Most of us, whether we like President Trump or not, are enjoying one of the best economic growth periods in history. However, because of the Coronavirus Pandemic, we are now in the middle of the biggest stock value loss we have ever seen. In addition, restaurants are closed, airlines are running empty or canceling and hotels are vacant. Needless to say, there will be a lot of people losing their jobs. I guess the logic is that losing a job is better than losing one’s life.
I have been a business owner since 1987. That means I have survived through the dot-com bust, the housing crisis, and 9/11. Locally we have survived the Seattle WTO protests, a datacenter flooding and the Fisher Plaza electrical fire. Even more frequently, we have survived hackings, DOS attacks, virus attacks, and server breakdowns. When I look back, we are always dealing with some kind of crisis.
What did I learn? Here are few things that I keep in mind:
1. Do not make rush decisions and be prepared. I was not prepared for the Coronavirus Pandemic.
2. Reserve some cash. Having a rainy day fund makes it so you do not need to panic, it will buy you some time.
3. Communicate with your staff. You may not agree with many things but listen and try to understand. Also, many people have good ideas but do not know how to explain them.
4. Stay calm. If you panic, your entire company will panic. You are the captain of your ship … you should never show people you are sweating.
5. Always remember that a crisis will always end. You should start preparing for what to do when it is over. Keep your mind in better place.
Those are the things I think of whether we are in a crisis or not. I always think about “Murphy’s Law” and “Heinrich’s Law”. If you do not know what they are, you should look them up.
Remember, the Coronavirus crisis will be over someday, are you prepared for it?