How to Deal With A Business Crisis
Five Lessons About Dealing With A Business Crisis
There is a great quote often attributed to the famous biologist Charles Darwin that states: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” For the more modern version of this, we have the scene in the movie Moneyball, where Billy Beane (played by the actor Brad Pitt) confronts his main recruiting scout and tells him to “adapt or die” when he’s looking at a different way to improve the performance of his struggling baseball team. Both of these cool scientific and sports analogies are relatable to the challenging times that most businesses are facing right now.
About six months ago, the U.S. economy was kicked in the teeth by a “curveball” (no pun intended) that the best of experts had not predicted. It had unforeseeable consequences. No Ivy-League MBA crisis-management class, big consulting group with fancy contingency plans or anyone in the corporate world in 2019 could have predicted the impact that we have recently experienced in our overall landscape.
Below are some of the key lessons that I have learned so far about dealing with a business crisis:
1. Be more customer- and partner-centric than ever. The key to success with customers or any type of partner is putting that other person, individual or corporation first. Be humble and treat them with humanity. It is very easy to fall into the trap of only centering your focus on your own organization and distress. When you do this, you risk forgetting that your customers and partners will help you scale or move toward your ultimate goal. Having a great degree of empathy is critical during times of crisis, as is finding new ways to support partners, mitigate issues and show flexibility. Focus on the end game with them rather than short-term results to yield the most customer retention, loyalty and long-term relationships, which you’ll need once the storm passes.
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