Let's Survive then Thrive Together in 2020
The great human race always has a way of fighting through the most difficult challenges - COVID-19 will be no different. It's vital that we take care of ourselves, employees, friends and family and also do everything for our businesses to survive this global economic shock.
We will have to reset some goals and go again...but firstly focus on survival (human and business), be supportive of fellow-man and help each other and our business community to not only survive, but build in the interim to thrive when we come out of this crisis.
Don’t be fearful when others are also afraid. Do what Warren Buffett does…be greedy when other people are fearful.This may sound a bit inconsiderate during the current crisis, as everyone's health is number one priority, but it's time to lead our businesses through this crisis and not let fear make your decision for you, think things through, plan and re-plan and keep moving.
It's only really a few months ago when most businesses were completely on a high about entering 2020 and driving towards the goals that had been set. In the last weeks and days it has become quite clear not only is personal survival the most important thing with Coronavirus heading fast towards its peak, but business survival is a challenge that many businesses are not prepared for. Already we can see businesses starting to panic, customers across various industries cancelling orders or postponing intended purchases/projects, businesses stopping/slowing down payments with suppliers...then there is the social impact and how this is / will impact ourselves and various consumer industries in general. As a Digital Marketing business we are taking steps to adapt our services to be as flexible as possible with our existing and new clients, as it's vital that first and foremost we help them survive and then hopefully thrive when markets and normality resumes. During these times we are recommending to businesses to adapt, vary and ramp up business and marketing communications towards their customers and prospective customers, as they have to know you're still open for business and it's more important now than ever to communicate with them via the various channels such as email, social media, paid ads/retargeting ads and have the right messaging and call to actions to generate sales from a smaller purchasing base during these difficult times. Many businesses will unfortunately have to let staff go or fold or may find it difficult to keep on top of things. We would encourage businesses to look at what systems, processes, technology or services could help take some of the load. Good examples are CRM, Sales and Marketing automation systems that can operate without much effort, with reduced staff or consider a sales or service related chatbot for example, to provide an element of self service for customers and prospective customers. In fact some businesses are likely to procure more services and reduce their workforce during these challenging times, which is of course very unfortunate for everyone involved. Economics are simple in many ways...businesses that invest and ramp up sales and marketing activity will not only survive but thrive when this latest crisis is over. Unfortunately some will have buried their heads, stopped all spending, reduced as much cost as possible and may not recover so quickly, if at all. Many businesses panic, cut back on their investments, projects and marketing during a crisis (dot-com bubble, 9/11, 2008 Crash) - the ones that historically kept building and investing in advertising and marketing, gained the majority of their industry's market share and are still around today. A lesson for us all is we need to use the current opportunity to find balance, build, learn and be ready to cease the moment....but most of all don't panic!
The mindset we have in our own business is that we're all in this together, so let's bring our collective skills into play and help each other...be careful of those who will use the current crisis to generate more fear and exploit individuals and businesses.
If you would like to discuss your current business challenge, please don't hesitate to contact, Tom Berry, Founder & Managing Director, Autus Consulting Ltd at email@example.com or tel. +44 (0) 141 356 5815.