Enough with warnings and dire predictions. It’s time to look beyond this coronavirus moment and remember the big picture. Remember The Great Recession? We learned a lot from that difficult and scary period. Today we want to share some key learnings designed to help inform your business and marketing planning.
First, let’s acknowledge that big U.S. companies emerged from the deepest recession since World War II more productive, more profitable, flush with cash and less burdened by debt. Read the Wall Street Journal analysis from 2012 here. And on the evolution front, the Kauffman Foundation sponsored a 2009 study that found more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market.
There’s a lot of wonderful and insightful analysis about companies that survived the last recession. When times were good, really good, the insights team at Tunheim researched the key business strategies and practices that helped companies not only survive the recession but thrive. Our insights on the business behavior changes that spark growth and expansion during tough times can be found here.
Crisis communication for leaders: Have an FAQ mentality. Anticipate today's and tomorrow's concerns, especially of the least powerful and most vulnerable. From big picture to small details, provide a steady stream of truth.— Jill Geisler (@JillGeisler) March 13, 2020
Here are a few articles that we consider required reading today.
- U.S. Stocks Jump As White House Plans $1 Trillion Stimulus, NPR
The Dow Jones surged today after one of the biggest slumps since the Black Monday crash of October 1987. The White House and Federal Reserve unveiled massive stimulus measures to help our economy cope during the Coronavirus crisis.
- Minnesota COVID-19 testing restricted amid supply shortage, Star Tribune
The state’s public health lab is restricting the criteria for Coronavirus testing after receiving a surge of testing activity that taxed its supply of kits and chemical reagents needed to confirm the presence of the COVID-19.
- White House Takes New Line After Dire Report on Death Toll, New York Times
New Federal recommendations for Americans to decrease activities appeared to draw on a dire scientific report warning that, without action by the government and individuals to slow the spread of COVID-19 and reduce new cases, 2.2 million people in the United States could die.
- As U.S. Tries to Slow Coronavirus Impact, Europe Hunkers Down, Wall Street Journal
The U.S. government found ways to soften the economic hit as the result of the coronavirus as businesses continue to close, the European Union plans to shut its borders, while fears of a pandemic-induced recession kept markets on edge.