Despite the best efforts to avoid crisis, it will always catch up with everyone, including small business owners. Small business owners are no stranger to the crisis that they encounter time and again. The impact of the crisis, whether it is long lasting or brief, depends mainly on the way you manage it, as experienced by Eric Dalius. He has faced various problems during his long career of more than two decades that turned him into a successful entrepreneur and marketer.
To tide over some of the crises that most entrepreneurs often face, these tips should come in handy.
Cybersecurity crisis
In the current business scenario, small business owners must be aware of cybersecurity threats as most businesses depend on some form of online existence, whether for advertising or conducting business online. Cyber attacks on company networks can paralyze enterprises and spell their doom if it compromises customer data. Companies that fail to keep their security systems updated are inevitably inviting crisis that can bring down the company to its knees. To mitigate the risks, Eric J Dalius says that it is not just enough to reinforce the security ring but also arrange for maintaining business continuity in the face of any attacks by backing up all data in the cloud or at some offshore location.
Public relation crisis
When some wrongdoing by the company or some of its employees comes to light, it can trigger a crisis. Such incidents, when made public, can make the company hang from the hook. To tackle such situations, you must quickly form a crisis management team comprising some of your most trusted aides and draw a plan to counter the problem effectively if such a plan is not there in place already. It is critical to deal correctly and promptly with the crisis because it can damage the company’s reputation that can have a long-term adverse effect on the business. EJ Dalius has a piece of advice – do not shy away from owning responsibility for the situation and express your intention of putting things in the right perspective that helps in damage control.
Natural disasters
Natural disasters can be daunting for businesses, but there is nothing much to do to mitigate the crisis except for hoping for the best by learning from experiences. The usual way to tackle the crisis is to maintain sufficient cash reserves to meet emergencies so that it is possible to survive for a week without any income. Luckily, most small businesses can manage to attain this goal, provided the tenure does not stretch further.
Although most small businesses take general liability, only a small percentage is prudent enough to take cover for natural calamities. Insuring against the threats of natural disasters is the best way to protect your business when the situation is entirely out of your control, and there is damage to your store amid the sales stoppage. So make sure to use appropriate policies for your business.
