Monthly Archives: September 2020

Ways to Build a Solid Crisis Management Strategy

In business, a crisis around the corner could hit without any formal warning. Because such events are unexpected, impossible to predict, and imagine, there is a need for leaders to develop solid strategies to quickly respond to a crisis that might arise, so that businesses can survive and continue to thrive. The crisis may come in different forms and creating a comprehensive plan to deal with such a crisis is always a viable option.

On the positive side, smart leaders understand how to build a flexible crisis management strategy. Here are important steps you can take to design and implement an effective crisis management strategy for your company.

 

Learn to be resilient

From the onset, you need to learn resilience and accept vulnerability. To overcome any crisis, leaders need to be agile and learn the power of resilience. This involves making difficult decisions with limited information and being well prepared to lead through the outcomes that come as a result of quick decisions. It is imperative to gain the confidence to lead your organization. It is also very important to embrace vulnerability and you must recognize that all not all decisions will lead to the desired outcome.

 

Do your forecast

You need to practice – ‘what could happen if’. Preparation is key to getting things done. One of the best ways to prepare for a crisis or disaster is by practicing – what could happen if. For a business, it means you must ensure you have a pipeline for succession, and if you can acknowledge that, it becomes an important process for your success. During any crisis, be quick to act and act decisively.

 

Change accordingly

Business leaders need to change according to the times and your people. You need to acknowledge that crisis management affects everyone in your organization. When deploying a strategy, it is important to acknowledge the times you are in and the people you serve. You can never use a strategy for a situation that occurred 20 years ago, to be used to solve the current crisis. You must be ready to change according to time.

 

Form a crisis management team

A crisis management team should be formed from various stakeholders in different departments, locations, and product lines. Include competent people and experts in their fields, and those that bring different skill sets to make a team. Gather the group together and brainstorm on the different crises that may before your organization. Afterward, categorize those crises in the order of priorities and come up with suitable mitigation strategies.

 

Identify your key risks

The first step towards developing a solid crisis management strategy is by determining where you are at risk. In the world we are living today, every business is at risk. The way we do business introduces us to greater risks but also give us more growth opportunities. When you know your key risks, you can create a solid crisis management plan that can be used to keep your business in operation for a long time, even when disaster strikes.

Understanding and Defining a Target Market

Your business may offer different products and services to appeal to the demands of the masses, but now everyone will like what’s being offered in the market. As a business owner, it is your duty to find people who not only want your products and services but are also willing to make purchases. This is where the issue of the target market comes in.

A target market is a specific group of potential buyers for which a business positions its products and services. It is a group of people who are most likely going to buy your products and services.

 

Understanding your target market

It is important to have a clear understanding of your target market. Too many new and home-based business owners do not take time to define their target market. This translates to wasted time and money as they seek clients and their customers. Some business owners make the mistake of defining the target market as anyone, in reality, the ideal buyers have specific traits and characteristics, which fit the products and services being sold.

 

It is very important to know your target market. When you have this understanding, you will better equipped to place your marketing message in places where your market hangs out and using words that capture their attention. If you place your advertisements and messages to the wrong target, it will lead to a lot of wasted time and resources, especially marketing dollars. You will end up getting frustrated as you try to change things, which otherwise would not even work.

 

Segmenting a market

Segmenting a market involves breaking down the market into smaller groups. Take an example you have a market of moms who want to lose weight. You may segment the market into different groups such as; stay-at-home moms, moms living in the city, among others.

 

There are four common ways of segmenting a market.

– Geographical segmentation based on location such as states, cities, and street addresses

– Demographic segmentation that is focused on features such as gender, race, and age

– Behavioral segmentation that is focused on benefits customers receive and how they use particular products and services

– Psychological segmentation looks into attributes that relate to personality, attitudes, values, lifestyle, interests among others.

 

To be able to segment a market in the right manner, there are a couple of key questions you should be able to answer. These include questions such as;

 

– How old is your ideal customer?

– How much money do they make?

– Is your product or service most suited for men, women, or children?

– Are they homeowners?

– What type of education do they have?

 

Tailoring your marketing

The better you have an understanding of your ideal buyer, the more effective your marketing efforts will be.  You will know where to find your ideal customers so that you can get your information in front of them. Additionally, you will be able to create messaging that attracts your customers. You stand a better chance to speak directly to their needs and present solutions that really solve their issues.

 

 

Powerful Ways to Support Mental Health in the Workplace

Reports from different research institutes here in the States show that 1 in 5 adults have a mental health issue. America is fast shifting its attitude towards mental problems to reduce the stigma associated with mental illness. It is the responsibility of society, in general, to address all issues around mental health. Businesses can raise awareness and reduce stigma, by implementing programs that prioritize mental health in workplaces.

 

Causes of mental illnesses

Many issues contribute to mental illness. Many causes of mental illness come from outside work. Issues such as job insecurity can cause a lot of anxiety and raise mental issues. Unrealistic workloads with overworked employees may lead to burnout as people feel stressed about their performance. Employees working for long hours may also develop work-related stressors. If there is a poor company culture, it may also contribute to mental issues as people feel socially disconnected, intimidated, and feel unwanted.

There are different ways businesses can act to support mental health in their workplaces.

 

Implement employee assistance programs

Employee assistance programs include voluntary benefits programs that help employees address personal and work-related problems that could affect mental health and work performance. Most of these programs offer screening and confidential assessments, referrals, follow-ups, and counseling to all those affected.

 

Optimize workloads

Research from various quotas points out how employees think their companies have unrealistic workload expectations. A lot of expectations in work may lead to stress, poor productivity, increased absenteeism as well as mental and behavioral health risks. Frustrations in workplaces may lead employees to engage in unhealthy behaviors such as drinking and violence.

Create a stable and supportive company culture

A supportive company culture presents a great way to deal with mental issues from employees. Any dictatorial form of company culture can leave employees feeling unsupported and with uncertain expectations. A stable culture will provide employees with clear goals, values, and rules. A good way to go about it in establishing good company culture is to train supervisors to enforce and support employees. Employees need to have clear cut goals and feel supported even when things are not going as per expectations.

 

Cultivate inclusion

Small businesses in most times take on the personalities of their founders. However, assuming that employees share different preferences, it can become toxic if their ideas and opinions are not respected. Too many meetings, distractions, and noisy work environments might leave employees exhausted and feeling less inspired.

 

Organize for events

Businesses should organize events and host seminars and workshops. They should implement company-wide mental health education that would help teams easily identify mental health issues and deal with these issues early even before they get out of hand. They should invite external experts to train staff on how to recognize mental health issues and support one another.

Businesses should always create a safe and productive atmosphere. There are different environmental factors such as lighting, noise levels, and exposure to nature, which can have a big impact on mental issues at work.