In the last edition, we discussed five out of the 12 fundamental pillars of the F-12 theory in crisis management. We shall continue from the sixth point in this edition.
Demand for funds is usually high during crisis, especially because there would be a depletion of it for obvious reasons. Part of what you have to occupy your mind with, especially as a business person, is how to position yourself or reinvent yourself at a vantage point favoring the demand push. It is a given that some employers will downsize or opt for salary slashes. If you find yourself in the middle of any of these, do not freak out – reposition. How would that be done? Start by asking questions from sources you know can assist.
The COVID-19 pandemic, for example, has informed the decision of global and national leaders to impose movement restrictions. Many countries have been on lockdown for either 24 hours or less, allowing only essential service providers the luxury of moving within states. Even when the lockdown was gradually relaxed in Nigeria, it was clear that the “new freedom” already had a caveat, considering the fact that, in some states, there are curfews.
Your responsibility is first to acknowledge that there is a “new normal”, at least, for now, and then maximize the time or freedom you have to do all you need to do. If it now seems so clear to you that you really do not have 24 hours to operate your business because of government policy, then just deal with it, manage your space and time.
It is quite amazing how vulnerable humans can be, especially when life is threatened. It’s just a reflex response. One aspect of humans that is a cynosure of focus is the belief system. People are open to believe almost anything out of desperation for what works – be it spiritual or secular succour. Again, it’s your duty to ensure that your trust leans on what you have tested in the past and hasn’t failed you to start with. Putting confidence on speculations is not advisable. Get knowledge from relevant and authentic authorities before putting all your eggs in one basket.
One very powerful tool that you can leverage during crisis is quality relationships you have built before crisis. The summation of life itself is about relationship. If you run out of funds, one of the options available to you is to reach out to others. I am talking about the relationships that you have invested in before the crisis started. That will keep you going until you can stabilise again.
Take it or leave it, some are bound to become famous at a period like this, either because they are at the forefront of the fight against the crisis, warranting that their names and details be displayed on all various media; or because they have some kind of solution, worthy of attention. This may not be your priority at this period but if you desire such, then you must think of bringing forth a solution that will be relevant at this time to attend to the needs of humanity.
It is common to find people trying to abdicate their financial responsibilities, blaming their predicament on the supposed ineptitude of the government or the impact of the crisis. True as this may appear, it does not change the fact that fees still need to be paid. You can apply for more time to settle your bills or ask for discounts; but a blatant dereliction of financial commitments is not the way to go.
No doubt, very many businesses have been hit financially during this crisis. At the same time, there are some people that are still smiling to the banks. At times, it’s not so much about selling what you have but what the customer or client needs and is willing to pay for. Whichever way, open your mind to opportunities that the crisis inadvertently brings.
What kind of services do you render? How best can you offer your services at this period amidst the challenges? What new ways can you get your customers serviced, while not compromising quality or quantity in any way? Those that will make a fortune during this period are those that will think out of the box, apart from the minority who are in industries that are considered essential e.g food, medicines, medicals etc.
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