Everyone’s worried about the impact that Coronavirus will have on their business. We’re seeing a number of industries impacted, and as businesses we are thinking about the changes that we need to implement to decrease potential exposure.
The flow on effect is that there is a good chance we will slide into recession as people change their habits, and rethink their spending both personally and for business.
A lot of businesses have seen projects put on pause, or even cancelled, so if you sit back and wait to see how this shakes out this could have devastating effect on your business.
Following is a video we recorded for our take on the matter.
The key takeaways are:
- Think about how to increase efficiencies in your business…can in person meetings shift to video conferencing. If you’re doing a lot of travelling for meetings this could be a huge time saver and just maybe new patterns will be established that carry over into the future.
- If you have a lull in your business right now, invest this time into improving your business and marketing.
- Ramp your marketing up, not down. The knee-jerk reaction is to cut costs everywhere, but as the amount of business available is dwindling we need to be doing more to make sure we get a bigger cut of it.
- Any investment you make now will help you get through an economic downturn, and will only make your business better as the market picks up again.
I also make mention of our free training that includes everything from understanding your audience, through to building a marketing funnel and getting traffic to your funnel. Access the free training here