Panic, paralysis, and pessimism —these “three P’s” are your enemy during any time of disruption and economic downturn. Your best strategy in business (and, in life) is to minimize each of them during this COVID-19 fueled business disruption.
Parts of what we’re seeing have occurred in the past—severe shock to the financial system such as the Great Recession of 2008/2009 where banking system nearly collapsed, a shutdown of events and travel post 9/11, and a 50% drop in stock indexes in 1987—all crises in which we've managed to adapt.
Part of what we're seeing seems new. Most of the world has not lived through a pandemic that has affected nearly all nations, but some have, like the SARs epidemic that served as a pandemic for many countries. So, if you’re in sales survival mode, how do you cope? Let’s take these three P’s one at a time.