In the latest episode of The Six Five, Daniel Newman and Patrick Moorhead discuss how businesses continue working in the age of the Coronavirus. In the next few episodes, Daniel and Patrick will be changing the format. Instead of talking about 6 hot news items, new episodes will be focusing on what’s going on in the world of work. Every business, big and small, in every industry is being forced to think a little bit differently.

 

Daniel noted that this is the first global pandemic in the age of social media. Sure, there social media existed during the MERS outbreak and Ebola and even with Swine Flu, but all of those were either isolated or the numbers were very small. Now we have the 24-hour news cycle and social media. Companies are having to respond in real-time. Companies are getting pressure from celebrities, from organizations, from politicians and political leanings to make decisions instantly. This is changing business continuity forever.

 

How Businesses Sell in this Era of Uncertainty

As I’m sure you’ve seen, businesses are basically having to rethink how they market and sell today. In the tech industry, Daniel guessed that there’s about a 70/30 split in responses. 70 percent of companies are leaning into digital and embracing the opportunities. They are pivoting by doing more digital events, webinars, podcasts, and producing more digital content. They are leaning in big time to build a new pipeline and create a new way to sell. But the other 30 percent are starting to panic.

 

Patrick pointed out that the show must go on and that the companies that will succeed during this time will focus on their customers and embrace digital communications and digital commerce. Digital capabilities are going to change, but companies need to embrace the fact that people are digital creatures by nature.

 

Daniel and Patrick discussed that while companies have embraced digital a lot has not changed in the art of digital sales and marketing. We’ve seen websites change and we’ve seen experience centers for companies like Peloton and Casper pop up, but these are not digital experience centers. These are brick and mortar experiences.

 

At this point, you really have two choices as an organization. You can lean into this new construct and enhance your digital practices, make the right partnerships, get more active with your PR efforts, marketing efforts, and sales efforts by embracing new tools and technologies or you can stay where you are which is missing the entire point of digital transformation. There’s hope that companies will make the right investments and lean into the transformation.

 

Finding the Balance When Working from Home

As companies are shutting down normal operations and working remotely, many employees are figuring out how to manage the switch. Patrick noted that having the right technology makes a big difference including the right security software and services. It’s not just big enterprises that need to worry about security and data privacy. It’s everyone. Also having tools in place for video interaction is paramount to getting stuff done. 

 

Daniel then made the point that there are a lot of lists floating around about how to be successful working from home, but each person is different. If you are productive in pajamas then wear pajamas. If you can get three hours worth of work done in an hour and then go for a walk, do it. You’ve got to find your own balance.

 

We are in a modern era of productivity that’s measured by what you get done, not how long you work. Working at home can be isolating, so figure out how to stay in touch with people. Turn on your camera. Do team calls. Be really efficient. Use the tools. Use the technology. Talk to people in your home. Have your dog in the office with you. Find what works for you and be okay with pivoting a little bit. But most importantly, be agile.

 

As a business leader, it’s important to drive continuity and continue to drive forward through the fear of the unknown. It’s your best way to conquer it. There are certainly going to be challenges. Every company needs to have continuity plans for their respective business, their products, their services and the impacts of what's going on with Covid-19. But the companies that are ready, will pounce.

 

If you want to know more about business continuity or how to move your business forward, get in touch with Daniel or Patrick. And be sure to check out the next episode of The Six Five to keep hearing our analysis on how businesses are impacted by COVID-19.

 

Disclaimer: This show is for information and entertainment purposes only. While we will discuss publicly traded companies on this show. The contents of this show should not be taken as investment advice.