The pandemic hit many industries and demographics hard, but some shouldered the burden more than others. Women, especially working mothers, were overwhelmingly negatively affected.

In fact, the 2020 Women in the Workplace report revealed that 25% of working women and over 30% of mothers with young children were “contemplating downshifting their careers or leaving the workforce” with mothers citing increased domestic and child-care responsibilities as their primary motivation for doing so. The study summarized,

“Women in particular have been negatively impacted. Women—especially women of color—are more likely to have been laid off or furloughed during the COVID-19 crisis, stalling their careers and jeopardizing their financial security. The pandemic has intensified challenges that women already faced. Working mothers have always worked a ‘double shift’—a full day of work, followed by hours spent caring for children and doing household labor. Now the supports that made this possible—including school and childcare—have been upended. Meanwhile, Black women already faced more barriers to advancement than most other employees. Today they’re also coping with the disproportionate impact of COVID-19 on the Black community.”

While these challenges impact women individually, the cumulative effect of women leaving the workforce significantly affects the companies they work for as well.

So, how can B2B companies keep women among their ranks and on their leadership teams?

In 2020, B2B sales abruptly transitioned from a face-to-face game of relationship-building to a digital game that aimed to do the same. Sales representatives traded long drives and flights for their home offices as companies nationwide closed themselves off to non-essential personnel. Video conferencing and email became the new standard as processes and systems shifted. However, the need to develop and build relationships never faltered.

Now, as companies look toward the future, they need to make difficult decisions about when to move employees back into the office, while considering the needs of both their employees and their clients. The other big issue facing employers is the variety of protocols that will need to continue and be enhanced to bring people back in safely while accounting for the fact that not everyone is planning on getting the vaccine. Ultimately, control of COVID-19 and the rate of vaccination is going to affect the speed with which we return to the workplace.

The timeframe on this decision will be heavily influenced by industry segment. Companies that have an internal focus and can work in a bubble likely have not stopped going into the office, at least to some degree. For example, manufacturers never stopped going into the plant, instead they implemented strict protocols to keep their workforce safe and on the job. However, externally focused companies, like professional services firms, started going back into the office since the first of the year, but are not interacting with clients yet. Meeting with clients and partners is still being done virtually in these settings. Most other companies will likely be back by this fall, all things equal, but not in the same way as before.

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.

Building SMART Revenue   – Generally speaking

Intelligent revenue generation is vital to any organization, whether it needs revenue to stay in business, wants to grow, or is positioning itself for sale. This is a small sample from our Building SMART Revenue Workshops. As we review SMART revenue generation, you might find ah-ha moments about missing elements in your revenue plan. 

"It is time to lower the price." Competition, entering a new market, bad economy, and lack of success are all reasons you might have this thought. Is it worth the risk to lower price knowing it will impact your profit margin? 

Moving forward, instead of lowering prices and firing staff, consider what it takes to increase profitability with SMART Revenue.