Earlier this year, the world was hit by the biggest crisis in over a hundred years, in the face of novel coronavirus aka COVID-19. There was no sector in the whole economy that was left unaffected by it. Even now, we are unrevealing the impact of the novel pandemic faced by the organizations as the after-effects.
One thing that this pandemic taught us – Proactiveness is the key for a business to sustain itself in the market. During the downfall of the whole economy, only those businesses had sustained who were prepared for the current situation.
“vTech Solution, Inc. has tailored a package for those organizations that are looking to support their business and avoid IT crisis in the time of the pandemic. Irrespective of the industry you belong to, we have custom build solutions for you. Click on vTech ImmunITy Package to know more!”
Through this article, we will help you to understand how you can make your business ready for a situation like these in the future! The key areas that will be focused in this article will be, what is the importance of crisis management, risk identification, and organizational exposure, how to act logically and sensibly during a crisis and find effective solutions.
First, we need to understand what is crisis management and why is it necessary. Crisis Management is the art of dealing with sudden or unexpected events which causes hindrance in the smooth working of the business altogether. So, the importance of crisis management is clear; it prepares the business and all the components related to it, employees, partners, stakeholders, etc., to face unexpected development or adverse conditions. It helps the employees to adjust in every scenario and the sudden changes an organization faces in the time of crisis.
Now, before diving into the “Technical” aspect of crisis management, we should know the psychological aspect of how a person would react while facing a crisis. According to psychologists, there are three behavioral models on how a person would react amidst the crisis. They are –
1. A person who fights amidst the crisis: This type of person would keep themselves informed of what is going in the world. He will focus on running things as they were before. The reaction of these people to the crisis would be negligent and would want to continue to function as they were doing earlier.
If you fall under this category, you need to be more flexible and handle the situation as required.
2. A person who flights amidst the crisis: This type of person when comes in face to face with danger, tends to disappear or would like to hide from the effects. They will try to cut all costs (it sounds reasonable) and would want to stop operations.
If you fall under this category, whenever you feel the urge to close everything, you need to stop for a moment, think about your business, and know, at the time of crisis your business needs new policies and procedures to sustain rather than shutting down everything.
3. A person who freezes amidst the crisis: This type of person usually tends to not decide what their next step should be. They wait and decide based on what others decide.
This type of person neither set business goals during the pandemic nor closes everything and back off. But if you sit still and do nothing, this also delivers a negative impact on your business.
In whichever category you fall, your aim during the pandemic should be; to go slow and think of all the ways you can support your business. You need to strategize your plan for not only the current situation but also for the new condition after the pandemic has passed.
“Nearly three-quarters of companies 74% sought outside help either during or after their biggest crisis. (PwC Global Crisis Survey 2019)”
In the contemporary work style, we now know one thing for sure is that, even if all other areas of expenses are rearranged, there is one category that cannot be cut down, which is, digitalization. We all are living quarantined life, the only source of communication to the outer world and our social life is the Internet.
The core of IT crisis management steps for 2020 is the demand for digitalization.
Digitalization can save an offline company in these difficult times and become a focal point of IT crisis management strategy. To survive, business needs to cut down investment on other departments and utilize those funds in Digitalization. For this, IT companies can provide extra support that the business needs.
Check our services and learn how we can provide support to your business. A crisis is always an opportunity if you look with a proper mindset.
Getting Your Business Ready for Crisis
These crisis management tips will help your business to stay afloat in the market amidst the pandemic and beyond.
• Develop Remote Workplace and Dedicated Teams
This is the most basic and important step to be followed. If your business is struck down by a similar crisis, as we are in right now, it is clear, you need a team of people who can work from a remote workplace and deliver the result even after the pandemic subsides. Develop a team of motivated individuals who can stand against the crisis and can perform up to the mark.
• Outsource your IT Requirements
Introducing an outsourcing company for your IT needs is an effective strategy for both, amidst the crisis and long after it passes. You need to find a proper balance by utilizing all the available in- house resources and take the support from an outsourcing partner to make it easy to survive.
Learn how to choose a good IT MSP for your business.
• Gain More from Your Expenses With Offshore Software Development Cost
Offshore model is one of the real solutions to cost optimization during this time of the pandemic. You can reduce your expenses effectively by keeping an offshore software development company rather than an in-house IT Team.
Learn How Crisis Management Will Help You Survive
The current situation is not going to resolve on its own. We need to act and act smartly at that! Just stop and think of all the ways you can reduce excessive spending and utilize the resources present to optimum use.
Follow these two rules to steadily deal with the crisis faced by your business:
1. Do not depend on a single product or project. Do not depend on staying always offline. Learn to diversify your reach. Always be ready to switch the direction of your business.
2. ALWAYS save some funds for an emergency. You can utilize these funds in paying salaries to your employees on time. After all, they have a part in driving your business through critical times.
Keep these two rules constant to survive in the time of crisis. Also, drive your business as much as possible to digitalization. The current scenario made it pretty clear the future is going to be Digitalization.
At last, any step would be useless unless you don’t have support from your partners, clients, and the best team trained to work under such conditions. You need to make sure your clients like you and should always be ready to help at the time of need.
We from vTech Solution, Inc. are always there for our clients whenever they need support.
Talk to our experts today, and learn how you can achieve most from your business whether in the crisis or after that.