7 lessons entrepreneurs can learn from the crisis

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Economic crises pass. Experienced entrepreneurs know this and are usually prepared with contingency plans and cash flows for a few months ahead. However, the pandemic and the current crisis have brought a series of unprecedented experiences that will define the course of companies in the coming months and provide entrepreneurs with a wealth of learning that was not previously part of any business textbook or MBA program – or not for a long time.

Having overcome the challenge of isolating and protecting employees, it is now time for business owners to balance their accounts and think about the future .

The global economy will go through a serious recession, you will need to make difficult decisions, cut spending, and freeze some investments. Everything will seem slower , very different from the planning you had done at the end of 2019, which was focused on growth. Well, nobody said that entrepreneurship would be easy, right?

If you find the right mindset , you can learn some great lessons from all of this. In this philippines telemarketing data article, we have separated some of these lessons that can help you at this time.

1) Crisis management in practice
The pandemic has provided entrepreneurs with one of the greatest practical experiences in crisis management, which would be impossible to obtain from books, courses and the like – although each of them has its value.

In a short space of time, it was necessary to transfer all or most of the employees to home office , align information security issues, create a short-term plan to continue generating revenue and maintain the customer experience, review software costs and many other issues for the survival of the business.

2) Always have predictability of cash flow
Monitoring the inflow and outflow of money from your company's account should be a constant task. Business owners who focus only on the arrival of new customers, leaving fixed and one-off expenses in the background, may have been pleasantly surprised. Yes, it seems that Cash Flow is king when it comes to economic crises .

It is important to always have fixed costs mapped out so that in times of need it is possible to plan quickly and make cuts that do not harm the efficiency of the operation.

3) You don't need to hire so much software
The pandemic forced business owners to review many processes, as well as the software that supported their operations. It is normal to hire an average of 14 different tools , and this may make sense in normal situations, but not now. We have selected some of these tools just to give you an idea:

Pre-qualification of leads and opportunities;
CRM for sales teams
Intelligent internal telephony;
Marketing automation;
Helpdesk for customer service;
Internal communication tool;
Project and task manager;
Dashboard with metrics and results;
Chat and video calls;
Cloud document storage;
Email marketing campaign creator;
Chatbot for service automation;
And so on. If you do the math, it's much more than your company can afford in a scenario of uncertainty . But how do you choose between all of them and not leave any operation unprotected?

The answer lies in all-in-one platforms , that is, platforms that offer more than just a solution for your processes. This is the case of Bitrix24 , which has more than 35 tools to unify company processes. Considering the current market situation, Bitrix24 has launched a campaign to support businesses worldwide by removing the user limit for the free account .