Businesses that take purposeful approach to long term planning will emerge successful

Businesses that take purposeful approach to long term planning will emerge successful

By David Wheldon


All over the world businesses are struggling to manage the impact of the invisible enemy Covid-19. When it comes to the most important asset that a company has, its people, different strategies and tactics are at play.

Of course, all businesses must look after their cash flow and try to manage the short-term financial impact but as they do, they would be wise to remember the long-term impact on culture and on the people that they rely on to make their business flourish. It has always been people that make business happen and despite digital transformation it always will be.

For those that think marketing is a discretionary expenditure the red pen has been easy to apply whilst even those who understand that marketing is an investment that delivers measurable returns are picking up the red pen. All of the data gathered by advertising associations around the world show that investing through a recession usually reaps long term rewards. None of us can predict what will happen next, but cutting expenditure usually results in erosion of brand value.

For those that think marketing is a discretionary expenditure the red pen has been easy to apply whilst even those who understand that marketing is an investment that delivers measurable returns are picking up the red pen. All of the data gathered by advertising associations around the world show that investing through a recession usually reaps long term rewards. None of us can predict what will happen next, but cutting expenditure usually results in erosion of brand value.

As Charles Darwin said it is not the strongest or the fittest that survive it is those that are most able to adapt to change. My local coffee shop closed very early after the lockdown. The owner looked after his staff first, made sure they were all safe and secure in their employment, using the opportunity to furlough them as well as showing the humanity to recognise that looking after their loved ones was more important in the short term than looking after his business.

Once he had done this, he found a way to continue to serve his customers. Using his shop window as his marketing tool he told people that produce could still be sourced and if you emailed him, he would send you the available inventory. He is making sure he maintains his loyal customer base, offering a service that is sensible and safe and secure and is buying my lifetime loyalty through these thoughtful and useful actions. He is maintaining saliency and creating brand advocates.



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