We are currently in a recession that is being felt across all industries. An April McKinsey & Company survey indicates, “Consumers are feeling the impact of COVID-19, with about 34 percent noting that either their income or ability to work has been negatively impacted.” Rising unemployment and consumer economic uncertainty are rippling through organizations in both B2B and B2C arenas.  

However, consumers and businesses are still spending. How and what they are consuming is changing. Those changes will likely stick around after the pandemic is over. The same survey indicates, “The next normal has started emerging, with consumers indicating that they will adopt long-term behavioral changes that will last beyond the current situation. Consumers who have switched to new brands or retailers largely intend to stick with them, with almost two-thirds of consumers indicating an intent to continue.”

Businesses are following suit – making purchasing changes based on supply chain availability and selling changes based on necessity. Additional survey data on B2B sales indicates that “Almost 90 percent of sales have moved to a video conferencing(VC)/phone/web sales model, and while some skepticism remains, more than half believe this is equally or more effective than sales models used before COVID-19.”

Do you know how to move forward in a restart? Ask yourself these questions:

• Do you know how to control your spending without thwarting growth?
• What will you do to preserve essential customer relationships?
• Are you equipped to find revenue in new ways?
• Do you understand where new revenue opportunities exist?
• Can you change your way of thinking to adapt?

In a recent webinar Paul Single, Managing Director at City National Rochdale, explained the forecasted economic curve as being shaped like a Nike swish – with a sudden drop-off and a slow but continuous upward swoop. While the economic rebound will almost certainly happen slowly, your business needs to be poised for revenue growth now to capitalize on opportunities as they arise.

Many of us are working from home these days. How is that going for you?

If you are like most people I have been talking to, you have likely settled in by now and have found your new normal working alongside partners, children, and/or pets. But that does not mean you are not guilty of committing a WFH (Work-From-Home) no-no. Maybe you made one of these mistakes already or maybe you are making one right now as you read this. But, hopefully, sharing my own experiences will help you to avoid making any more of them.

Recent events have significantly affected the economic climate over the past month. That’s undeniable.

Social distancing measures and stay home orders have been implemented for everyone’s wellbeing, which means that in-person functions like tradeshows, conferences, and networking events have been canceled. For B2B companies that rely on these face-to-face events to drive revenue, this creates an indisputable barrier.

So, what does that mean? Has a portion of your future business been permanently lost? Are there still deals out there to be made right now? How do you adopt a revenue growth management mindset during these unpredictable times? Are your organizational objectives for the year still attainable?

The world has changed, but the goal has not.

What do we do now? What is going to happen in the future? These “mid novel coronavirus” days we all have these questions, and some will use their very best insights to predict the future.

One crucial thing to take note of – while we haven’t been through this circumstance before, we have been through times of uncertainty, fear, and turmoil before. We have come through those times stronger and better for having had the experience. We’ll do it again this time.

Two weeks ago, I wrote in this blog that the chance of a recession being triggered by the COVID-19 as being “Probable.” This situation has changed very quickly. At this point, we are way past “Probable.” We are in the early stages of a recession. You heard it here second. The stock market, which is always about the future, was the first to tell us that a recession is upon us.
 
The questions, at this point and in my mind are, how bad will it be and how long will it last?

In the first few minutes at a recent meeting of the Bellevue Breakfast Rotary Club the speakers said a few things that got me thinking. To summarize what they said:

For whatever we do (business, personal, charity, etc.) we need to not consider the actions, the money, or anything else other than the impact we make.”

Motivational speakers will tell you that we are constantly surrounded by opportunities and all you need to do to is just reach out and seize them. In fact, this advice is so common, that the phrase “carpe diem” has been around for over 2,000 years and has ingrained itself into virtually every aspect of popular culture.

The first month of 2020 has been full of all types of news - good, bad, and extraordinary. The recent news about the passing of Kobe Bryant, his daughter, and seven others is sad beyond words. Regardless of whether you are a fan of basketball, you will find Kobe’s principals inspirational and hopefully will help you think more about “what’s next”.

The most important thing is to try and inspire people so that they can be great in whatever they want to do.” - Kobe Bryant

We can do something special today for those we appreciate, to inspire people to be great in whatever they want to do. We have the tools and means to do this, regardless of our location.