Effectively Handle Your Business in the Time of Crisis

Health crises, natural phenomena and disasters are always a critical phase not just for public welfare but also for any business. Being on constant watch for the public’s safety especially for your employees is as important as its economic impact on your business.

Understanding, reacting to and learning the lessons from these unfolding events is your backbone to navigating this unprecedented challenge. We have listed some approaches on crisis management to effectively run your business while prioritizing the safety of your team. 

Take Care of Your Employees

We cannot emphasize this enough. Your team and your people are the heart and soul of your business. Without them, executing your goals, mission and vision won’t be possible. In trying times, it is your corporate social responsibility to ensure their safety because if any of them gets compromised, it will not just affect the workforce but your business as a whole. No compensation and benefit can compete with the care you show to them. Whenever they feel that genuine concern in times of peril, they will become your most loyal supporters.

Also, in the age of social media, an organization that doesn’t prioritize the employee’s well-being may quickly find itself in an unwanted viral scandal. Taking care of your people equates to living up to your reputation.

Update Intelligence and Resource Page on a Daily Basis

The picture and effects of crisis unfolds with an astounding speed. For example, the COVID-19 seemed as if it was only confined in China several weeks ago and now is declared as a global pandemic by the World Health Organization. Being aware of necessary updates is not just for ‘knowing’ purposes but it also helps you reframe your overall perspective on how to deal with the crisis. It helps you reorganize your plans and actions to effectively deal with the crisis and know what would be the best course of action for your business and people’s well being.

Creating and maintaining a resource page where your employees can access in one go educates them and leads them to the right sources of information. Having access to the right information helps you distinguish hard facts, soft facts and speculations. A calibrated view makes your organization a group of critical thinkers thus avoiding unnecessary panic.  A well educated team is your best ally because knowledge is indeed power.

Business Tracking and Forecasting

A crisis does not imply immunity on business targets and performance management. You’re running a business after all. Sooner or later, clients and markets will judge which company based on how they managed the challenge most effectively. But since a crisis creates unforeseen and unpredictable fluctuations, placing rapid reporting cycles and business and economic analysis will help you understand how your company is being affected. Formulating a mitigated action plan also helps you quickly recover from the crisis mishaps.

Because system problems require system solution, tracking and forecasting the economy whilst in the midst of a crisis aids you in making a sound and objective plan of action that is best for not only for your business, but for your people and clients.

Anchor on Your Core Assets

Finding a core business asset that can be uniquely serviced by your company in meeting the present needs in a crisis is one way to promote your business morally and ethically. A few examples of anchoring business assets are; promoting healthcare informatics in the nub of a pandemic and leveraging on the benefits of this technology, making healthcare providers’ lives easier by tracking and managing increasing patient’s records easily and comprehensively; endorsing a great team of research and data specialist in gathering, examining and analyzing the effects of crisis to which are helpful information for the government and private agencies in curating mitigated plans and actions to combat crisis; promulgate patient-centric services like medical claims and billing teams who can assist hospitals and insurance companies in reducing financial obstacles and assessing insurance coverage for members who affected by a crisis.

Promoting your business in a time of adversity should be done with caution. Blatant and insensitive marketing is bad marketing and wounds your reputation. The goal in advertising your business in a time of crisis is to be part of a broader solution and not to take advantage of an already stressful situation. As a corporate citizen, aim your business in contributing and supplying whatever need there is, may it be healthcare, communications and other vectors.

In conclusion

The way you handle your business in times of need is a real test of corporate purpose. With any current plights and state emergencies, companies are learning more on handling a business while taking care of their people and clients, coupled by offering the best possible help they can for their community. 

Finding the balance in managing your company while taking care of your team yet not compromising the needs of your client is your key on fortifying your business and winning in times of crisis.

Establishing a business partnership with those that share your values especially during times of crisis can help you secure your survival while further cementing that partnership and prospects for growth once the crisis is over.

Here at Infinit-O, we understand the value of keeping your business stable in times of crisis all the while contributing to the pressing needs during any unforeseen events. We build great teams of healthcare informatics specialists, medical claims and billiers, research and data analysts, customer service experts and finance and accounting professionals to assist your company in contributing to the greater good.

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.