Plan Now for Your Post COVID-19 Rebound

All around the world, the events industry including venues, hotels, airlines, service suppliers, organizers, and exhibitors are being impacted by the COVID-19 pandemic for the foreseeable future. This year’s budget forecasts are being thrown out the window. Everyone is scrambling to keep safe, trying to figure out what they’re going to do in the short term to generate revenue (or if a furloughed/laid-off employee or contractor – to find work), cutting expenses and praying that the virus fades quickly so the events business and the economy can rebound.

Looking back at the tough times of the Great Recession of 2008-2009 (which may pale in comparison to the COVID-19 recession that is sure to follow), many companies had to regroup, re-forecast and make significant changes to their businesses and event plans in order to adapt and move forward. It took some time to recoup losses and return to positive pre-recession levels of revenues and growth (and unfortunately, some weaker businesses and events went under).

Now is the time to reflect and make new plans so you can be like a phoenix and rise from the ashes following this devastating global black swan event.

First, take stock. What’s your situation? Has your company canceled events, suspended business and/or are operating in crisis contingency mode with all your people working remote? How is your firm dealing with your current customers, contracts and obligations? Are you clearly and effectively communicating with your employees, customers and stakeholders?

Now is a great time to reconnect with your customers to reassure them, lend a sympathetic ear and listen to their needs and concerns. Be there for them now, more than ever. Can you offer them free services, support, training or other tangible items that show that you care? Show them that you are a true partner.

Assuming your company will resume normal business operations when the virus abates and all is safe, how will your business be different? For example, will you offer customers credits, extended terms or discounts to retain and re-earn their business? Will you rework your programs and offerings? In what ways will things change and how will you plan to deal with them?

Looking under a microscope, every expense line and program should be gone over with a fine-tooth comb. All of the ‘nice to dos” should get weighed against the “must haves” and measured for their impact on delivering value to your customers and moving the needle on your firm’s goals. Frankly, this should be done at least annually in your budgeting and program development process.

Take this opportunity to re-evaluate your products and services. It’s likely time to “trim the tree.” What wasn’t working too well before this pandemic? What programs generated the most revenue, were most profitable or valued? What made your customers most satisfied? What markets/customer segments were growing? What things were underperforming or were money pits? You should consider sunsetting laggards. But don’t throw the baby out with the bathwater; solid offerings will still have value – how do you make those better?

Look at your internal processes, business policies, customer communications and engagement. Like going on a diet and hitting the gym, how will you transform your business operations to be healthier and prepared to hit the ground running again?

How will your organization and staffing look after COVID-19? What new resources do you need? Where do you need to invest more? How will you market and sell your products and services differently? What innovations can you introduce?

These are all big questions along with many others that will need answers. Involve your team, from the C-suite to your front-line staff, supplier partners and customers in reviewing your offerings, making new plans and forecasts.

Being flexible and thinking differently are keys to rebounding after a crisis.  Being agile, quick to respond to your customers’ needs and restoring operations will be essential in retaining business and generating new revenues. Use this crisis as an opportunity and find the silver lining. The future will be bright, so plan for it now.