Have a Plan
This is by no means meant to be insensitive to the reality faced by those impacted directly by the virus but the current landscape could present some opportunities for your business. Do you have a key differentiator that makes your business more desirable to consumers right now? For example, as a virtual firm, we don’t need our clients to visit our office in order to do their accounting or tax work like some other traditional brick and mortar firms. If you have a similar advantage, you should bring that to the forefront of your marketing messaging as soon as you can. I do not, however, advocate taking advantage of the current situation to exploit consumers with higher pricing (even if the market conditions demand it). In the long run, that won’t sit well with your consumers.
Eliminate Your Blind Spots
Adversity can be a catalyst that causes you to improve the long-term outlook of your business. While you’re developing your action plan from #2 above, take some time to identify the blind spots within your business and where you need to improve. It can be a great way to reassess your business strategy and goals, especially as they relate to your ability to overcome various obstacles. Is your business well positioned for success for the indefinite future? If not, why not? Work to ensure your business has a healthy long term horizon that can withstand temporary hardships.
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