You are not alone.
However, I am here to say hit the off button before you trash everything you know works. Now is not the time for doom and gloom. Now is the time for thoughtful aggression, calm combat, and killer concepts.
Your business has survived and thrived in the past, the new normal is yet unknown, but you will find your footing and make the necessary adjustments as the dust settles. Adjustments, not a complete overhaul.
Business plans need projections and right now any projections are made of whole cloth and not valid. Just look at the roller coaster that the Wall Street market is on. If you were able to predict that you would not need to work at all because you would be very wealthy, your plans would be more granular and responsive to current conditions. You should not be committing to any long-term efforts, campaigns, or contracts.
As your plan gets impacted either by the market, your available cash, or your ability to perform you will have to take a hard look at what is working and what is not. Be ready to make changes in your efforts.
We have been hearing a lot about pivoting these days. That is very interesting since I hosted a webinar a couple of weeks ago that outlined my P.I.V.O.T. discipline for marketing during this crisis so we will be in a better position when the lights get turned on again. It is not rocket science but thinking your way through this time will be key to whether your business gets a chance to regain its health. Simply put…
Plan. . . Write it down, in pencil because it will change
Innovate/Initiate . . . Present your company or its services in innovative ways
Value . . . Add value and do not offer discounts that are too deep
Outcomes . . . Religiously monitor each effort and set up exact metrics to gauge success
Tenacity . . . Be guarded about every aspect of your plan to keep it on track
My message is that to a certain degree we have faced and survived 9/11, the Great Recession of 2008-2009 and Hurricane Sandy. What is needed today is to do more of the same at a higher level. If you have not been in business long enough to have experienced those economic upheavals, I would advise that you speak with a business owner who has or a professional with deep experience.
My hope is that all of those reading this will be the survivors. Whatever is to come will have opportunities if you only keep your eye on the ball. Good luck and God Bless.