TL:DR Businesses and Entrepreneurs need to keep the momentum going instead of taking a pause in the year-end.
I learnt recently that in the corporate world, we are now in the "ber-ber" months: September, October, November, December - where everyone takes things easier.
2020 isn't a traditional year (a truly understatement of understatements) but yet that mentality of easing off the accelerator is still there. It does seem that everyone is yearning for 2021 so things will reset.
That is incredibly optimistic or naive. This pandemic is showing that businesses are all in fight or die mode, and it will be this way for quite some time to come. I'm sure we are all tired and yearning for a bit of cheer - however, this is the exact time for entrepreneurs and the motivated to keep on going.
Just stating some facts:
COVID is largely under control in many countries, but it is still here.
Victoria, Australia is coping with a 2nd wave despite earlier on declaring victory in keeping the disease at bay. Even with a vaccine, it will take months, if not years, for most of the population to get one.
The economy is still stunted.
Every business is affected - but in particular MICE, Sports, F&B, Travel, and others will never ever be the same. Unlike retail which can pivot to online, there is just no way hybrid or virtual replacements can do it justice.
Life goes on but bills stay.
Rent, utilities, fees keep piling up while revenue keep dropping. Government support across the world is dwindling so the reality will set in for many companies and individuals soon. If not, already.
As a B2B service provider, I am still hearing from many prospects that they are "re-grouping for 2021 so let's speak again then". With half of SMEs to close shop, I would respond positively but I'm not certain that their position or company will be here to continue this conversation.
Instead, I will advocate for everyone (employer or employee) to not switch off for the year-end. Yes, other decision makers will still likely be in cool down mode and dreaming for stay-home holidays - it doesn't mean there isn't anything to do.
I, for one, will be doing the following up on the important though non-urgent (c.f. Quadrant II from Steven Covey's 7 Habits Of Highly Effective People) tasks. Brief summary is that we usually only focus on the short term "important + urgent" and "not important + urgent", which results in missing out on the long term "not urgent + important".
For me, these will be my tasks for the inevitable slow-down.
Keeping in touch with valuable contacts and clients
According to Hubspot, with only a 5% increase in customer retention can increase company revenue by 25-95%. Most companies neglect this and result in churn (canceling their subscription, not returning to buy, or closing a contract).
Planning for the future
Review results from past quarter or year and set goals moving forward. The quiet from the usual buzz will give the mind space needed to chart the path ahead.
Updating marketing materials
Sharpening the pitch decks, updating the website / social media, rebranding even, and other items that I've been putting off forever.
Honing existing skillsets and possibly acquiring new ones
Each industry has their key skillsets - in ours, it is content creation. It is time to signup for master classes to keep up with the latest trends. Maybe even branch off to pick up some coding experience as our key clientele is in tech.
Automating lead generation
As no one is in the mood to answer my calls, move away from the effort-intensive campaigns. Use technology like sequencing emails or LinkedIn marketing to keep leads warm, perhaps even find new ones. While nothing can replace, a personal touch, don't let the outbound outreach die off.
In 2020, there seems to be a new normal everyday. My hope for the rest of the year is is to adapt as fast as possible, improvise solutions wisely, and overcome one way or another. For me, 2021 is more like 2020 part 2.