Another reason for growth opportunities coming out of a recession is that some of your competitors simply won’t make it.
Apologies for the US-centric data, but here is a good recent example of the financial crisis of 2008. The spike in business failures is strong and very clear.
Your number one priority right now (other than looking after the health of yourself and your community), is ensuring your business survives the crisis itself. Don’t be a spike in a future graph.
No-one knows what’s going to happen in the coming months. But common sense would suggest we’re in for a lot more social isolation and further economic pain. Don’t assume the worst of things are behind us. And the longer it goes for, the
greater the chance of prolonged economic pain through the recovery.
If you have not already built a model that shows how you’re going to survive this, then do so before reading on.
If you need marketing tips on how to survive the COVID-19 crisis, then download our free COVID-19 Marketing Survival Handbook. This handbook contains easy-to-follow steps to help you get through the initial shock of COVID-19.