For many businesses 2020 was brutal, the pandemic turned everything on its head and did so very quickly. For businesses in Australia the economy virtually stopped in its tracks in March 2020 while the country adjusted to living with Covid19. For many there was no warning, Lockdowns were imposed, and we were told essentially that we couldn’t work. For some businesses this meant prosperous times for others it meant facing a new dark reality, for how long no one knew. The team at AMG Coaching were there for their clients to help them through these dark times, as a quality Brisbane Business Coach, AMG ensured that with some measured thinking that business would continue. Below are 5 Top things to remember in a downturn.
- Don’t Panic
You have a much better chance of success is you stay grounded and roll with the punches. There have been downturns before and there will be downturns again, keep your focus and avoid making emotional decisions. Careful thought and sound decisions will help you in the long run.
- Don’t change focus
Stay with what you know and what you do best. Know is not the time for sweeping changes and moving away from what works. Work on your points of difference rom your competitors, your customers must be your main focus.
Keep in touch with your customers, the relationships and trust you have built with your them will help see you through the dark times. Remember your customers will be feeling the pinch as well so a strong level of communication and customer service is required. It’s important to listen to what they have to say and be able to react if necessary, feedback from your customer base will be vitally important during this time.
Look to your network of customers, suppliers etc and find ways to build mutually beneficial partnerships. We are all in this together so finding ways of working together will benefit everyone in the long run.
- Keep Marketing
It’s an easy line in the balance sheet to cut but Marketing is key during a downturn you just might have to market smarter. Finding more cost-effective ways to market will be a sure-fire way to success. Cutting your marketing may result in a loss of profits which would take us back to point #1 – Don’t Panic. AMG Coaching can advise the right way to market your company during a downturn.
Remember to stay positive the world has experienced many economic downturns and we are still here to tell the tale. If you are looking for a Brisbane Business Coach, AMG Coaching and their team of experts are ready to change your way of thinking about your business and put you on the road to success.