Though situations define people and businesses, it’s no wonder that many companies are closing down during turbulent times. But what raises eyebrows is when other companies seem to be thriving.
That begs the questions, how can some companies close their doors for good, and how can some businesses make more money than ever before.
Well, the answer is simple; it all comes down to the leadership in the company. But if you are a business owner, there’s always a question that very few seem to know the answer to. Namely, how do you handle a crisis? Is it the type of people that you surround yourself with that matter? Is proper planning at play? Well, in reality, all those things are essential.
We’re going to go over some of the more important things when it comes to weathering a stormy situation. And it comes to a handful of things that you want to get right in order to survive turbulent times. So, let’s get down to business, shall we?
Always make sure you have the right people by your side when something unexpected happens.
The right people will always be the ones that help companies weather a challenging situation. In other words, you want to surround yourself with logical pragmatists. The ISTP personality type is one of the types of people you want around yourself.
But while pragmatists are surely people you want on your side, you also want people who aren’t afraid of putting in the long hours and doing the hard work to persevere.
So, to explain things super simple, if you’re in a challenging situation, you’d want to have focused, organized, and hard-working people around you.
Plan for the crisis before it has ever occurred in the first place.
But while hard-working people will always be there to help businesses survive through tough moments, planning and preparing for those moments when things are great is what can help enterprises to never get in much of a challenging situation in the first place.
That’s why some of the most successful companies in the world have something called an emergency fund.
An emergency fund is exactly what it sounds like. You put away money in your emergency fund when things are going great, so when things go sideways, you can have something to rely on and plan out your adjustment plan accordingly.
Always be moving as that’s the most important thing to overcome a turbulent situation.
And there’s this secret trick that many business owners either totally miss on or don’t share with many people.
See, there’s only one thing in life, and that’s moving forward. Working towards goals is what can help you get yourself out of a sticky situation.
So, if there’s one thing that you have to keep doing when a bad situation comes your way, keep working. If you had a goal in mind before things took a turn for the worse, you’d simply have to adjust and keep working towards that goal. Or, you can even work on a completely new target that’s aligned with the situation at hand.
Always keep moving, even if things are hard, and you start to feel desperate. Constant movement is one of the more essential things in business and in life.
But it’s important to work on the things that really matter rather than just hustle.
As we briefly touched on this point, many people usually miss on it because hustling and working hard is an awesome thing that you can do, but you also have to make sure that you’re working on the right things.
So, if there’s one thing that you have to be mindful of, you have to set smart goals and smart targets.
Focus on doing the things that really matter, and work towards goals that can return the time and money you invest in achieving them.
Be prepared to put in long hours for a prolonged period of time before you see a result.
And finally, you have to be prepared to work really hard. While business owners are always extremely busy, and they’re virtually working seven days a week, all day long, working during turbulent times is often more stressful and mentally challenging.
More often than not, you will have to make hard decisions without having the opportunity to spend a day or two to really think things through.
But when this happens, just keep your focus on the end goal. It’s always much easier to focus on the final destination rather than how many obstacles are along the way.