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Handling a crisis: Is it Fight or Flight?
As Britain faces a national crisis with the Coronavirus, organisations are taking urgent action to adapt their business operations.
The decisions made by directors and business owners over the coming weeks are likely to shape the future of their company.
Never before has it been more important for leaders to avoid knee-jerk reactions that could damage their company. Short term actions can have serious unintended consequences and a cool head and pragmatic approach is essential.
The welfare and health of our population is the Governments top priority, but it is expected the health crisis will pass in a ‘relatively’ short space of time. The social and economic impact is likely to be with us for considerably longer, and remaining ‘open for business’ is more important now than ever.
Economic Outlook
There is no question that we will face an economic roller coaster. Thankfully, the Government is responding positively and pumping an initial £330 billion into the economy with further unprecedented steps to stabilise the economy and support business. Allowing companies to postpone tax payments, providing grants and cutting business expenses (such as business rates for small firms) will all help in the coming weeks. Banks will announce a raft of support measures to UK business shortly.
What’s more, individuals are spending much more time at home. Suddenly, people are reminded that their home is their castle, a safe place for them and their family. Many will re-evaluate their priorities. Holidays, cruises and travel plans are unlikely to be on the shopping list.
At the same time, without the manic day-to-day lives we usually lead, people are spending much more time watching TV, listening to the radio and browsing online.
Sector Impact
For retail businesses, while enquiry levels will slow down, those companies who are most visible and most pro-active will emerge the winners, signing-up all the business that is available and keeping the wheels turning until the situation improves. Those that panic and go into ‘lockdown’ will be at most risk from failure.
For B2B suppliers, it is important to remain visible. With more time on their hands, trade customers are more likely to see marketing communications and have the opportunity to review products and suppliers.
The current crisis is likely to escalate further before getting better, but those leaders who remain calm, see the bigger picture and stay visible for customers at this difficult time will emerge better equipped to bounce back.
Support
Purplex is committed to supporting our customers and to keep the wheels turning. Our team can work remotely with no interruption to the day-to-day running of the business, and with strong technical abilities and significant resources we are working harder than ever to ensure our clients remain visible and communicate the right messages, adapting offers and incentives where required.
For organisations that want advice or support on managing marketing activity during this difficult time, please do get in touch here or call 01934 808132.
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