I have experienced many crises during my career
In Zimbabwe the economy collapsed in 1998 & inflation skyrocketed to 198% in 2002 & tourism was hit hard, we duplicated our operations in Zambia & diversified services.
In 2007/08 NSW & QLD had the horse Equine Influenza which shut down the industry, this was a significant time in managing a crisis, cashflow, stakeholders & over $55M grant assistance.
What is your organisation doing to prepare for a crisis?
Key tips
- Daily Communication keeping stakeholders informed on what you know & quell rumours
- Seek feedback from staff
- Tight control over cash, build a buffer now
- Financials up to date for accurate decision making
- Defer expenditure inc. capital
- Review Delegations
- Review product/service offering
- Speak to your suppliers
- Collect debt early
- Defer all travel & invest in technology
- Have a business continuity plan
- Collate your costs & potential lost revenue to your business in the event of a claim
- Review working hours & send staff on leave, implement a short working week
- Seek advice early
