Business planning for surviving the coronavirus crisis

Research indicates that when the coronavirus struck, at least 26% of U.S. businesses had no written plan for business continuity or crisis management.

Perhaps yours is among them. Or perhaps your company has a management plan that is being tested by events not seen since the pandemic of 1918.

Whatever your state of readiness, every business has at least three crucial opportunities to regain some equilibrium, build resilience, and emerge ready to compete. These are lessons I’ve learned and shared in my work as a business continuity and crisis communication consultant.

Opportunity #1: Every business needs a plan. If you have a plan, use it but be open-minded to new challenges and solutions as they emerge. If your company was unprepared, improvise — help yourself until you can get better help.

Professional or trade associations may offer basic planning templates and general advice. Additionally, Arkansas is blessed with a small but talented community of subject matter experts who can deliver immediate tactical support plus guidance for the longer-term.

Opportunity #2: Communicate (overcommunicate) with stakeholder audiences. As you do this, remember country star Toby Keith’s song, “I wanna talk about me.” He speaks for every audience and stakeholder. Meet stakeholders where they are. Use their vocabulary and preferred means of communication; focus on their concerns and values. This can be harder than it sounds, and it’s worth the effort.

Opportunity #3: Be engaged in the community. Even if you’re shut down, your skills can help others, enhance your company’s reputation, and lead to greater business resilience.

Let’s drill into these latter points.

Overcommunicate
Your employees, customers or clients, suppliers, and even regulators are thirsty for useful information to manage their affairs. Despite many differences, they share a relationship with you. Strengthen their trust with straight talk about what you can do for them in these changing circumstances.

Read more: https://talkbusiness.net/2020/03/business-planning-for-surviving-the-coronavirus-crisis/