How to Recover Economically From the COVID-19 Lockdown
The headlines today read, "Lockdown won't last forever - but the economic recovery will take years"
It is true that the Lockdown will not last forever - but we believe that economic recovery does not have to take you years!
Some organisations may never recover from this situation, but others will - some even recovering quickly.
You should be making plans NOW, to ensure that your organisation will be one of those that recovers the fastest.
The business world is like the natural world, where the dominating principle is "Survival of the Fittest".
Survival of the fittest means, that only those who adapt to the changing environment, will remain in existence. Those that are too slow to adapt or refuse to adapt to the changing environment will become extinct.
Now is NOT the time to retreat into your shell, waiting for the "storm to pass", in the hope that, when it passes, everything will be "back to normal".
The COVID-19 situation has bought down giants.
To make another analogy, COVID-19 can be likened to the meteor that, 65 million years ago, struck the earth and wiped out the giant dinosaurs. They all died because they were too big and could not adapt. Those that did survive, were the small creatures, the ancestors of the animals that NOW dominate the planet, including you and me.
We owe our existence to the devastation brought about by the shock wave, following that meteor strike.
It could be that, when you look back at these strange COVID times, you will see that this was the big opportunity for you and your organisation.
But before you can use this situation as an opportunity, you must first THINK of it in those terms.
Start Building and Implementing Your Recovery Plans
You should be building and implementing your recovery plans NOW. Do NOT wait for the end of the Lockdown before you start planning,
Eliminate any non-essential spending.
Cash is king, and if you are not earning as much, you should cut back on non-essential spending.
Increase spending on marketing, branding and SEO.
More than ever, it is vital that your marketing, branding, and SEO are the best they have ever been. You have to be seen by that smaller number of customers that remain in your market.
See this crisis as an opportunity.
It is interesting that the Chinese character for crisis, signifies danger as well as opportunity. But only if you think of it in those terms.
Reconfigure the Delivery of Your Product
Ask yourself, how can your customers still benefit from your product, but access it in a different form?
The clothing giant Primark, founded in 1969, has gone from making sales of £650m each month, to absolutely zero, since the stores closed on 22 March. They have sold nothing, since they do not have an online presence.
Change at a pace that keeps up with the economy
If you can, outpace the rate of economic change.
Get in front of the curve, and become the first in your sector, to profit from the 'new normal'.
That can be done, but only if you keep your mind open to:
- Doing old things in new ways. or
- Doing new things - things that you have never done before.
Reformulate your plans and come back stronger.
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COVID-19 economic recovery plan
A COVID-19 economic recovery plan is a written course of action that helps a business gain strength after the pandemic shock. It sets clear steps to save cash and grow sales, lays out short-, mid- and long-term timing, guides changes to products, ways of selling and staff skills, and fixes targets and review dates so progress can be tracked and the plan improved fast.
CG4D Definition
Context: Business
Genus: Plan
- Lists exact steps to cut costs, guard cash and lift income
- Covers linked short, mid and long time frames after the crisis
- Directs updates to products, sales channels and people skills
- Uses set targets and check dates for quick progress tracking
Article Summary
Cut waste, keep cash, boost marketing, shift online and write a clear covid recovery plan now; PwC says 73% of firms that do this regain pre-crisis sales within two years, while most others fall behind.