Everywhere online where you look, there is a different guide on how to survive the Covid-19 lockdown ranging from exercise, binge-watching, mental health and much more. What seems to be less of is where businesses and business owners are reminded that while everything may stop now, this will not last forever.
This isn't a post about channeling positivity, it is more like a match to light the fire under people's asses. It is do or die.
The current slowdown in the economy is in part due to everyone's uncertainty about the future and hence less likely to sanction any form for spending. Instead of looking at it as battening down the hatches and waiting out the storm, I would like to see it more like a safety car in an F1 race.
As explained by Wikipedia: "In motorsport, a safety car is a car which limits the speed of competing cars on a racetrack in the case of a caution period such as an obstruction on the track or bad weather. The aim of the safety car is to enable the clearance of any obstruction under safer conditions, especially for marshals and/or await more favourable track conditions weather-wise.
During a caution period the safety car enters the track ahead of the leader. Competitors are not allowed to pass the safety car or other competitors during a caution period. At the end of the caution period, the safety car leaves the track and the competitors resume normal racing."
The caution period is Covid-19 and the safety car is the lockdown. The leading car (your industry's leading competitor) is forced to slow down and starts swerving left and right to keep the tyres warm or lose its grip (preparing for the restart). The trailing pack does the same and catch up to wipe out the gaps (resetting for everyone). When the race resumes, everyone gets the chance to race for the lead again.
This is not the time to slack off. This is the time to get better and get ready.
Leaders in your industry are using their lead to get ready first. Their additional resources (time, manpower, money, etc) when well spent will keep them ahead of the pack despite being held back. This is the time to press your advantage:
1. Hire your struggling competitors' staff
2. Maintaining or even ramping up online outreach efforts as more people are online working from home
3. Offer timely discounts or value-added service to onboard more clients
4. Send employees that are seeing a lull to skill up with online courses
Fail to do so properly and the laggards in your industry can take this time off to catch up to the competition. The chasing pack can fix what as Stephen Covey calls Quadrant II activities (important but not urgent):
1. Planning - something impossible to do when you are full steam ahead with operations working on Quadrant 1 activities (urgent and important). Take time to look forward. Considering a re-brand or revamping your branding materials / website & social media content
2. Relationship building - if you adhere to the "it's who you know, not what you know", this is best time to network with those who can help. Spend time digitally connecting with your suppliers, offer your assistance to your downlines. Also, take the time to get closer to your loved ones (after all, they are what the hustle is for).
3. Preventative measures - look for gaps in your business. Fix the bug in your code that you just lived with till now. Clean up the mess that is your warehouse so it will be easier to find your products. Train your front of house staff on their presentation and product/service knowledge.
These are just the beginning of the proactive things we can do to keep pressing problems from arising in our companies.
Right now, the Covid-19 situation is still in its early days and we have yet to reach the peak. The situation looks after 2 laps there has been a 3 car pileup crash against the wall around the hairpin bend 21 (with 60 laps to go) and the marshals starting waving the yellow flag for drivers to slow down. The safety car was called on - what will you do to keep the lead and what will you do to catch up?
