Many Media companies across the globe are now comparing the impact of Covid to that of the 2008 – 2009 global recession.
I have avoided talking about Covid throughout this whole pandemic. I have been keeping a close eye on the data coming from all countries and the logic side of me could see that this would pass over time, then business and economies would get back to normal. Yes there would be a blip, but a recoverable one for most companies and businesses a like.
Clearly this has not transpired and government bodies, across the globe, are taking what I’m calling a ‘carpet bomb’ approach in their attempt to defeat this virus, that is lockdown everything to attack the virus, and with that, having major consequences on the other side. Whether you agree with their approach or not, it’s irrelevant, the fact is we are here.
The saddening fact of this, is that many businesses are now on their knees, decimated beyond belief through nothing of their own doing. This is a forced recession and many experts are now comparing the financial burden to the recession of 2008.
I know what this is like. I’ve been one of those businesses in the last recession. My business tap was turned off over night. I was owed €2 million from customers that I couldn’t get, and I owed €1 million to suppliers. So I feel every business’s pain that currently now find themselves in this situation.
My business rode that storm we survived and eventually began to thrive again. Why am I telling you this? Because there is a way.. I sold my share of that business and since them I’ve been working with comes companies to improve performance, using those same strategies I developed to turn my own business around.
My message to you is to be resilient, ride this storm, do everything you can to keep the business above ground, as this time will pass and if you survive, there will be rewards waiting for you.. I know, I’ve been there. With a strong crisis management strategy and a tight implementation you will give yourself a very good chance of making it through to see good times again.
