Dealing With Business Uncertainty
By Perminus Wainaina
“Hi Perminus, my business is going through the toughest time I have ever seen. I am even thinking of letting some of my staff go to at least ease the business expenses and keep us afloat. Please advise … “ Read part of a message from one of our clients whose business has been greatly affected by sales decline and loss of clients lately.
Like our client, most of us have been experiencing challenges in coping with the changing times where businesses have been subjected to various uncertainties, coronavirus being one of them.
How can a business stay afloat in the face of these uncertainties?
How can you ensure that no matter what, your business is still going strong?
Here are some guidelines to put in place:
1. Flexibility
To thrive through difficult times, it’s important to adjust to changing times and conditions quickly.
How have you adjusted your service delivery, for example, since COVID-19 came?
Have you had your staff working from home or even working in shifts?
What mechanism have you put in place to ensure that you reach and serve your clientele during this period?
Some of our clients say that going digital is one way to keep their businesses afloat, and it has helped them stay accessible to their customers.
You will realize that being prepared for different outcomes in business is what flexibility is.
Being open and ready that anything could happen is a necessary approach.
If you stick to the traditional way of doing things, you will surely miss out. Adjusting to technology, customer’s needs, new services and so on is important to keep the business operational.
2. Re-examine your business systems
How do you ensure that your business systems are strengthened in such a way that your business continues to operate amidst uncertainties such as ‘corona’, weather, legal liability, political and any other uncertainty?
Putting in place effective standard operating procedures (S.O.Ps) and policies can really help anchor your business.
Business policies centered around service delivery, customer service, engagement, and human resources all ensure a stable business.
For example, no modern company can survive without an HR policy which clearly outlines expected behavior and standards from employees. It’s not enough to ‘assume’ that employees know what’s expected of them. Have it written.
3. Transparency with stakeholders
Some years back, we read in the media how a bank got placed under receivership after it went broke. Unfortunately, most customers of the said bank only learned about it in the press. Even though they got their money back, their accounts had been temporarily frozen, much to their shock and panic.
Sensitive issues tend to heighten emotions as everyone is trying to figure out what’s happening.
As a rule of thumb, always let your employees, customers and other stakeholders know what’s happening. Clear communication and opennesses can go a long way in ensuring that you are running a smooth business.
Perminus Wainaina is the CEO at Corporate Staffing Services. Check out our recruitment, and HR consultancy services.