If the crisis is coming -or it did- or not, I think that the most accurate thing to do is to say that I don’t know. I don’t think anyone knows for sure. Some think so; others, do not. There is even a group of people -sadly numerous, I must say- who launch, without serious analysis, tragic apocalyptic scenarios. Thus, speculation and the consequent uncertainty make us somewhat nervous, and this is always a risk, one of the unnecessary ones.

It is a fact that the economy is generating some noise in the markets, and nobody wants to be affected. There is… I don’t know, a kind of lethargy in the making that is palpable in the environment. Patience! But not so much patience either, ok? Let’s be vigilant because “the most important thing is that the most important thing is the most important thing” (The phrase is from Víctor küppers). Importantly redundant, but importantly true as well. I believe, without intending to exhaust the list, that it would be important to take into account the following aspects: 

1.- Please, do not stop. Sometimes discouragement due to the drop in business and prices discourage us. This often encourages the counterproductive attitude of the sudden stop! Let’s not do it! That could stop the economy of our own company and that of other companies or people. Uncertainty creates true crises or worsens them (be they crises or probable crises), an evil that spreads very quickly. I recommend reading, by the good Gabo: “Something very serious is going to happen in this town” (“Algo muy grave va a suceder en este pueblo”), and noticing to what extent speculation could harm everyone so much.

2.- Respect your customers. Do not forget that without clients there is no business or company. Many of them could be going through a bad economic moment, and not taking care of them properly or punishing them with very high prices would be a bad idea. Nor would it seem healthy to lower prices without thinking about how to handle it in the future: these bombs usually explode, mercilessly, in the hands of the wave initiator. I propose to generate value for your customers and your company. The Association for Data-driven Marketing and Advertising of Australia, in times of Covid, released an interesting contribution on customer retention in times of crisis, “6 ways to retain your customers during a crisis”. Read it, I find it very useful and practical. 

3.- Let’s be more dynamic! “Adapting to change” already sounds like an old-fashioned slogan, but it makes total sense and validity. This economic matter would be precisely a change, and we have to adapt, dynamically, to such. When market changes come it is time for creativity, search for new horizons, improvement of our products or services, cost reduction, increased efficiencies, and a million of etceteras; or better, a million and a half. Beware of sinking, running away, stepping on others, and dying altogether, in the wrong attempt. A not-so-modern but very significant article from the Harvard Business Review, written by organizational psychologist Nick Tasler: “How to Get Better at Dealing with Change”. It provides a series of practical advice for dealing with business changes. Highly recommended!

4.- Invest money efficiently, or do not invest it. But to do it, or not to do it, in terms of the future, savings, and value generation. “Special situations” sometimes confuse us. Let’s not invest in what, due to the situation, has become cheaper even though we don’t need it, or in what will not generate value for the company, business, or people. Forbes Advisor published an interesting article by Theresa Stevens and Elizabeth Aldrich: “How To Save Money: 5 Easy Ways”. Check it out, it’s very interesting. Who knows if this time of possible crisis is a great opportunity for holders of savings, or for those who can get capital? 

5.- Invest time well. Contradictory, but sometimes these seasons of the uncertain serve us to think, reconsider, investigate, and all the verbs in which we do not stop daily. For example, I would spend time with special people who should receive more from me. Without speaking about moral aspects, that oxygenates us and gives us a lot of energy. This is probably the perfect time to do things that I have pending and that I don’t do because I don’t have time! This style of activities is a great generator of initiatives and/or rethinking in favor of the company and people. Another example, think more about research and development, the way we attract clients, pending professional training or advice, how we would repower our work team, the future of our company, and the list does not end.

In summary, in this “special” time, to move forward, grow, and overcome our challenges, it is important to reflect and do some things that could generate value instead of worrying, stopping, depressing us, or charging our money needs to clients. Being more dynamic and less averse to change, more rational to spend, and less wasteful are tips that, although classic, has not lost one iota of validity.

The last thing, let’s not forget to use time very well in thinking, creating, and rethinking; although also in recharging our energies and those of those who are our companions on these trips.

Note 1.- Do not forget to read the recommendations of this article: they are great!

Note 2.- Please, try to be super well!

Juan Carlos Muñoz-Nájar Aguirre | 4Rev | Co-founder and COO |  [email protected]