The “novel coronavirus” shutdown has brought with it nearly 15% unemployment, a projected 38% drop in GDP. A massive wave of bankruptcies is anticipated in the second half of 2020 into 2021. This is a time that is testing our mettle, or business acumen and even our faith. Each business has to choose the course that’s right for it’s situation and the industry it is in. I can’t tell you what you should do but I can speak for myself and my firm and what I am going to do.
- Conserve – Look at every discretionary expense and question it’s benefit. Negotiate reductions to fixed expenses where possible.
- Invest – It’s a good time to negotiate the purchase of hardware, software and other items that are beyond their life-cycle or are due for an upgrade. Use down-time to clean up systems, data and even your desk. Take steps to improve productivity and ways to work more efficiently.
- Speak to your customers – Check in on folks. Show you care. Ask how you can help them.
- Develop new business strategies and tactics – Now’s the time to rethink how you market and sell.
- Learn and Train – Improve your skills. Get smarter. Work smarter. Do this for yourself. Do it for your staff!
Need I say this it a great time to make better use of your GoldMine CRM and other technology!
I started First Direct Corporation nearly 30 years ago. I’ve been through a few recessions including the “Great One.” There are many people who depend on me and what we do, including my staff. I’ll be dammed if I’m going to let a health virus be the end of either me or my business.
We WILL come out of this pandemic!!! And, when it is behind us, the survivors are going to have ground to make-up. If you do the things I’m speaking of in this blog post, you’re going to be much better off when things start going in a positive direction. In addition, these steps will help to keep morale high. As leaders, that can be as important as anything.
Hang in people! We will get through this.
When you’re going through hell, keep going!
If you’d like to have a private conversation with me about what your business is faced with, give me a ring. Let’s talk.