Our hope for economic recovery are tied to people starting to spend money again. Go places. Buy things. Eat out.
The IMF said that this is a “crisis like no other”. There’s so much uncertainty. A lot depends on the epidemiology of the virus, the effectiveness of containment measures and, finally, getting a vaccine.
All of these are hard to predict. And that’s just the outbreak itself.
Now, we’re starting to feel the after-effects with wide-spread redundancies. People’s lives and livelihoods hanging in the balance.
Survey suggests (US) that 34-42% of COVID related layoffs may be permanent.
In Europe, business and consumer confidence have plummeted close to the all-time lows of the financial crash of a decade ago.
In the current climate, short-term thinking is a real problem.
HBR explains how it can hurt your business.
I know it’s hard, but now is when you need to plan your path through this crisis and decide how you’re going to come out at the other end.
Instead of thinking through an excel sheet, it’s time to double down on your strengths.
Your customers are struggling and may be looking for cheaper alternatives.
Remind them why they chose you in the first place and how sticking with you will help them succeed in the long run.