May 22, 2020

What’s Next? How to Navigate the Uncertainty of Business Today

Now is the time to develop your post-COVID business strategy.

Nearly everyone’s daily lives have shifted in recent weeks as the COVID-19 virus has dramatically spread across the globe. It’s almost as if someone flipped a switch and life for all of us changed overnight. 

Some businesses are trying to figure out how to keep their doors open into the future while others are being overrun, schools have shut down indefinitely, events are canceled, entire towns both big and small are begging people to stay home in order to “flatten the curve.” Parents are working from home while also trying to play substitute teacher, people are getting sick or worried about family members and friends getting sick as well. The healthcare industry is overwhelmed and the brave professionals on the front lines are saving lives at a remarkable rate. People have stopped traveling and living “normal” lives.

As a result of these unprecedented times, many of us are left with a fear of the unknown, what’s coming, and what to do next. It’s clear that every industry and geographic region will be affected. 

While we at tdg certainly understand we can’t fix many of the challenges facing the world today, we are here to help from a business and marketing perspective with advice on how to navigate these troubled waters. 

Now is the time to begin planning.

Start by having conversations with your team and third-party partners (remotely of course). Take a look at your company, the products and services you offer and make sure your strategies line up with what’s happening today as well as what’s expected in the coming weeks and months. 

Here are eight questions to ask your team:

  1. What do we know now and how does that allow us to plan for a better future?
  2. What opportunities exist today that didn’t exist two months ago and how can we maximize those opportunities?
  3. Are there ways your business can change, adapt, and innovate in a time when customer demands, needs, and habits dramatically shift?
  4. How can you help your customers with their needs in this uncertain time even if it’s far outside your current product or service offerings?
  5. What financial assistance may be available via disaster relief, low-interest loans or grants, loss of revenue insurance, and additional tax breaks to help offset the financial burden created during this time?
  6. What will the economy and market look like once this is all behind us and how can you best position yourself for success once it is?
  7. How should your messaging and strategy change to anticipate the long term impacts of COVID-19?
  8. How can your business be a source of comfort or needed distraction in this challenging time?

We understand that the financial situation of many businesses is in question. With good planning, additional financial assistance, an understanding of how things will change, and by working together, we will be able to bridge the gap and come through stronger on the other side. We encourage you to be active in any way you can. Use new lines of communication with your audience so they don’t forget about you. Don’t go dark. 

We will all get through this together. 

If you have questions or need help during this time, don’t hesitate to reach out to tdg to plan your next steps. We will work together to invest in your business and future during this difficult time.

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