I first published this video on March 13, 2020 on Facebook and thought I would publish it here too as it got a good response.
It was the early days of the Coronavirus pandemic (at least in Australia) and in this video I shared my initial thoughts around how to approach this, what to keep doing and what to focus on.
PSA: Keep spending
Everyone’s done a video on the recent events, wanted to share a couple of other thoughts too.
- Keep spending – Whether you’re a business owner or employee, everyone is affected by everyone not spending. Some things won’t make sense to spend on, sure, but the economy thrives (and we all make money) when money is circulating. Just like algae can only grow in a lake where the water is either still or slow moving, the economy only does well when the money is flowing around.
- Think about 6-12 months from now – Cancelling everything and going full defensive can create problems where there were none before. This will for sure cause pain for people short term, but it will be business as usual in 6/12/18 months from now.
- You don’t decide whether customers want to buy right now – Don’t short change yourself by assuming that no one needs your products and services right now. Be aware demand may get lower, but that’s for them to decide, not you. Some people have already basically thrown in the towel on 2020, which usually becomes a self-fulfilling prophecy.
- Use any decrease in demand to work on other areas of the business that often get neglected – Training your team, building systems, bulk creating marketing content. These are all things which will help you come back 1000x harder when things inevitably pick back up again.
- Don’t promote less – If your marketing activities work, it is absolute insanity to stop doing what helps pay your bills and bring in customers. The only thing I can guarantee is less activity will equal less customers and leads. Maybe adjust the approach but don’t kid yourself putting your foot off the gas.
- Separate what you hear about and what actually happens – Tune out the noise, it won’t make you feel any better and ultimately you can only work on what’s in front of you – your business, your staff, your customers, your effort.
Hope that helps,