars, the real wars, the bank failuresbailouts, the politicization of payment processing, and the stock market meltdowns, a lot of businesses, large and small, have found themselves lurching from one crisis to the next. And even if you’re fortunate to have avoided any crises over the last year or two, the chances are that you’re going to find yourself facing one at some point in the next eighteen months.
So, speaking as one who has successfully navigated a number of cancellings, deplatformings, demonetizations, blackballings, lawsuits, and even a bank failure, allow me to offer you some advice on how to handle a crisis.
Stay calm. Do not vent. Do not express your frustrations, concerns, or fears. Emotion is your enemy now. Keep cool, stay calm, and maintain an even keel.
Determine your options. Don’t worry about any past mistakes; chances are that you could have done something to mitigate the situation at some point, but it’s too late for that now. Don’t waste any time lamenting past failures or mistakes, now it’s time to focus completely on what your next steps need to be. And think outside the box, if there is ever a time for not resting upon your assumptions, it is now.
Rally your team. This is not the time to blame anyone, search for a scapegoat, or waste time on recriminations. If you’re feeling stressed, they’re going to be feeling a lot more. It’s your job to make sure they’ve got the morale to fight through the crisis, and you don’t want to lose any of your top performers, especially if they are integral to digging your way out of the problem.
Communicate openly about the situation with your colleagues, clients, and customers. People by and large understand that there are always ups and downs. The only people who will leave at the first sign of trouble are deadwood anyhow. The more open and clear you are about the challenges, the more faith everyone will have in your ability to address and surmount them. Don’t even attempt to hide the truth of the situation. If it’s dire, say so. If it’s not, reassure them that it’s not.
Don’t underestimate the amount of time it will take to resolve the problem. It’s never just the magic “two weeks” that the technical guys always believe will suffice to take care of things. What “two weeks” means is “I have no idea”.
Find a way to blow off steam that doesn’t involve taking it out on your coworkers, family, or friends. You’re going to be stressed and you’re going to be tempted to do nothing but work, work, work to fix the problem. But that way lies madness. Whether it is lifting weights, running, or getting a daily massage, make some time for an activity where you simply can’t dwell on the situation.
Be resilient. If you can survive it, you will survive it. Keep your eyes looking forward, and with the confidence that what doesn’t kill your business will make it stronger and more profitable down the road.
"Find a way to blow off steam that doesn’t involve taking it out on your coworkers, family, or friends. You’re going to be stressed and you’re going to be tempted to do nothing but work, work, work to fix the problem. But that way lies madness. Whether it is lifting weights, running, or getting a daily massage, make some time for an activity where you simply can’t dwell on the situation."
This is some awesome advice.
I just yesterday re-discovered a tree felling axe I had purchased in the covid years during the shortages. A chainsaw happened to run dry mid tree and I couldn't leave it able to fall on animals or children. So I turned to it. It was so rewarding, and I was in the middle of some stressful bidding, that I told myself, "You know what? The bidding can wait. I need to act like I'm not desperate, and these invasive trees need to go."
Taking some sharp, heavy objects to hack away at some wood, felling 4 other trees in a controlled manner was just what I needed before going back to my office, knocking it out, and getting the bid.
Is it not always the case that the rollercoaster ride of business is both scary and exciting? Remembering to stay focused on "exciting" helps. Recently, I've found watching some recent and older Elon Musk vids -- back when he was out of money (and business) if the fourth rocket didn't fly (after three failures); or now, when the whole @#*_$% world seems filled with idiots who want to burn down cars over stuff they don't understand and don't like (damned stampeding sheep!) helps me keep looking forward.
Piece of advice I picked up in passing is Elon's focus on: if you're not always working to make your PRODUCT better, then you're (I forget what he called it: not taking good care of your biz?) has motivated me to get off my butt and finally find a consultant to help me redesign a switch plate in my gauge. The current one works, although it takes way too much of my time assembling the components and making the switches. Spending money to upgrade that part during a semi-scary economy seems daunting.
I am choosing to focus forward on an improved gauge part... and ignoring to world I cannot fix, though I DID pick up some Tesla stocks a couple weeks ago {wink} 'cause why not?! Either we'll all pull through or go down in flames! Nothing I can do to affect that except keep proceeding along in my little life.