A lot of businesses have seen a decline in revenue and numbers for the past year. Numerous small businesses had to close – some temporarily, some permanently. There is no denying that the COVID-19 pandemic affected different industries, which then lead to a lot of economic anxiety within entrepreneurs.
What is Economic Anxiety?
Economic anxiety is defined as a form of psychological anguish that comes with the changes in the economy. The affected individuals tend to experience worries and doubts that are usually tied to their business or personal issues. Entrepreneurs might feel powerless or even have a lower quality of life when dealing with economic anxiety.
Both the employees and employers can go through economic anxiety. The former are usually scared of unemployment and losing their jobs during a crisis, while the latter are worried about their businesses declining. The uncertainty in what’s going to happen can bring forth anxiousness in people, which has a negative effect in every industry.
Assess the Impact
One of the first things that marketers and business owners should do during an economic crisis is to assess its impact on the business. Uncertainty brings forth anxiety, and knowing what you are about to face will help you plan better. Here are some of the things to remember when trying to evaluate the business during an economic dilemma:
- Know who’s in charge. Determine who are the people in the organization that are responsible for crisis management. Delegate the assignments to the individuals and encourage everyone to do their part. If possible, consider creating a crisis response team.
- Hold a brainstorming session. Gather all of the department heads and leaders and discuss the company’s vulnerabilities. Encourage each individual to offer a plan for combatting the dilemma.
- Create calamity scenarios. Nothing can prepare you better for an economic emergency other than creating mock scenarios. Create possible issues that can be encountered and solutions that can help turn things around.
- Learn from the past. Review your past organizational issues and see how you and the team handled the situation. See if any of these are applicable to the difficulties that the company is currently facing.
Planning ahead and being in charge of the situation puts your company at a huge advantage during the economic upheaval. Communicate with your teams and leaders through a business process management tool for better transparency and visualization.
Adapt and Manage
Nothing is permanent – especially in business. Managers and entrepreneurs must learn how to adapt to change, as nothing is ever certain. Companies must apply organizational agility so they can respond to a fast-changing market. Marketers must think dynamically so their businesses can stand the test of time.
Yes, organizations must have a set of rules, guidelines, and strategies to follow. However, that doesn’t mean that you can’t tweak these regulations, as your customers’ needs tend to change along with the situation of the economy.
For example, Creativity Explored, a non-profit organization that caters to artists with developmental abilities opened its doors again after temporarily closing due to the pandemic. However, these “doors” were opened through a screen – as they now offer virtual classes to their students. In addition to that, they deliver the supplies and assignments to their enrollees to keep them motivated even while at home.
Business owners must explore their market and find a niche that they can specialize in. Adapting to the changing times drives innovation in business, which then helps with keeping the company afloat even during an economic crisis.
Focus on Maximizing Your Talent
Dealing with economic anxiety can be stressful, but you do not have to go through this alone. Your team is there for a reason – and they can help you go through this crisis. Make sure to communicate with your staff and let them know about what’s going on in the organization. Keep them looped in by using a BPM tool to update the projects and roadblocks that the company is facing.
Here are a few steps that you can take to maximize the talent that you already have:
- Encourage your team to do their best, and reassure them that you are always ready to help out.
- Pick your most valuable employees and ask them to step up during a crisis.
- Explain that the company is going through some tough times, but with everyone rallying together, nothing is impossible.
- Always keep your eyes and ears open for suggestions. Ask your teammates to analyze the problem and be open to the solutions that they will offer.
Consider Automation and Proper Delegation
As we have mentioned, proper task delegation can reduce the economic anxiety that you are going through. You don’t have to make these tough decisions alone, and you must reach out to your employees to help you get out of the woods. Assess what can be delegated to other people. Discuss what your plans are and how you are looking to solve the issues.
Another thing to contemplate is automation. Your time is essential, and repetitive tasks can add up to the anxiety that you are feeling. See which tasks can be automated and implement a system that can help you take the heavy workload off your back. This way, you can be more productive and focus on the more important things that are on your plate.
Make Your Current Customers the Focal Point
If you are having a difficult time attracting new customers due to an economic crisis, then you might want to focus more on the current consumers that you have. Recognize your loyal patrons and let them know how much you appreciate them. Show them that you have their backs even during an economic downfall, and offer help where you can.
Lastly, engage with your clients and let them know that you are still operational even during a crisis. Show your appreciation and keep them at the forefront to avoid losing them.
Managing a business during an economic upheaval can be challenging. Luckily, with the right mindset and proper planning, business owners can overcome these dilemmas. Make innovation for business your main priority and you can be sure that you will rise amidst the situation. Foster productivity within the organization so you have more heads to solve the problem.