How to Prepare for Evolving Consumer Demand Understand the projections of consumer behavior for the next few months of the COVID economy.
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From the beginning of the COVID-19 crisis, I only saw one option for our company: we weren't going to take it on the chin and resign ourselves to pushing pause for the year. We swiftly and unequivocally chose to make the best of the situation, working proactively to mitigate the negative impact on our business.
To forge ahead as a leader in the time of crisis, it's necessary to develop a perspective early on. A framework, or a way for everyone to wrap their heads around what is happening now, and what we anticipate in the next one month, three months, six months. It is easier said than done to "make the best of it" during a period during which you are certain your bottom line is going to suffer. As challenging as it can be to pull yourself up out of the doom-and-gloom of mainstream news coverage and silence the what-ifs buzzing through your mind, a clear perspective will pay off in business sustainability, employee engagement and performance, client/partner relationships, and customer trust and loyalty.
Your projections may or may not be right. The important thing is taking earnest action for the good of your business, and communicating that rationale and progress to team members, shareholders, and other partners.