When the crowd turns and everyone starts to panic, running away, emptying shops, deserting once usual crowded places… is that when you as a business or individual finally take notice?
In the past few weeks, we’ve seen further terrorist attacks overseas and the widespread Coronavirus (we have a blog on that too for security officers, here). Many businesses are running low on stock after panic buying and some are closing shop altogether due to low patronage.
But, these incidents are nothing new.
In fact, terrorism risk around the world is still elevated and we saw Coronavirus coming a mile off.
You watch the stock market plummet at the onset of bad news, but even while the risks still exist it climbs back up, meaning hysteria is a real thing that impacts widely. So why do so many businesses ignore the warning signs until it is too late?
Take Notice
We all know what the media is like and how they can paint a particular picture of something. However, this is your warning sign.
Take notice of what the media are saying.
For weeks people ignored the threat of Coronavirus, writing it off as a normal cold. Facebook was alive with people insulting the “idiots” who were buying masks and hand sanitiser.
Those same people are now struggling to find any and are now complaining of price gouging.
Tip: Take note of what the media say, but do your own investigations.
Business Continuity
Every business should plan for a rainy day. It’s business basics really.
But so many businesses are focused on the business itself they don’t take the step back to really consider the impact of a hysterical community.
There are minimal reasons to avoid places such as Chinatown, but businesses there are closing up all over due to low patronage.
We’ve had more people killed by acts of terrorism in Australia than Coronavirus at this stage, and yet we are determined not to let terrorism defeat our way of life.
Crowd hysteria (exaggerated or uncontrollable emotion) really can sway the public opinion.
Tip: Plan for this. Make sure you have some cash reserves. An ability to run your business when staff are sick. Or a security plan for when you close up shop for a period of time.
It’s on you
As an individual. As a business owner. As a family.
What you focus on and how you prepare is over to you.
Tip: Do your own investigating and inform yourself from a number of sources. Get the headline from the news and media. Check comments on social media. Then go find official sources and match up the details (Gov websites, independent media sources, if big corporates are worried about it, etc.).
Don’t wait for the crowd to react.
That’s often too late.