3 Tips To Manage The Economic Crisis

This week I did some research into what strategies companies are employing now to survive and what successful companies did to beat the recession in 2008 and onwards. Following are some key advice for business leaders of any business size in any market or industry today.

1. Create a Crisis Management Team

  • Meet regularly to develop policies and provide info to leaders and those on the front line re COVID-19 awareness and prevention including hygiene and management practices.
  • Also meet regularly to focus on business continuity plans to guide current actions and forecast how to deal with future events. 

2. Focus on Employee Engagement

  • Developing highly engaged managers and teams in an economy that is in crisis is critical for business success right now. Why? Companies that rank in the top 10% for employee engagement came out ahead after the last recession with +26% profit gains while less engaged saw a 14% decline. 

3. Move into the Eye of the Storm

  • Going inwards to where it is calm and peaceful which will enable to respond creatively to situations and circumstances, taking the right action. Meet your clients where they are at. Companies are experiencing forced separation, creating silos where they did not exist before. Leaders and teams are hiding remotely, breaking down team performance.

Your clients can benefit from gaining clarity on what to do next. How can you help them with that? Many are in crisis and survival mode wondering where their income will come from in the next 6 months. They are rebooting, reprioritising, resetting, relooking, replanning things. Make sure you are coming at from where they are, not where you are.

Here is to your Success and look out below for our Free Online Training and Events to support you in your time of need starting next week. 

Free Support Events to Combat the Crisis:

Virtual Round Table to Startup Founders – For those of you out there that are running Startups and are Founders / CEO’s, I am offering you the opportunity to attend a free Virtual Round Table event for 1 hour on Friday, April 3rd at 3pm EST. Join me and a maximum of 11 other Founders to focus in on one topic: Decision Making for Success. Bring to the table your problem and question and 11 other Founders and CEO’s will support you in taking the right action moving forward. Register here to receive your invite, first in first served. 

Online Trainings – As I mentioned in my video on Tuesday we will be sending you some Open Source Training material to support you in managing these difficult times. This will be starting next week and we will get it to your inbox for your support. You can also follow us on YouTube and Linkedin. Please let us know what topics you most need support with for our consideration.

F4S Group Online Debrief (April 7th, 2020) – Join us for a look into your very own Fingerprint for Success with Timothy Carroll in person. Deep dive into your results, your strengths, blindspots and become clear about your areas for improvement and the benefits of this for your career/role. Join us for this unique event by signing up here to get your name on the list while places last.