How to weather a financial storm?

There is a saying that if everybody starts to talk about a crisis, this crisis will eventually happen. Recently more and more business people talk about an imminent crisis. But is this true? Will this happen? I think it’s too early to say although recent publications predict something is going to happen.

So, what do you do if you want to be on the safe side? If you are a business leader, it's important to continue reading. If you are not, continue reading as this will provide insight in maintaining a healthy revenue stream throughout a financial crisis.

Often managers tend to see a crisis as a threat and they start to panic. This is the wrong approach. If you panic, you should ask yourselves what effect this will have on your co-workers. The people who we need to help you keep the business going. Not good.

There is another way: approach the crisis as an opportunity to get your team up and running!
The following steps will help you in this: 

  1. Create a sense of urgency. When co-workers are aware of the sense of urgency, they are more capable to accept and adapt to change.
  2. Keep your team informed. The better you inform people, the less there will be gossip. Gossip can kill during challenging times.
  3. Emphasize strategy, responsibilities, objectives and priorities. By doing so, you get people involved to help meet challenging times. It’s also builds teamwork.
  4. Have monthly meetings where you present where the organization is and where it needs to be. This gives your team insight and focusses them on the objective.
  5. Have a daily or weekly roll call. Share results of the previous period/activities, where we stand, what are future steps to take/activities to deploy. Who does what by when and how. 
  6. Celebrate successes. Sports people work hard and train hard to achieve results. Being in a winning state increases the chance for more success.
  7. Inspire, stimulate, show interest and congratulate. This approach has a positive impact on motivation and will nurture and drive results.
  8. Don’t fire people involved with your customers/market, they are your liaison with the people (customers) who can help you survive the storm. If you have to let people go, focus on underperformers who are not willing to contribute to the team.
  9. Beef up your salesforce. When confronted with challenging market situations like recessions, economical setback and other disruptive market situations, your salesforce is your best tool to survive. They are responsible for bringing in revenue and profit. This means, hiring the best, developing the team, motivate, coach, train and hold them accountable for result.

This will help you withstand the most severe storms.
Following these nine steps will help you weather the most severe storms.
By the way, if you need additional assistance in beefing up your salesforce contact us here.

 

Robert Peterson

Grote Wittenburgerstraat 27, 1018KV, Amsterdam, Netherlands