Right now businesses all over the world are facing times that no one could have imagined. Decisions have to be made that will impact the viability of the future of the business. Collectively, COVID-19 is wreaking havoc on the economy as over 20 million people have filed for unemployment over the last 4 weeks, shattering historical records.
You might have missed it…that slim line on the very right side of the chart that soars above every other week….the one that looks more like a border to the chart than actual data is the last 4 weeks of unemployment claims. So where does that leave us? To be honest, not in a great spot. But there are many more businesses fighting for their lives right now that will have to make decisions that could determine their ability to stay in business.
The first round of funding for the Paycheck Protection Program is gone, but there are talks of future rounds. This is one way to help infuse much-needed cash into small businesses to keep employees on payroll…if you can get your hands on some of that money.
Another thing to pay close attention to is your KPI’s. Keep in mind, however, that these may need adjustments or may need to be completely overhauled during this time. This is a difficult topic to cover generally based on the different impact businesses are feeling as well as the different stages that each and every business is in. Each is impacted uniquely so you need to consider what is driving impact in your business. What and how you measure it extremely important right now.
Marketing campaigns need to be watched closely. For most businesses, critical campaigns shouldn’t be stopped, but they should be monitored as frequently as possible to make sure that they are driving results. Data visualizations and dashboards should be prominent for everyone, including those now working remotely. Consistent charts that tell a clear story and are shared among team members will help everyone stay on the same page.
Marketing messaging needs to be considered more carefully in order to stay sensitive to the many who are suffering right now. Timelines for projects and other initiatives or goals will most likely need to be adjusted or put on hold for now. Non-critical campaigns may need to be slowed down or stopped.
Whatever position your company is in, we wish you all the best. We are passionate about getting the right data in front of the right people in a way that can help you make the right decisions. This is critical now more than ever. If you need a better way to visualize your data, try a 14 day free trial of DataHero now!
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