If there is no crisis, it is not business! As entrepreneurs, we come across crisis situations every day — it may be as extreme as your customer threatening to cancel an order which you have already invested crores in, and as trivial as your water-supplier not supplying the can! Crisis needs immediate resolution, and has tremendous impact on business in general and the person running it in particular. Here are few things you can keep in mind to handle a crisis situation:
Most crises happen when you lie or present a case in a wrong manner — this could have happened under pressure or due to carelessness. The aim is to correct the situation by correcting past mistakes, not make new ones. In Infosys, during one of my project, I accidentally deleted an important file. The first thing that came to my mind was to hide it, but I decided against it — anyway software tracks every action so I went to my boss and told him about my mistake. Fortunately, my boss had a backup so he simply let me off with a friendly warning and appreciated me for being truthful.
Face the situation
Just because you can hide, you cannot escape from the problem. As an entrepreneur, you are responsible for the final outcome. So go ahead, face the situation, own mistakes even if they are not your own but your team’s, and work to resolve it.
Weigh your options, generate alternatives
If you are giving a presentation and the power goes off, you have two options — call the session off or wait for power to be restored. Both take time and you could lose consumer or investor interest. As an alternative, you could tell your audience to take out a pen and paper and write about their dreams or vacation plans, play word games, or try tick and cross or SMS you their queries related to your presentation. That will buy you some time to make alternate arrangements. Do not panic and keep moving.
Some problems go away with time, but as an entrepreneur, I have witnessed most cases where you have to take quick decisions. A crisis multiplies if you do not act fast. Do not procrastinate on situations, take a gut call, and move forward. I wish all entrepreneurs come across multiple crises every day, and win them all over, again and again!
This article originally published : http://newindianexpress.com/education/edex/article586731.ece