The COVID-19 pandemic is creating an exceptional bizarre worldwide, and it is impacting each facet of your personal and professional life. I would like to share what I learned from my years of experience and under guidance from my mentors about dealing healthily and productively during these critical economic and pressurising downturns. And the strategies could help people in prioritising themselves in a way that benefits not only in coming out of them strong but also turning into a tougher one leading and hailing businesses through all hardships smoothly.
The key strategies that I found useful while moving along such hard times are:
1. Focus on making life-time-value on top priority – Time is the key to everything. Try to make a balance between your short-term requirements and long-term desires and focus on reviving the marketing strategies of the business. The existing situation is severe and could be tougher before real recovery. Both companies and consumers have been reshaping how they used to engage through getting more online. Without compromising on life-time-value, it is good to focus on the most influential company’s segments and add on more flexibility. Also, try to add-on the existing consumers in the new sales campaigns that will bring a balance in meeting the broader values with the short-term financial meets.
2. Emphasise on driving aspects – Use this time to analyse the actions that drive the business, emphasise more on the methodologies that attain the results you desire. It could be the total business meetings in a day, the attendees in a webinar, etc. Do not focus on lagging aspects during such times. It is difficult to measure and analyse the company’s driving indicators in good times. It is probably worse during slow down and at such economic downturns considering the consumer visibility and lack of current market situation. So, use it to examine those activities that help in driving the business on the disciplines that help you achieve. Consider everyone from individuals to executives, and it will be beneficial in the future.
3. Focus on recovery-based campaigns – These campaigns tend to aim at individuals instead of companies, working on relationships, and adding values than traditional product value metrics. The purpose is the belief that these strong relationships will yield the results once the market recovers and emerges. Consider providing the services that will aid in giving a boost to their careers by hosting webinars, providing access to online learning materials, a free trial of your product, etc. It will help in personal career management as well as driving operational transformations once the economy is better.
4. List down the goals that you can control – Utilise the crisis time as a means to address concerns that were building up alongside before the market crash. In good times, you might be welcoming many onboarding customers, and in such a compromised environment, fewer customers onboard. Such things free up the capacity throughout and use it to your team fronts in focusing on the issues that were eventually piling up, but there was no time to think upon them. It will help in providing the teams the much-needed sense of control, getting an idea of the silver lining at such difficult times, and shifting their intent in laying a better foundation required for long-term and sustainable growth.
5. Motivate your team for the future journey – This is undoubtedly an excellent time to think of how you and your business can bond with employees and motivate them for the beautiful journey ahead that is waiting for them all. Downturns and pitfalls have a way of shifting people to society, family. Certainly, the current situation is giving a toll on humans, and this is affecting and painful. It is not at all about doing many things at the same time. Look for the small measurable things that the teams and your company can support, as they matter and inspire others in so many ways. Look for the story that will work for your business and shape it carefully and cautiously. It will help in sustainability as well as motivating your people during these compromised times.
There is a very famous saying that
‘Entrepreneurship is like assembling a plane that is going down, or simply throwing yourself off a cliff.’
Indeed, this is a hard and unexpected time for all, and as a CEO or the founding member of your company, you might be facing several obstacles. The anxiety, reduced sales, and lead generation, no funding, market volatility, and many other aspects are the outcomes and harsh reality of the unseen future. On top, many must be busing in taking few tough decisions, including lay-offs, pay-cuts, etc. It is not easy for anybody, but on the positive end, try to see this crisis to re-analyse the operational priorities and build new tactics that help in growing and getting back on the road, and this time with more enthusiasm. In short, stressful situations are never welcoming, and it is complicated to see the light in the dark. But, like all others, the current status will change for the better eventually. Many economic downturns came, and businesses struggle to sustain or fail. Few of them emerged like none other through those situations. In which category you want to fall or step in, it is all in your hands, so think and act considerably.