Small Business Focus

How to manage a crisis when it (inevitably) strikes your business

A crisis can strike any business anytime, anywhere.

Crisis management is a process by which an entrepreneur deals with a major event that has the potential to harm her or his business.

The Money Show’s Bruce Whitfield interviewed Aurik Business Incubator Director and CEO Pavlo Phitidis.

Scroll down for quotes from the audio below.

When you start a business – and you’re undercapitalised – you’ve got to make a plan. You’ve got to hustle!

Pavlo Phitids, Aurik Business Incubator

Your bookkeeping system may crash… A staff member may betray you… Unforeseen strikes… There are many things that can go wrong.

Pavlo Phitids, Aurik Business Incubator

If a customer doesn’t pay; it can break you.

Pavlo Phitids, Aurik Business Incubator

You need to look beyond the crisis. How are the dominos going to fall when crisis strike? What can compound the problem if you don’t deal with it right away?

Pavlo Phitids, Aurik Business Incubator

Identify what can go wrong and have a plan in place for when it does.

Pavlo Phitids, Aurik Business Incubator

With every contract you sign you’ve got to be thinking about what can go wrong.

Pavlo Phitids, Aurik Business Incubator

When crisis hits – take a step back before you act. You need a clearly thought out strategy.

Pavlo Phitids, Aurik Business Incubator

Forewarn suppliers, your staff and everyone who may be affected.

Pavlo Phitids, Aurik Business Incubator

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This article first appeared on 702 : How to manage a crisis when it (inevitably) strikes your business


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