Even in more profitable times, a crisis can strike your company or even your industry. Industry consolidations, disruptive innovation, and regulatory changes can derail your business processes, cause product obsolescence, and block your distribution and delivery channels. Here are six ways that you can get ahead of the competition in crisis times.
Find New Ways to Stay Relevant
In order to be relevant, your company has to meet your customers’ needs with more than just products or services. If you package and distribute frozen foods, use environmentally friendly packaging and donate a portion of your profits to local food banks. This way, you are not only relevant because you package high-quality foods, but because you are helping to solve more pressing environmental and social issues.
Revamp your Marketing and Delivery Processes
Consider streamlining your product offerings and adjusting your production processes for a specific market. Maybe you are missing the mark with current consumers. If you operate a marketing agency, help declining industries rebuild their niche. Become the hero by helping other struggling companies become relevant and regain their competitive position in their respective markets. Look to more innovative design in graphics and product delivery. Third party places like Contempo Card work to create a better model for your business needs in delivery and packaging.
Keep Employees in the Loop
Let them know what’s going on in your company before you reach crisis mode. Keeping your workers ahead of the game will give them the confidence to stick with you in crisis and to do what’ in their power to innovate and connect with new business.
Retell your Story
The “about us” page on your website should include your change story in an emotional, but credible and industry-relevant narrative that will encourage customers to stay with you while you are making positive changes. Telling the story of how you stepped back to move forward shows a commitment and resolve that many customers are looking for.
Empower your Employees
Encourage individual creativity and professional growth from your workers. Give key employees more responsibility and more opportunity to generate ideas to improve production and marketing, and increase sales. Increasing morale among your employees can open up channels of opportunity you otherwise may have missed.
Outsource to Experts and Consultants
When financial and human resources are limited, outsource. If you are having difficulty supporting payroll for a full capacity staff, convert some employees to consultants, specifically your marketing staff, sales force, and delivery personnel.
Innovative marketing increases your value and builds a niche. Communicating a timely message to employees and customers develops brand and company loyalty and effective delegation empowers employees and optimizes resources. If you follow these tips you will stay ahead of the competition in times of crisis and beyond.