Taking Up Arms Against COVID-19 Economy
When I closed my downtown office on Mar. 17 and sent my staff home indefinitely to work virtually from the safety and isolation of their own homes, I had a familiar feeling. “Oh, this again.”
Just as my company was entering its toddler years more than a decade ago, the Great Recession hit. I know as well as any business leader the feeling you get when an external crisis confronts us. It is outside of our control and it is happening despite our smartest planning and most disciplined execution. It is incensing.
Across our community, business owners and leaders are understandably grappling with a range of emotions, including anger and anxiety. The conference calls and video meetings that have replaced our packed calendar of on-site visits, exploratory lunches and strategy sessions are engulfed with the latest coronavirus news. What an unwelcome intrusion into our businesses and our lives.
I believe we can defeat the “Coronavirus economy.”
Why? I, and numerous other businesses in 2008 and the couple of years following, took up our arms and created our victories during the Great Recession Economy. As a two-year-old business when the recession started, RedRover grew by 495% during 2008 and 2009.
There was one practice that particularly drove us during that time: being fearless and being decisive.
Now is not the time to meander in decision making or to wait and see what might happen. Just as everyday heroes do, we must take action.
I am here to ask business leaders across this community to come to the trenches with me and retaliate against the Coronavirus Economy. Do that by being relentless in the pursuit of your business vision.
Our customer relationships:
If you have customers who are negatively impacted during the Coronavirus Economy, what kind of meaningful support can you offer that does not overwhelm your own financial reserves? Consider complimentary services, a branded care package, relevant introductions to people you know who may become valuable strategic partners for your customer or, simply, personal words of encouragement.
Even if your customers are not harmfully affected during this time, reach out to them anyway and deepen the bond you have with them. There is a reason for the saying, “your network is your net worth.”
Ability to solve problems:
We are seeing car manufacturers, household appliance makers, and aircraft manufacturers pivot to the creation of medical ventilators. The times today call for it, and their inventories, equipment and talent make sense for it. Think about your potential pivots that can help you adapt to the current times. Under the pressure of global crisis, you may very well unlock new revenue potential that you never thought of before.
Intention to lend a hand to others:
Many businesses have charitable funding or volunteerism built into their annual budgets. Sometimes both. Is there a nonprofit out there that is particularly important to today’s challenge?
Now is a good time to make an introduction and see if a budding partnership makes sense. They need the assistance and your company could find value in an expanded network. Plus, you and your team will enjoy the opportunity to act in service to others during the social and economic hardships of today.
Discuss ideas about how to serve from an appropriate distance during these times. Share your service on your website and social media for an added benefit to your company and your partner.
With every ounce of might I have as a business owner during this time, I am asking my peers and colleagues to fearlessly confront today’s challenge, envision the successful state of your company on the other side of the “Coronavirus economy” and power through the adaptive tactics you have to put this bug back where it belongs – outside of our businesses.
Lori Turner-Wilson is the founder and CEO of RedRover Sales & Marketing Strategy, www.marketingresultsguaranteed.com
