NAVIGATING YOUR BUSINESS

THROUGH THE COVID-19

CRISIS
A MULTIVIEW EBOOK
An economy already starting to breed some level of uncertainty was dealt an
unexpected body blow when COVID-19 landed in North America. Pervasive
thinking is that a recession has moved from possible to overwhelmingly likely.
The more pertinent questions now seem to be how long it will last and how
bad will it get.

The coronavirus outbreak has not only increased uncertainty around the
economy but clouded our vision into an already hazy future. Because the
situation is unprecedented, there’s no real model in place for dealing with it.
Complicating matters is that the situation is so fluid. Guidance seems to
update daily, if not hourly as events unfold and more is learned.

At the root of uncertainty is unanswered questions, and those are plentiful

right now, especially for business owners and managers. Plenty of advice has
been put out there about how to prepare your workplace for combating
spread of the disease. But beyond setting up sanitizing gel stations, enforcing
hand washing and implementing remote work opportunities, what about
actually guiding your business through this extraordinary set of circumstances?
Are there lessons that can be taken from previous recessions? How do you
steer your company forward right now?

Obviously, each business will have its own set of circumstances and industries
will vary, but there are some insights and ideas that can apply to most
organizations. Not all may apply to your situation, but compiled here are
some things to think about as you try to stare down this unparalleled business
environment.

2
Naturally, our most recent experience with recession would be a starting point for reference.
Are there things we can take from the Great Recession to help us through this crisis? One
important thing to understand is that the fundamental origin of this looming recession is quite
different from 2007. The Great Recession, which started primarily in the housing sector, was a
result of an internal economic imbalance.

Coronavirus is, of course, a factor external to the economy. That’s not to say it can’t inflict a
serious impact, but the upside is that this crisis comes at a point when banking systems are
secure and the housing market is stable. Furthermore, major economic drivers like construction
are relatively healthy, with many actually suffering from workforce shortages.

We did emerge from the previous recession with a better understanding of how swift
government action can help mitigate the fallout. In that regard, the aforementioned banking
sector is better prepared for threats and credit markets shouldn’t be as vulnerable as in 2007.
Furthermore, the central bank has already responded with crisis-like actions, cutting interest
rates and injecting money into the economy. The optimist could realistically forecast a V-
shaped downturn that is shorter and shallower than the Great Recession.

3
As has been well documented, the COVID-19
outbreak started in China, where consequences
included shuttered factories and entire cities on
virtual lockdown. Based on reports, China is
showing signs of emerging from the worst of the
outbreak and its economic engine appears to be
revving up again.

It’s necessary to understand that China operates

in a very different regulatory and governmental
environment. Nonetheless, it’s helpful to analyze
how events played out there, not just in dealing
with the virus itself, but implications of actions
businesses took.

An investigative New York Times article titled,

“Halting China’s Economy Was Hard. Restarting It
Is Harder,” explored a salient point about
economic momentum. Like the laws of motion
dictate, it can be difficult to restart something
from a dead stop, and China is experiencing this
now as it tries to bring industry and commerce
back online.

If circumstances dictate, grinding your business to

a halt (or in this case more like emergency-
braking to a halt) might be the necessary and
prudent action. But perhaps the caution from
China’s experience is that recovery might occur
sooner than you expect, and not being prepared
for that could be damaging in its own right.

4
It can’t be overstated that different businesses and different industries will face different
adversities and some are in better shape to withstand a protracted slowdown. But rather than
shutter in fear and uncertainty, there’s an argument for using this opportunity to examine how
to guide your business through the crisis, and potentially exit the other side with some catalysts
for recovery and growth. At this point, nobody can foresee how the outbreak plays out and
what lasting affects it has on the economy, but ruminate on these following ideas that might
keep your business from the worst in the long term.

Clarity is a finite resource at the moment.

And, maybe so is security, for that
matter. But in an environment where
information and misinformation spreads
rampantly, you need to be a source of
clear communications for your staff.
Employees will respond and adapt to
different approaches to working, but you
should be clear about your justifications.
Also be clear in your directions. The
company needs a unified voice, ideally
from the top levels of leadership, and
needs to be on the same page at all
levels. Yes, uncertainty is in the air, but
maintaining unity and stability in the
organization is the first step to navigating
crisis.

5
For obvious reasons, e-commerce has been slower to proliferate across B2B than B2C.
However, the COVID-19 outbreak could be a watershed moment in that timeline. Personal
and face-to-face business is preferred by many, but we could be facing a new reality in the
post-crisis era – one that calls for less of this interpersonal business. Should that be the case,
those already or closer to making the shift to online or digital channels will win out.

Source: Chief Marketer

It isn’t just sales channels that could use a digital makeover, but the marketing that leads to
those sales. Research has consistently shown that B2B businesses allocate the majority of their
marketing budgets to live events like exhibitions and trade shows. Studies from Demand Gen
Report indicate B2B marketers find live events the most effective channel for generating
quality leads.

6
 Source: Center for Exhibition Industry Research

With the status of live events in limbo for the foreseeable future – coupled with the stark
reality that even in a post-COVID world we may be unsure exactly what live events will
look like or how well attended they will be, it’s the perfect time to investigate and
identify opportunities to move some of your sales and marketing functions into digital
channels. New leads must come from somewhere, and in a marketplace that’s
retreating from interpersonal communications, digital channels provide the fastest, most
targeted opportunities to keep those important functions operating.

It could be reasoned that B2B was built on handshakes. But with fewer handshakes
taking place, digital channels are the logical and rational remedies for operating in this
new environment. You can’t just pull the plug on marketing, so recalibrate that budget
where it can provide you the most benefit.

7
Communications with your employees and stakeholders are important, but so are
communications with customers and vendors. Some may be concerned about your plans
and how those factor into their own businesses, so keep open lines of dialogue in order to
protect those relationships. Those downstream will likely understand the need for flexibility
during the crisis, but proactively keeping them informed and updated will protect those
important relationships for the future. The same thinking applies to vendors. Provide those
upstream with leniency where possible and advise them in advance if you foresee
changing needs from them.

If business slows, there’s an opportunity to enhance the value of your existing staff. They rely
on their jobs to provide for themselves and their families. For those with less to do in the
near-term, provide them education on other roles and other ways they can add long-term
value to your organization. They’ll appreciate it, and given the level of uncertainty for the
future, it could ultimately be a huge benefit to your company as well.

We tend to take defensive actions in a crisis, and some may be necessary. However, look
at this as an opportunity to get your entire organization thinking about ways to innovate.
That could be externally-focused such as product lines, or internally-focused like processes
and methods.

A lot of companies claim to focus on innovation. Maybe it’s always in mind but tends to get
overlooked by the daily realities of conducting business. Here’s a chance to walk the walk.
Innovation tends to primarily fall on the shoulders of management, but this crisis could help
fuel employees at every level to start looking at and seeing things differently. Don’t be
afraid to give employees some time to analyze and think.

8
It’s a phrase we heard a lot coming out of the
last recession – that we were operating in a
“new normal.” There plenty of likelihood the
coronavirus crisis leads to another new set of
normalizations. This is one area we do have a
bit of history to rely on. For example, the SARS
outbreak in 2002 is commonly credited with
spurring the rise of e-commerce in Asia.

We can’t forecast how the COVID-19 outbreak

will ultimately impact our habits, but it’s not
hard to see where significant changes in
healthcare delivery, online education and B2B
digitization could spawn from it. With any luck
from the aforementioned innovation efforts,
you could arrive at these new normals poised
to capitalize.

As mentioned, it’s almost certain different

industries will feel the impacts of COVID-19 for
different lengths of time. The hospitality industry
leaps to mind as one that will likely see
protracted consequences. We can hope for
the V-shaped recovery of the overall
economy, but it’s unlikely all businesses will
follow the same curves. That’s why trying to
incorporate some of these concepts could be
important to surviving the immediate crisis. It
can be hard to keep a long-term perspective
when the short-term is so tumultuous, but that
long-term may depend on doing so.

9
MultiView Inc. connects the B2B world by delivering digital marketing solutions
that connect thousands of companies with millions of their customers at every
stage of the buying journey. For nearly two decades, we’ve developed
unmatched data and insights about B2B buyers and the deep expertise
needed to reach them online. Leveraging this powerful combination of
knowledge and experience is how we create the connections that deliver
real results for our customers every day. MultiView is a portfolio company of
the Stagwell Group.

For more information about MultiView, and how we can help your B2B
business reach its target audience, visit multiview.com, call us at 972-402-7070,
or drop us an email at [email protected].

CONTACT US TODAY!

10