Stubborn businesses will be left behind

This week has been eye-opening. A lot of businesses have been stranded ashore when the tides turned and the demand dried up. Some have been busy seizing the moment and experiencing a total transformation of their business model, adapting to the new reality.

Others, however, have been paddling furiously in the sand, hoping the water would materialize under their oars if they rowed hard enough.

Regardless, most of these businesses realized that they should address their customers in some way, shape, or form. I have been behind the counter for a couple of these businesses, trying to brew the marketing message for the coming period. There seems to be a unified message, that frankly makes me scared for their chances of surviving the coming recession.

The common theme has been "Business as usual". These are not usual times, and anyone looking around outside their little bubble can easily see through this bald-faced lie.

Your customers are businesses too

They are facing the same crisis as you. If their operations are getting disrupted, they are going to expect your operation to be disrupted as well. They are forced to use new tools of communication and collaboration and to adapt to the shift to remote work solutions.

They are subject to the same governmental regulations forcing them to ensure the safety of their workers and reduce the risk of exposure at the expense of their tight deadlines and efficient schedules.

So when you reach out to them, pushing the same message, hammering the same channels, and touting the same promises that you've been always offering, you are tarnishing your reputation. Your credibility will be questioned: If these promises were revealed as lies at the moment, were they ever true?

Best case scenario? Your clients see through your lie, sympathize with your situation, and move on from it. But at its worst, your clients will be offended at your attempt to push "Business as usual" when they were not able to. Privilege or deception, pick your poison!

The trust of your workforce cannot be replaced

Governments around the world are issuing "shelter in place" orders of different degrees of severity. As such, every aspect of your workers' lives has been changed in some shape. Grocery shopping, transportation, education, and entertainment. The least their employer can do is acknowledge these changes. Pushing your workers to uphold "business as usual" is not only cruel but will lose you any goodwill you might have accrued over the years.

In fact, a large section of these feels betrayed and endangered. They feel hostage to their job, scared of losing their income in times when unemployment is rising at a staggering rate.

Worker unions and employment advocacy groups have been hard at work to protect and educate all workers about their rights in times like these. Everyone remembers how they were treated in times of crisis. If they were met with pressure and unrealistic expectations, be sure that they will become liabilities in times of prosperity, looking for the first opportunity to jump ship.

A comforting lie stops you from seeing the truth

Contrary to the majority of industries, some businesses are thriving. Their true value has shined amongst the noise, and the market is rushing to capitalize. Unless you are one of these essential businesses, you need to drop the lie and take the time to perform a deep introspection of your business.

Question the essence of your business model and start from square one:

1. What is your true value proposition?
2. Is this value proposition viable during the current climate?
3. If yes, how can you provide it more efficiently?
4. If not, how can you transform this value proposition to fit the current climate?

What you shouldn't do, however, is falsely label yourself as an essential business in an attempt to uphold the status quo.

This will invite the ire of the governments, and as some businesses have experienced firsthand, result in your foreclosure.

Only the fittest will survive

Powering through a downturn with brute force alone is only viable during a temporary period. What we are witnessing is much more than that.

Our socio-economic structure is on the verge of a revolution, and the business world is evolving quickly. Those who don't adapt will be left behind. Suppose you are too busy weathering the storm and trucking on with whatever resources you have left. In that case, you will quickly find yourself stranded on an economical island with no demand to sustain you, until your business starves to death.

There is no better example to follow than our friend Tom Hanks in the movie Castaway. He learned how to start a fire, how to fish, how to make a shelter and how to build a raft that ultimately saved his life. He adapted to survive, and so can you.

But if you're missing your office buddies and need some company during your confinement at home, just pull up a video chat app, no need to sacrifice a perfectly good volleyball.

As for me, this self-introspection has led to some scary but necessary decisions. In order to survive in this new business world, I will have to venture into uncertain territory.

How are you or your businesses adapting to these new times? Let us know in the comments.