Blog 06.05.2020

How to plan company’s recovery?

Overnight, entrepreneurs all over the world are getting to know that a large economic crisis is in preparation. For several weeks the economy has been frozen. Many industries are even in a dramatic situation. Is the only way out of this hole is to close the business? It turns out that this is the last resort. It is worth not to give up the match with a fighter and face this difficult situation when planning the company’s exit from the crisis.

An entrepreneur is a leader

A businessman is a man who, according to his name, is a ” pre-be-taker “. He sees ahead, plans, manages, calculates, does not give in to emotions, meets challenges. He is a leader who seeks solutions and a way out of every situation. That is why some people decide to work on a permanent basis and others, who have leadership skills, become entrepreneurs. It is those who are proactive, as Covey already mentions in his cult position of “7 Habits of Effective Action”, who are most effective. They are pro-active. That is, they act in advance, they act when others do nothing.

Proper planning

It turns out that only the right approach and a wise leader who anticipates various crisis situations are the basis for the company he created to resist difficult times. It is very important to have a plan B in the creation of a marketing plan and a general plan of the company’s operations, in case it turns out that suddenly, as nowadays, everything is on its head and the most unpredictable scenarios are realized.

The basis is an appropriate financial cushion that will ensure the survival of the company in the event of a total lack of revenue for at least six months. Flexibility and new decisions, and thus new activities, extending the offer with remote activities, adapting to the new reality should be the focus of attention during the crisis.

Delegation of responsibilities

This is a task worthy of the best leaders. The most important thing is to balance when and under what circumstances you decide to outsource and give up some responsibility. You can entrust many tasks in the company to employees employed for you by temporary employment agencies. Thanks to that, you do not have to deal with formalities or the recruitment process in case of extending the company’s offer with services unknown to you before. Fewer obligations and fixed costs will help you to get out of the crisis with a defensive hand.

Cost reduction

It is important to plan your spending so as not to overinvest. Not always dismissals are the best decision. Sometimes a temporary change of earnings, working time, no bonuses, additional benefits or overtime are enough – these are the first steps that will help to reduce expenses. A good employee who knows the company may have changed responsibilities and does not necessarily have to say goodbye to it because of the crisis. Budget changes are almost an absolute necessity. Many of the ongoing investments are not necessary for the survival of the company.

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