How to Win When You Are Losing it All

On March 13th, I fought through a lot of tears and made the toughest business decision of my life. In the days leading up to my choice, the world was changing rapidly. Only two weeks before, the first reported case of Coronavirus has been confirmed in New York City by Governor Cuomo. 

I had many friends, would-be attendees, and colleagues calling to ask what I was going to do? Would I be canceling the event? Would I postpone it? Many encouraged me to stick with it, to move forward as planned. But just as many encouraged me to cancel. Unknown B2B colleagues were messaging me through social media, begging me to cancel—they thought I was putting myself and my customers at risk. 

Throughout the country, concern, anxiety, and fear were festering. Registration cancelation requests started trickling in. Then exhibitors and retailers, started pulling out rapidly.  At first, it was just one, then two. But within forty-eight hours, six more retailers had withdrawn. It wasn't as simple as just calling off the event and letting everyone know. There is no cancelation caveat in the contract. In other words, even if I did not hold the conference, I would still be responsible for paying the hotel as though the event had occurred. The financial obligation was steep. I reached out to the hotel to understand what they were willing to do, and they made it clear they would not release me from the contract.

Canceling the event meant that I lost a large percentage of my income. I am a single mother; I have no salary or consistent revenue stream, but this event was something I had been able to count on. Our team put in months of hard work into the trade show, which vanished with one single decision. I kept hearing a voice in my head that told me the right thing to do was to not think about myself, income, or the months of tedious planning. It was time to step up as a leader and cancel the event. 

So, on March 13th, I posted a video on LinkedIn, letting my audience know that Retail Live! was postponed. The next few weeks brought more disappointing news. Moving the event to a date later in the year was not possible. The hotel staff was furloughed, and getting in touch with anyone to discuss a possible alternate date was like finding a black swan.

The uncertainty was paralyzing, and I teemed with these internal questions. Would it be far enough out to ensure the virus wasn't still keeping all of us at home? How would I keep my brand alive? Would Retail Live! survive or would it slip into oblivion like so many retailers who will never reopen? Is ICSC done? Can we even have these events in the future? There were no assurances, zero. The only thing I did know was that things were on hold. 

Even during all of the fear, I had a nagging voice that there was an opportunity in the midst of this crisis. At each Retail Live!, our team produces a comprehensive trade Book. The book contains site criteria and contact information of the exhibiting retailers, and it also has the ads for all of our sponsors. The trade book completed and I didn't want my team's blood, sweat, and tears to go down the drain. We decided to allow anyone who wanted a copy of the book to download it from our website—for free. Not only was the Orlando book available, but we made the two previous event trade books downloadable also. It felt awesome to take the focus off of my problems, utilize a wealth of knowledge/contacts, and help others.

That decision changed my outlook moving forward.  The feedback I received was heartfelt, authentic, and encouraged me to do more for our digital community. Strangers called to say thank you and expressed gratitude for my "No Strings" attitude. The moment I made it about my customers, the collective B2B community, and selfless gestures, my world started looking brighter again. 

It has been seven weeks since Retail Live! was canceled. Our team is stronger, I've grown personally, and our brand will evolve to better suit our customer's needs post Covid19. I have forged new friendships with people that were merely acquaintances before the pandemic. We have bonded over the difficult choices, experienced collective loss, and are allies in the new theatre of business.

My takeaway for my followers is to help selflessly, offer assistance to those in hard times, show vulnerability, and radiate a positive voice. That is when you will experience personal and non-monetary wealth.

Update: Since first writing this article, Marriott, the hotel chain where Retail Live! was to be held, released Retail Live! from their obligations/contract.