Navigating a Business Crisis: Tips to Prepare
Whether you’re just starting a small business or are an entrepreneurial pro, it’s critical to have a plan in place to navigate the inevitable business crisis. A crisis could be anything from losing key staff members (remember The Great Resignation?) to navigating a global pandemic (COVID-19. Need we say more?), and any other number of tragedies. Read on for some popular tips to keep your business prepared for whatever curve balls its thrown.
Create a Playbook
A crisis management plan is the first step to making sure you and your business will be prepared for unforeseen events. According to asana.com, “A crisis management plan outlines how your business will respond if a crisis occurs. In your crisis plan, you’ll determine what crises are most likely to affect your company and what the business impact will be. Planning responses for each crisis will prepare your team and reduce the long-term damage done to your organization.” You will need to identify the types of crises your business might encounter, how you would respond, and the key players responsible for tackling every action item. Document this in both a physical (paper) format and digital format, making for easy access regardless of where/when disaster strikes.
Talk to Your Team
Having a playbook is useless if your team doesn’t know it exists. Make sure to review your crisis plan with all employees on a regular basis, because you never know when something dire might pop up. Think of it like a fire drill in elementary school: show everyone what to do in the event of an emergency so they’re prepared to navigate this tough terrain seamlessly and with confidence.
Secure Backup Funds
Think about it: we have personal savings accounts to tap into whenever an unforeseen expense arises. Why not have that buffer for your business, too? A line of credit is a great tactic for small business owners to employ—even if there is no immediate need for money. A trusted lender like ARF Financial lets you pull funds from your line as needed, and you only pay interest on the money you take. And with 24-hour access to 5 separate loan drafts over a 6-month period, it’s a safe bet. Extra working capital, just in case? Smart move.
New and seasoned business owners alike turn to ARF Financial for their small business financing needs. Learn all about ARF Financial and its decades-long history of providing small business loans to thousands of individuals just like you. Check out our resource center for case studies, presentations, and webinars related to owning a successful small business. And remember—with the right plan in place, even the biggest disaster can seem a little less daunting.