When running a business, crisis are bound to happen one way or the other. It might not mean having issues between the employees or customers, crisis could be in any form. There are crisis that would be related to customers not getting their products on time, or a faulty products and the likes. As a business owner, how do you manage these crisis that would arise.
How do you handle crisis in your business?
- Thread starter eldavis
- Start date
I once experienced a crisis where store sales dropped dramatically, so I had to find ways to sell other products in my store. Until now I still think about it, I want to get products that are in great demand in the market and profitable to sell.
You would have to maintain a calm demeanor in times of crisis. Don't get emotional because it would deepen it. Check the extent of the crisis and what can be done to contend it.
Every business owner should have a crisis management strategy which can be employed in taking care of different kind of crisis that comes up in the business.
I think in case if I face crisis, then I may limit the amount of money that I spend in the first place. This is the very first thing I may do before sorting out things that may help me make the condition better.
When facing a crisis, the first thing is to stay calm. If it is due to product defect, make a sincere apology to the customers. Offer compensation or other deals such as free replacement plus giving out discount coupons.
