Michael Saltzstein observes that the recent pandemic emphasized the importance of business continuity strategies. One hundred thousand brick-and-mortar businesses shut down in 2020. However, startups in relevant sectors like MaaS, food delivery, medicine, and eCommerce made billions in revenue in the past years. Adapting to a crisis could spell the difference between bankruptcy and prosperity.
Despite the
importance of business continuity, entrepreneurs rarely focus on it. They would
rather allocate their resources to money-making projects like business
expansion and mass production. Also, planning for failure can come off as
eerie.
Does your
company also have trouble planning for crises? To help you with your business
continuity plan, Michael Saltzstein shares some crucial, straightforward crisis
leadership tactics.
Communicate
with the Team
Keep your
team in the loop. Be transparent with the company’s current situation and
update them beforehand if you plan on implementing any major changes.
Prioritize
Your Employees
We understand
that you want to minimize your company’s losses, but please don’t ever throw
your team under the bus for money. Your employees are the heart and soul of
your company.
Create
Multiple Exit Strategies
You might
notice that it’s virtually impossible to address all the points in your risk
register. Fortunately, you don’t have to commit yourself to just one approach.
Instead, create multiple exit strategies so that your executives and managers
can vote on the most effective way to cut losses.
Study
Your Tactics
You can only
lead your team confidently during turbulent times if you have full faith in
your approach. Leaders don’t have the luxury of hesitating during crises.
Otherwise, who will your employees turn to for reassurance and certainty?
Managing
Business Continuity Strategies
It’s
important to develop a feasible, data-driven business continuity strategy right
from the get-go. However, don’t blindly commit to it. The risks that threaten
your company will change over time, and you’ll only overcome them if you adapt.
Revisit your
strategies now and then. Michael Saltzstein advises business leaders to discuss
their crisis management tactics at least two to four times per year. Ensure
that no crisis will catch you and your team by surprise.
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