Hello and thank you for visiting my blog entitled "Pivot or Perish."

Entrepreneurship is not an easy journey, and it becomes even more challenging during a crisis. Disruptions abound, and small businesses may struggle to quickly respond due to limited resources. Nevertheless, with determination, creativity, and innovation, you can achieve success. By being proactive, businesses can minimize the negative impacts associated with a crisis.

In recent years, the world has been grappling with various crises, and as we approach mid-2023, heat waves have become a significant challenge to manage. The extreme heat is taking a toll on businesses, and small enterprises are particularly affected. According to the World Health Organization, heat waves rank among the deadliest natural hazards, causing thousands of heat-related deaths annually. In this context, it's essential to address the specific impact these heat waves have on small businesses.

Heatwaves can affect businesses in numerous ways depending on the industry and location. Here are some ways in which a business can be affected:

• Higher energy cost – keeping workspaces cool is now an expensive line item negatively impacting operational expenses.

• Decreased productivity – high temperatures will result in fatigue and makes it difficult for employees to remain focused, especially for employees who are working outdoors.

• Some outdoor tourist attractions will experience fewer guests

• Farmers face significant impacts, including the withering and reduced size of crops. Additionally, there's a heightened demand for water to ensure livestock hydration.

In 2022 we witnessed the invasion of Ukraine by Russia, casting a ripple effect on businesses worldwide. The aftermath includes noticeable fuel and raw materials price hikes, subsequently impacting various other products and services.

Let's take it home for 2021! In 2021 Jamaican businesses struggled with crime and the Covid19 pandemic. The 2020/21 GEM Jamaica report paints a vivid picture: more than 80% of business owners are driven by the desire to “earn a living”. Consequently, any factors impeding a business's ability to thrive instantly become a crisis. This report further discloses that 70% of the EBO and 59% of the TEA believe that the government responded effectively to the economic repercussions of the pandemic.

However, can we extend the same commendation to the government's crime prevention and control proficiency? In the 2021 Transparency International’s Corruption Perception Index Jamaica ranked 70th out of 180 countries. This is critical for business owners in Jamaica.

The year 2020 was an exceptionally challenging year for most if not all. Let's reflect on some of these crises, beginning with the devastating bushfires in Australia during January. These fires resulted in the loss of over 30 lives, the destruction of over 3000 homes, and engulfed more than 27 million acres of land, impacting billions of wildlife. The fire was fuelled by the worst drought in decades, as reported by the country's Bureau of Meteorology.

Moving forward, we witnessed other crises manifesting across the globe:

1. The earthquake in Turkey

2. The Ukrainian plane crash

3. The locust plague in East Africa

4. The flooding in Indonesia

5. The killing of George Floyd, sparking historic protests

6. The COVID-19 pandemic

You might wonder why I'm listing these crises, even though they didn't directly happen in Jamaica. However, considering that remittances constitute over 15% of Jamaica's GDP, and exports over 30%, we are inevitably affected, both directly and indirectly, by these international events. As small business owners, it is crucial for us to comprehend the impact of these crises on our businesses, and learn how to manage and overcome them.

Most small businesses operate with limited resources, so having a contingency plan is imperative. If you haven't already done so, don’t delay any further. Waiting for normal, crisis-free days to return won't be fruitful; instead, consider the current circumstances as the new norm and pivot accordingly. Late is better than never.

Outlined below are some steps to formulate a contingency plan:

1. Identify your resources, including employees, equipment, software, and finances.

2. Evaluate key risks and potential threats to your resources.

3. Draft a contingency plan outlining step-by-step procedures to mitigate risks, including how, when, where, and who will be involved.

4. Share the plan with your employees to ensure they are aware of their roles in executing it. Engage staff members in the development process.

5. Continuously maintain and update the plan, adapting to changes in the business environment.

Emerging from a crisis demands adaptation and agility. The sudden nature of the recent pandemic left us no choice but to adjust quickly. To ensure business continuity and success, consider the following steps:

1. Reduce expenses by closely monitoring daily expenditures.

2. Promote and facilitate remote work where possible, determining if a physical commercial space is still necessary.

3. Implement new or updated communication strategies to effectively engage staff, customers, suppliers, and other stakeholders.

4. Invest in solar cooling systems.

5. Adjust working hours if necessary and feasible.

6. Establish a strong online presence, utilizing social media platforms and websites with secure payment gateways to facilitate online transactions.

In an interview with Ms. Valerie Veira, CEO of the Jamaica Business Development Corporation (JBDC), she shared some valuable tips for entrepreneurs to emerge from the crisis successfully:

1. Prioritize your mental well-being through proper nutrition, exercise, and rest.

2. Assess your business and be willing to pivot where necessary.

3. Embrace creativity to find innovative solutions.

4. Safeguard your future with a pension plan and health insurance.

There are numerous disruptions. Nevertheless, we have invested in our businesses and must proactively establish robust systems to safeguard ourselves from the impact of these crises.

This article provides just a glimpse of the book I am writing on crisis management. Stay tuned for more insights and strategies to navigate through challenging times. Like, comment and share with others if you found this helpful.