How Can Your Company Grow Amidst Economic Uncertainty?

March 13, 2020 | 5 minute read

In the worldwide rise of Coronavirus (March 2020) cases, the economic impact is becoming as fearsome as the medical danger. But, usually fear makes the economy worse.

I wanted to use the Company Growth podcast (Season 1 Launch) as an opportunity to help leaders in companies get through this time of uncertainty. The Coronavirus is scary - but if we choose to assume we will get through it OK - there are things we can do now to make the aftermath less catastrophic.

You already know about some things you can do:

Work and collaborate virtually (Tangible Words always works virtually, so if you need cyberspace collaboration tool reviews and ideas, hit us up for suggestions);
Wash your hands;
Be compassionate towards others.

In this episode of the Company Growth Podcast (Season 1, Episode 1), I invited fellow growth expert, Todd Hockenberry, owner of Top Line Results, onto the show to share some other ideas you may not have thought of yet. Like, how your company can still choose to grow now despite collective anxiety about what will happen next with Coronavirus.

I hope these are tips to serve you now, and to take with you into any future periods of uncertainty you face as a company leader.

Listen to the podcast episode on Spotify here. Or on YouTube:

3 Ways to Work Through Economic Uncertainty - and Come Through Stronger on the Other Side:

You might think it's odd for a growth agency to showcase another growth agency. But I believe we all need to prop each other up and that growth is for everyone. Speaking with a fellow growth agency lets me relay the best, unbiased advice to you about what you can do to help your company grow amidst economic uncertainty.

Even better, the forging of ideas, for example of Todd's sales training ideas with Alysha's in this episode, means not only will you benefit from two perspectives - but it allowed us to hash out new ideas to share with you.

Have a listen to the podcast here to give yourself a boost - and then share these tips if they helped you.

Listen more closely to the threat. One of the things we learned after the 2008 financial crisis was that pulling away in fear - for example, in investments - was more harmful than holding out for it all to pass. One of the things I've learned, and why I started company growth is that growth is cyclical, and necessary. These times of pain have the capacity to make us way stronger on the other side. If that's true for an individual, it's true for a company. Growing pains can be amazing teachers about how to be better prepared next time. So lean in to the pains your facing now - for many, they're realizing they're not prepared to work virtually, but will be next time. Figure out what your gap is, and get ready to start trying something new. It's OK that you didn't have time to figure it out before, but it might get you through the crisis you face now.
Accept change is coming & prepare better. Beyond the health scare of Coronavirus, the ramifications it will have on the economy could be very ugly. Consider that manufacturers have a 3.5x multiplier effect on every other sector. Remember that any time "not on the line" for manufacturers is time they will never get back - and that they need their teams on site to operate perhaps more than other sectors. That means you can expect Coronavirus will affect your business. So starting today, bring your clients closer, go through this together. Our advice is to get closer in times of uncertainty - hug your clients to you (virtual hugs only please).
Be more human. Love your employees - show them love - take this time to grow your company culture positively. Compassion towards your staff at this time is critical. Help ease their fears and seek ways to strengthen your connection to each other. Think about how you can invest in their upskilling, or yours. For example, salespeople like us are often guilty of assuming we already know how to do the job we're doing. Consider now that there is more to learn. Training is easy to do virtually, so if you can't do your regular work, consider investing in what you'll need next. The human to human connection is not a trend that will go away. If your team can develop skills like active listening, and role play out how they can always be helping, you'll be stronger on the other side.