How to get through a crisis - blog featured image showing a young man looking at a sunny day through an office window while sipping a hot beverage out of a cup

How to Get Through a Crisis

It isn’t the first time that the Australia has had to learn how to get through a crisis. In 2008, Australians felt the effects of the Lehman Brothers crisis or the Global Financial Crisis, and in the late 90s, the Dot-com bubble lead to a significant downturn in economies worldwide. Now Australians and the world are faced with a new crisis: COVID-19. It has changed the way we conduct business and even restricted the way we spend our social time.

As a business owner or an employee uncertainty can certainly be a scary prospect. What’s important to realise is that every crisis is cyclical in nature; It may not seem that way when, in the interim the way we conduct business has had to change so drastically in such a short period of time but if history has anything to show for itself, is that Australians are resilient, we don’t give up and we always come out stronger on the other side.

At Future Fitouts, we know that the best way of getting through a crisis is to look to the future, cement systems in place to prepare for the rebound, and most importantly know the value of remaining positive. Our team continually strives for the best and we’ve put together some methods we use to hopefully help your business answer the question ‘how to get through a crisis?’.

How to Get Through a Crisis

Look at Positivity

A positive attitude in a tough situation can really make a difference in your workplace. Not to say that it is not going to be tough, but a positive attitude about the future can make a world of difference on your team’s happiness and productivity. At our office, we would much rather see our glass as half-full not half-empty. We know that this is a simplistic way of looking at things given the situation, but by remaining positive, there is always light on the other side of the tunnel. Remember ‘the Future’s Positive’.

Cement Current Systems and Processes

In periods of growth, it is only too easy to stray away from your business’ core vision. Has your business been experimenting with new markets or a new product line that hasn’t been performing as planned? It could be a good time for your business to take a step back and evaluate the core systems and processes that laid the foundations for your business growth to this point. Consider doubling down on profitable divisions and temporarily cutting back expenditures on divisions that have seen a significant decrease in revenue. When a business strengthens its core business, it’s in the best position to ride out the proverbial ‘storm’.

Build Your Capabilities

When your core business has been most affected by a crisis, remaining flexible, and building your business capabilities is key. With the current crisis, we’ve seen many industries from restaurants to beauty salons forced to close their doors to the public. As a business in such a situation, it’s imperative you think outside the box, remain flexible, and build out your capabilities. Are you a Michelin starred restaurant with no customers? Consider adapting your menu for takeaway. Do you focus on online delivery? Consider adapting your business model to deliver necessities such as fruit and vegetables. Remaining flexible and adapting to the situation even if only temporarily, might be just the boost you need to continue operating through a crisis.   

Plan for the Rebound

We often get asked ‘how do you handle crisis situations?’ Every crisis turns around at some point and a business that plans for the rebound will be in the best position to propel themselves ahead on the other side. When you have seen a drop in sales due to a crisis, it’s the perfect time to plan for the rebound. If your competitors are slowing down and pulling back in the race, it’s the perfect time to invest in your business, your people, and your products. Instead of pulling back on marketing expenditure consider increasing your marketing budget. Use the opportunity of having more time to focus your efforts on positioning your business and brand to get ahead of your competitors and capture some of their market share. When you plan for the rebound, you’ll come back stronger than ever.

Maintaining Health & Culture

While it is important to look at the business side of ‘how to get through a crisis’, its equally as important to consider the health and culture impacts that a crisis might have on your business and your team. The current crisis has changed the way work, with many businesses having to switch to some form of remote work. While other businesses might be in situations where remote work is not possible due to the needs and physical constraints of their business.

As a manager, it’s key to monitor your team’s wellbeing whether they are in-house or working at home. Spend some extra time speaking to your employees, asking them how their day is going; Keep an eye on any behavioural changes that could be affecting your team’s wellbeing; Provide some flexibility in work arrangements where possible; Foster a workplace culture of open communication and provide a safe environment so that your team can speak their mind and communicate about their situation. By working closely with your team and promoting a workplace culture of trust and understanding, you might be able to make that difference of positivity rather than worry.

Advice and Continual Learning  

Learning is vital, get all the advice you can. Surround yourself with consultants and advisors that can help you navigate through a crisis. With all the information that is available on the news, internet, and from business colleagues, friends, and family, it can be hard to filter out what’s truly important for you and your business. Seek the advice of your tax accountant to see if your business is eligible for any of the stimulus or tax incentives offered by the government. They may be just the boost in cash flow your business needs to get through a crisis. Most importantly keep learning, the best entrepreneurs and businesses do not rest on their laurels, they continue to learn, to adapt, and to continually improve to suit the changing needs of their customers.

Remember, with every crisis, positivity is key, and the future is bright.

Would you like to learn more about ‘how do you handle crisis situations’ or want to invest in your business with an office fitout? For professional project-managed solutions that will transform your workplace into a space where people want and love to come to work, get in touch with us today.