Plan, Don’t Panic
As Rudyard Kipling penned, “If you can keep your head when all about you are losing theirs…” it’s important to keep a level head. Cooler heads do prevail in times of crisis. As a result, get your best minds together and plan your way out. Health-related plans first – of course, but don’t forget to review your business plans and pivot or plan contingencies accordingly.
Recessions are made worse when businesses are caught flat-footed and don’t react quickly enough to a new reality even if it’s only temporary. Review financial plans, business goals and marketing plans and consider a pivot in strategy to help buffer against the change in consumer behaviors. Consider where consumer attention and focus will turn – if not to vacations, amusement parks and movie theaters then possibly to home-based entertainment and escape. Increase in remote work will create different opportunities to reach out and help consumers.
It’s often in times of crisis like these where the seeds of change are born. New needs are discovered. New business ideas are formed, for those nimble enough to see the opportunities and act on them.
It’s clear to see how we’ve reached a perfect storm of 24-7 information of varying helpfulness (or not), lack of protocol for handling a global pandemic of this type, and the general economic uncertainty this combination provides. Panic only amplifies problems. Strive to be the business mind that is calm, collected, optimistic and measured in response to help steer a clear path forward.
Kristi Castano, Managing Director