This too shall pass
This Persian adage has been made famous in the west by English poet Edward FitzGerald and Abraham Lincoln and has trickled down through religious and cultural writings. It reflects on the temporary nature of the human condition and is an adage that should inform out outlook on life today.
Our lives are in a continuous state of change, some that we create, others that are forced upon us. Our goal is to recognise that which we have the power to change and that we cannot.
When to sow and when to reap
Long term successful business owners know that businesses are built in the slow times, and profits reaped in the good times. While now is an unconventionally slow time for many businesses (with an average worldwide reduction of 20% in revenue across most organisations), most successful businesses have understood the importance of marketing in navigating their way through and out of the impact of COVID 19.
On average, businesses worldwide have either retained the pre-COVID 19 marketing investment or increased it by 2% to 3%. Why? In past economic down cycles, businesses first cut their marketing budgets and later realised their mistakes. This decision's impact was felt dramatically on the bottom line, with many of the businesses that did survive taking much longer to recover.
The challenge and the opportunity
Today, marketing has become increasingly important, as every business is now competing for attention online. The challenge with this new marketing model is that you now have international competition and online digital disrupters to contend with. The opportunity is to quickly expand your reach beyond your traditional client base, as long as you have a strong well-targeted online presence and marketing strategy.
How to escape the gravity of COVID 19
You are looking at the impact of COVID 19 on your bottom line and looking for ways to save money. Instead of fighting the gravity of COVID 19 and returning to normal, think how you can use the gravity of this situation to slingshot your business to far horizons. Think of what lessons there are to learn about your business model, the services and products you provide and the story you tell your customers… and (equally important) your potential new customers.
Voyager 2, a satellite weighing a mere 733 kg, was the first human-made object to leave our solar system. It did not leave the solar system under its own power or by brute force. It used the brutal gravity of the environments it passed through to slingshot its way through and beyond our solar system. It's a principle that applies equally as well to business as it does celestial exploration.
Converting weight to energy and action
Rather than being crushed by the gravity of COVID 19, business needs to start implementing strategies that help them become more agile, adaptable and robust. COVID 19 maybe one of the most memorable and devastating events of our time but is not the first unexpected seismic shift business has endured. Nor will it be the last. The most crucial business takeaway from COVID 19 is that there is no such thing as a solid-state, so we must remain fluid and adaptable and take action in the slow times to create a better, more sustainable future.
Want help navigating your way past COVID 19? Send us a message