NO I DON’T MEAN SELLING HAND SANITISER FOR 180 Euro/Pounds or Dollars.
What I do mean when circumstances change and crisis is going to hit us, you have to embrace change. Don’t get caught up in the daily news about the Oil war, COVID-19 and financial fall down, yes read it follow it, take precautions and than make your action plan.
- slashing the marketing and sales budget in a downturn will only help defend profits in the very short term. Cutting the budget for marketing during a recession is a gut reaction many inexperienced business owners (and even experienced ones as well) will make. If your competitors are cutting budgets, you’ll see an even greater long-term return on your marketing investments.
- If your business is directly hurt due to circumstances, example you are in the event business and all is cancelled due to COVID-19. You will have to adapt really quick and come up with alternatives. Don’t wait till it is blown over and get back to business as usual. Set up a call with your team and come up with new forms of revenue streams. Sometimes it leads to a whole new business….but it can also lead to starting virtual events or a different approach to serve and help your clients (mix and match virtual market place).
- Re-focus, cut budgets where you can but look customer centric go through your customer list and give them a call. They can have a economical set back, but some will have an upswing due to the market.
- My grandparents survived WorldWar II, no food -20 and kids to feed….politely said ‘live goes on’
Keep the mood and spirit up, I always say when the stock exchange crashes….someone is making a fortune. Cheer eachother up and motivate eachother to make the best out of a crisis or setback. Be transparant without scaring your team, but DO engage them! They will come up with more ideas than you can imagine.
Wishing everyone well and go get them from home or wherever you can.