How can businesses (small and big) survive COVID-19 / Coronavirus, both in the short and the long-term?
Never in a million years could we have imagined the challenging circumstances in which we find ourselves. Alongside numerous peers in the consultancy business, I find myself competing with the most pressing priorities we’ve seen in the industry for, well, as long as anyone remembers. To spell it out, how can businesses (small and big) survive COVID-19 / Coronavirus, both in the short and the long-term?
As if Brexit – and the prospect of never-ending trade negotiations - hadn’t thrown enough uncertainty into 2020, Coronavirus threatens to squash any chance of seeing any growth in the global economy, for the foreseeable future. Clearly B2C companies are most directly impacted – and a number of them are basically on hold until further notice – but never before could we see more clearly how interlinked all businesses are. If we thought online was competing unfairly with brick-and-mortar, an invisible virus has managed to completely tip the balance.
In this article I wanted to share my thoughts on surviving these critical times, taking advantage of opportunities you see (and create), and ensuring ethics guide your steps, all the way to the “other side” of this crisis.
Hierarchy of needs
Maslow’s pyramid makes more sense now than ever. Back to basics! Food, health, shelter... A shout out here for those who still work on ensuring essential systems function for all of us. We’re thankful for them every day. Many organisations, and individuals, have had to (re-) define their understanding of the word “essential”. Yes, doctors and nurses are essential – no doubt about that. What about the survival of a business that employs 30 hard-working employees? Clearly some companies are more affected than others – and it feels to me that if one can manage to “keep going” during these incredibly tough times, and not endanger anyone else, then that will ultimately help everybody. So many businesses operate online – and others can easily adapt to self-isolation temporarily. To keep people employed, work completed, taxes paid – if it can be done safely – I would call this “essential” too.
Opportunities – how dare you?
Much is being discussed at the moment about products and services needed to support the new remote working / self-isolation environment. There is somehow a sense that this would be tantamount to “taking advantage” of the situation. I would say there’s no better time to practice ethical business. As I mention above, if we can find ways to work, pay our mortgage/rent and bills, carry on our tax contributions, then everyone’s better off. So let’s find opportunities to make money and not feel guilty about it. For instance educational mobile apps are helping parents like me manage this new reality of working and educating at home simultaneously (here's a list here if that helps). The plant business is also blooming (pun intended), as well as gardening tools and equipment, for those seeking to maximise the benefits of spending time in their garden – if they’re lucky enough to have one, and the means to invest in it. Many people still have income and purchasing power, and often more time than ever before to ponder how to improve their home environment. Not only is there no shame in providing them this solace, but it is our duty to keep the economy going to the extent that we can.
Organisations in any industry also need to consider another opportunity. As you may be struggling with getting new work for clients, could you finally have time to look inwards for a few weeks? Could your website do with a spruce up, does your sales team require more up-to-date collateral? Could you use (and support in the process) freelancers to help you achieve your goals, despite a (hopefully temporary) shortage of in-house resources?
Direct some of your efforts towards getting ready and in shape for the next phase. Procrastination and fear can take up a whole lot of time – instead, focus on keeping your business above water in the short term, and gearing up for the future.
The ethical line
My plea to consider all opportunities has one colossal caveat! Be ethical, always. In these desperate times, don’t abuse people’s despair. Offer the right service or product at the right price, in the right way. This is the only sustainable way to do business. Propose special discounts (or freebies if you can) to those in need. If you inflate your prices to benefit from the situation, you’ve crossed the line. Those who bought 1000 anti-bacterial gels 3 months ago and are now selling them on eBay for £50 each know (and I suspect don’t care) they crossed that line.
There’s another ethical dimension to consider. Do you have skills, services or products that can make a difference for those who need help right now? The vulnerable, the [newly or not] unemployed, elderly people on low income. What about key workers: NHS staff (for the UK, health workers anywhere else), teachers, delivery people, cleaners, etc.? Could you find a way to make their life just a little less hard?
And think about the necessities we used to take for granted. Can you lend your facilities / expertise to help produce equipment or protection gear for health workers? Do you live near a hospital and can make parking spots available? It’s time to get creative in finding ways we can contribute to alleviating the crisis for the ones who are most impacted. Your usual charities are likely to be suffering from a considerable drop in donations – if you can, keep supporting them. Their cause hasn’t suddenly stopped to matter, and in some cases, your backing will be more critical than ever.
Final thoughts
None of us expected the extent of the Coronavirus crisis that’s hit the world, and we can’t predict exactly how long it will last or its overall impact. As a final word, I want to say that I hope your business – and mine - survives this incredibly difficult time.
Let’s not forget to meet our basic needs too:
stay healthy and sane (at home!)
keep your family close (even if it’s online)
take care of those in need if you can
eat well and exercise
make sure kids aren’t raised *solely* through devices (not easy, I know)
maximise opportunities when possible – ethically – so you can continue to provide for your family, and for the economy at large.
Wishing you all the very best, sincerely!
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