During periods of extreme uncertainty, the most important thing is to stay calm, think clearly and establish a plan which could help your agency operate as seamlessly as possible to ensure all day to day activities flow as usual. Fonemedia was established in 2008 during the world economic crisis; therefore, as a company, we have extensive experience on how to operate and function during dark times. In this blog post, we are going to cover three key points – leadership, clients and commercial.
Let’s start with LEADERSHIP.
Leadership is all about giving people confidence and, in this case, faith when they most likely are experiencing fear for their jobs, health and livelihoods. Leaders might not have all the answers as the situation is changing rapidly, but it is very important to communicate and keep employees up to date even if there are no news.
People need to see their leaders calm, as someone who can encourage and support with optimism whenever possible but still able to stick to the truth and reality.
Key points to bear in mind:
Communicate with your staff regularly – make sure they are not in this alone. Do regular video calls, check-ups and encourage other team members to do the same – at the end of the day, we are an engine working together where each element is essential.
Day to day activities – ensure all new processes and daily operations are clear to everyone. Even if the job title stays the same, some of the day-to-day processes and working environment might change. Make sure your employees have enough support, and they can continue doing their job as usual or as close to the usual as possible. Prepare a schedule for how staff should operate when working from home and create timeframe. Bear in mind that some staff members might have children to manage so be flexible if possible.
This is a crucial time for most of the businesses and organisations. One of the most significant risks is that client spend might reduce or be postponed for later.
Key points to bear in mind:
Do regular check-ups – communicate with your clients, make sure they are well and offer any support you can, which could help to establish even stronger relationships. Be client-focused and understand the crisis they are going through.
Prioritise your workload – start by doing projects you have committed to and ensure complete client satisfaction during this period. Keep in mind that the world hasn’t stopped, and people are still working.
Offer solutions – the majority of events, campaigns and other mass gatherings are cancelled due to coronavirus, which affects all businesses. Make sure you can offer an alternative solution which could help your client, for example, webinars and online events.
Avoid discounting – even though the situation is rough, it doesn’t mean you should cut your pricing. It will be tough to raise prices once we are out of mud; therefore, a better alternative would be breaking payment down.
Be realistic regarding your revenue forecasts. There is no point kidding yourself because we don’t know for sure when this situation is going to get better. Try building a worst-case scenario revenue forecast and hope for best.
Solutions – not everything is about cost-cutting. Look into solutions on how you could do things differently, better or faster. In good times, most often these things are over-looked, but in bad times they become an essential point of focus and success.
Opportunities – if possible, consider this period as an opportunity to establish new strategies, sales plans and other documents and studies which might come in handy we are back to normal.
In most cases, every company’s business model and operations will change. Not because it will be necessary, but simply because of the reason that all of us learned to do things differently – less travel, online meetings and other internet solutions. Employees will have adapted to new, perhaps more efficient, working solutions. As well as, consumers will have had new experiences which might change their behaviour, for example, online classes, events and shopping.
Make sure your business is able to adapt when the situation changes. If possible, try considering this as an opportunity to establish different solutions for your business and customers.