Talk about the possibility of an economic crash worse than The Great Depression is everywhere. Before you panic and surrender all hope for your organization’s future, take a deep breath. Then consider what you’re doing to weather the storm and survive (or even thrive) in its wake. Here are some key steps:
- Take care of your teams. Create a plan to protect workers. Make sure they have the tools, skills, and support they need to work through this difficult time. Help those working remotely to stay connected, engaged, and productive. Give managers the tools, technology, and training to effectively lead their remote team members. Implement and promote flexible leave policies; ensure workers that they won’t be penalized for missing work because they or family members get sick.
- Look for opportunities to cut costs, not people. Brainstorm with team leaders about unessential expenditures and their suggests for saving money.
- Help others. People will remember what you did for them and how you made them feel after this crisis passes. Finds ways to help residents and their families connect and feel less isolated and anxious. Look for ways to help business partners and others in the community at-large, such as paying invoices and bills quickly, buying quantities of gift cards from local restaurants, and promoting vendors and partners on social media.
- Identify and focus on recession-proof products and services.
- Communicate and act now. Your regular ads and marketing activities might not be appropriate now, but you can offer tips or support and let your residents, clients, partners, and others that you are here for them.
