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Important Tips to Consider for Entrepreneurs in Crisis, bankruptcy, crisis

A strong management team is needed, especially in turbulent times. Managers who know how to navigate the storm with confidence while making calm and clear decisions.

I have been through some pretty big storms in my own life (insolvency of a family business with over 1,000 employees and personal liabilities in the millions).

The following advice has helped me a lot and I am constantly trying to adhere to these standards.

Aligned with the mantra "If you're in a hurry, go slowly" (Lothar M. Seiwert), it's crucial to maintain composure and focus during crisis situations.

Watch this video to discover the 3 things you should never compromise in times of crisis.

The video to the blog:

Reduce distractions

First of all, it's important what you don't do and what you don't feed your brain with. This creates a lot of space!

Even in normal times, the laundry can offer an incredible number of distractions and you are also overwhelmed from outside.

Therefore:

  • Delete all distracting apps on your smartphone, especially social media and email. (FB, LinkedIn, YouTube, ...)
  • Deactivate all notifications on the PC and smartphone.
  • No more than 3 tabs in the browser or programs open at the same time.
  • Only listen to the news once a day.
  • Define 2-3 reliable news sources.
  • Check emails only every 2-3 hours, even during the crisis.
  • Divert the phone or set it to silent mode.

While some aspects may seem exaggerated, the situation and associated responsibilities are far from ordinary.

You might even offend your friends if you only read the WhatsApp message on your cell phone four days later. But you can't please everyone. In our case, my wife and my assistant have taken it upon themselves to make sure that nothing gets out of hand in the family or in the company.

Take care of yourself!

With every entrepreneur crisis, my sister always reminds me that the things most important during such a time is health, the relationships that I have built and having no legal or criminal problems to deal with.

With this perspective in mind:

  • Absolutely no alcohol! No psychotropic drugs!
  • Sufficient sleep - we are most productive with 7-8 hours of sleep.
  • Healthy eating
  • Sport
  • One day a week "off" - best to maintain relationships with family members
  • Consciously cultivate the most important relationships.
  • "Tell the truth - or at least don't lie" (Jordan Peterson) - if one does not have to deal with any legal affairs, it improves the quality and quantity of sleep immensely.
  • Block out any negative energy and people. Always strive for positivity!
  • In general, do not do anything with evil intent!

It would be best to discuss these measures with your partner and/or assistant and then act on them. The boss’ health is of the utmost importance for everyone involved.

Clear Priorities That Should Be Written Down and Enforced

Max. 7 tasks, better 3-5 on which you can really concentrate and also complete in the short term.

  • The subject areas of the Workers/ Authorities/ Customers/ Suppliers/ Liquidity should always be colorfully assessed in writing (Green / Yellow / Red) and measures should be compartmentalized. When something is “green,” no action should be taken. By “red” however, the action is high priority and “yellow „stands for measures that are often delegated. This task takes only five minutes and creates overview.
  • Goals for the following week should be written down on Sunday.
  • Set daily goals (max. 3) in writing the evening before, estimate how long you need and plan your appointments accordingly.
  • The key forces should keep in touch and delegate things verbally as well as through writing.
  • Work through your own tasks in a consistent and structured manner.

... and then demand the same from employees.

These are trivial things, but they are essential for a high level of effectiveness! Written form and good communication with the team are particularly important here. For example, a daily ten-minute meeting pointing out issues and how to eradicate and/or improve them.

MUCH SUCCESS!


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About the Author

As a business consultant at LeanLaundry in the industrial laundry industry, I focus on helping textile service entrepreneurs take their businesses to the next level and succeed in a competitive market.

With over 25 years of management experience in the textile service industry, I have extensive knowledge and skills in lean management, strategy and marketing, UHF-RFID technology, M&A and controlling, and project management.

My mission is to help my clients overcome the challenges and seize the opportunities that arise after the crisis.


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