By JC Abusaid, CEO/President as Featured in Forbes
Winston Churchill once said, “Never let a good crisis go to waste.”
2008 was a difficult and scary time to be in business. Luckily our CEO at the time helped us put the operational pieces in place, as he implored in the spirit of Winston Churchill, “to emerge out of this better than we ever were.”
When the pandemic hit in 2020, as earth-shattering as all the business closures and slowdowns were, we thought of what we learned from previous downturns. Every crisis delivers unique hazards, but the tools you can apply and opportunities you can take advantage of are adaptable to almost any market downturn.
Here are my top three hard-won strategies from the last recession that are applicable to any downturn: Stay transparent, keep your focus on the big picture and seize the moment to fire up your team to better your firm’s processes.
Transparency Is Key
When bad news hits, your employees are frequently the first to worry. Getting out in front of a crisis with honest communication can ease fear and change the chemistry from anxious speculation to “we can do this.” At the outset, sharing a formal presentation of your plans to meet the crisis will help your team know what to expect. Consider meeting with all of your associates on a regular basis to quell their fears and keep them up to speed.