Updated: May 18, 2020
On February 19th, all three major US stock indexes closed at record highs. The DOW closed at 29,348, the S&P 500 finished at 3,386, while the NASDAQ reached 9,817. The United States February unemployment rate of 3.5% was historically low. Business was good.
Enter COVID-19, aka fear, uncertainty, and doubt…everything changed virtually overnight.
The formula for success: a good idea, hard work, and prudent decision making paid off until this microscopic disrupter turned everything upside down.
As the leader, carrying the burden of rebuilding can seem like an overwhelming challenge, especially if you’re without an experienced guide to help your business navigate out of this sea of uncertainty. A proven guide by your side can bring experience, authority, and data-driven insight to the table that help business leaders see the road ahead with greater clarity.
As Mark Twain once said,
“Good judgement is the result of experience and experience the result of bad judgement.” Learning from someone else’s successes and mistakes is the safest path."
More “Black Swan” events like this are a certainty. Without the help of a guide by your side, deciding what course to chart can be devastating. A guide provides their experience of having successfully and unsuccessfully managed through other periods of economic turmoil.
A CEO has a single focus: Lead the group to the “promised land.” This single focus brings with it an inherent authority that business leaders and their teams can rely. But the CEO does not have to do it alone. They can access a guide to help. For instance, the guide’s expertise and authority can quickly focus the sales team on actions that promote new business growth. As the business leader, it is comforting to know a guide is supplementing the sales team’s effort to drive revenue while you can manage the business.
Guides enhance their experience with data-driven insight. They are constantly surveying and speaking with other business leaders, industry experts, and clients to gauge what’s happening on the front lines within their respective markets. More importantly, the guide can aggregate data and opinion to spot trends, accelerate innovation, and identify safer passage to stability.
Almost half of CEO’s & Presidents we surveyed stated their original revenue forecasts prior to COVID-19 will be adjusted downward by 20% or more...conversely, only 8% felt their original forecast will hold, or possibly improve. It’s no surprise to hear their top 2 most significant challenges were retaining current revenue levels and acquiring new clients. A seasoned guide can bring innovation that helps shift value statements to better align with the operating reality of customers and prospects.
For instance, messaging that implies a longer-range ROI may not be prioritized in today’s world vs. a message that promotes cash preservation, reduced risk, and employee & client safety. If your client sees you as the latter, it pushes your solution into a more secure “must-have” column.
With respect to winning new business, a guide by your side can infuse structured and repeatable processes to drive higher engagement with prospective new customers.
As a leader, you don’t have to tackle these challenges alone. Butler Street has helped guide clients out of troubled waters before are ready to do it again. It's your achievement, we want to help you achieve it. We specialize in client and talent development and are recognized leaders in the world of selling virtually. We can help you build back better. Contact us and let’s arrange some time to talk!