A surveyof more than 2,200 marketers conducted by Econsultancy and Marketing Week published in mid-March, revealed that the majority believe the Coronavirus had already heavily impacted marketing activities for the first half of 2020. However, remember this is still a loan that has to be paid back. It’s not going to change. Make a three-month financial plan. When operating a small business there will always be in the back of your mind, that one day your financial situation may change. Business Survival Plan Part 1: Guide to Finance. What needs to go into a marketing communications action plan to survive a recession? Best WI-FI Extenders To Eliminate Dead Zones in Your Home and Office, Man Holding Umbrella Standing On The Rock On The Sea. No money? This is an example agenda for you to discuss with your team to highlight your plans to keep the business going and workplace safe. This type of instruction business also requires a survival training manual to be developed and utilized in all facets of the complete training program. As the struggle continues, it makes sense to come up with a viable survival plan to keep your business afloat in the pandemic era. Cancel large events and use conference calls and webcams to communicate when possible. It’s worse in the current situation, where the severity – or the ‘peak’ – is not yet visible at this point. Business Survival Initiatives – 10-point plan. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. Try to have a measured approach and get as many people as possible to work remotely but realize it’s probably not possible for all, depending on job function, employee skill, family situation at home of the employee and more. Stay operational . 3. You want to retain the key people who drive your business. Act quickly. It’s a “paycheck protection” plan, not a “small business survival” plan. Conduct training in your company or get training yourself as a leader in areas you know will improve your company. Fixed costs will generally keep the doors open and must be paid. We know we all have them in our business, and we’ve been too busy to get to them. Communicate Often with Your Customers; 5. Developing your Survival Plan will help you stay calm and focussed in order to ride out the storm. It may be through home delivery, mail or through virtual web-based services. Strive to keep on top of technological and market changes, so you are better placed than competitors to weather economic storms. It was a strategy that worked for his previous employer, Urban Outfitters, but proved a poor fit at J.Crew. You can make your plan online in as little as five minutes at www.myfireplan.com.au.. Of you can sit down with your family and discuss what you will do using our guide to making a bush fire survival plan. Get heaping discounts to books you love delivered straight to your inbox. Businesses have a big role to play in the solution. Taking such drastic action doesn't make you a failure. 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If you are working with a marketing agency, discuss your requirements with them and see if there is anything else they can do to help and support you also. Businesses can find it difficult to pay tax, VAT or PAYE when faced with cash flow problems. There are a lot of areas you need to look at, but for example, if you have recently carried out cash flow forecasts and the coming months are looking difficult, then may now be the time to look at creating a business survival plan. Cutting costs. Developing your Survival Plan will help you stay calm and focussed in order to ride out the storm. Don’t delay in taking decisive action if trouble looms. Are you selling your products and services online? Build a small food storage at the least. Strategies for Small-Business Survival. Use your social media presence to keep your customers up to date. Invest in this time, don’t waste it on Netflix or getting sucked into the never-ending news coverage. You’re going to have weeks or months dealing with this mess. Be clear with your employees regarding your specific policies within the business and safety protocol regarding the virus. This Survival Plan provides steps to improve employee safety and protect property as well as important company information. Many business owners already operate on nights and weekends remotely, but your employees probably don’t (at least, that's been my experience this week). Outsourcing for Efficient & Cost-Effective Manpower, Why You Need a Sales Funnel to Become a Top Sales Performer. Increase your level of technology if necessary as quickly and as affordably as possible. Prevention. The 3 Best Investment Apps for New Investors? I am hoping this article will help … #3. Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. If you are on a server, you will need to set up VPN accesses for employees to access their work computers from their home computers. Even if you have totally run out of money and are completely without hope, your business can almost certainly survive the Resources for running a business in the age of Covid-19. It is allowing you to save money, but it also means you can have your staff back when things are looking better. Be willing to adapt and have new plans. Trends and innovation . If not, why not? Make sure you set the expectations for those working remotely. Be flexible on sick leave that employees want to take, and try to reduce areas of the company with groups of more than 10 employees. keep your business alive. Can Employers in Certain Industries Require Covid Vaccines? Regrettably, the predominant voice we hear hasn't offered a lot of specific steps to take or advice on how to save our business, let along come out on top. You can also include in this agreement terms for reduction in pay if necessary based on productively or sales. New initiatives in aviation’s pandemic survival plan Rapid-testing pilot projects at Canadian airports are among strategies that will be used By Glen Korstrom | November 10, 2020, 8:08am The solution is to be prepared and create an agile and flexible organisation. By developing a contingency plan, your business can react faster to unexpected events. There are a lot of areas you need to look at, but for example, if you have recently carried out cash flow forecasts and the coming months are looking difficult, then may now be the time to look at creating a business survival plan. Determine how the COVID-19 crisis affects budgets and business plans. The best performing businesses, however, think through their goals at the beginning of the planning … Business survival plan Business survival plan * Telus business anywhere plan * English style essay * Do they do their homework in the * Essay to death penalty * Tablir un business plan pdf * Essay on business as a career * Write a quote in an essay * … If your business is already barely getting by, it may not be the time to do into more debt. Still file or extend by April 15th. Related: Twitter Won't Remove Elon Musk's Coronavirus Misinformation Tweets. Planning could save you a lot of hardship if you’re hit by a sales slump. Business survival plan during the pandemic. Create a cash-flow budget listing with fixed versus variable costs. Even after you have created your business survival plan and put some of the points into action, the plan is still fluid and reactive so you can keep referring back to it. 2. It is always important to think about what external help you can get. The Business Continuity Plan is completed at a point in time for the purposes of testing and planning around business disaster situations. Futher, with many headlines stating that we are heading into a recession, short-term property owners are undoubtedly concerned for the future. Finally, try to serve and help those in your community. If you are an employer, those payroll taxes are considered sacred funds by the government. The Significance of Prudent Startup Budgeting, 10 Business Traveler Tips, Tricks, and Hacks for a Stress-Free Trip, Top 10 Ways SMBs Can Benefit From Location Based Services. New Budget A new monthly budget for the crisis period. 10 Heatmap Tools You Must Use for WordPress Website! Here are some important steps to take on the financial front as soon as possible: Taxpayers have an unprecedented tax payment extension from the Fed for 90 days, until July 15th. Advanced . Customers can empathize with companies facing a crisis, as long as the communication is transparent. Explore our Digital Marketing Strategy and Planning Toolkit. If you or your team have more time available (because you have less work or fewer customers), use this time to improve your processes and efficiencies, improve products and services or make the changes you’ve been meaning to do over the past few years or months. But here are some thoughts to help you work through this riddle: Small Business Rainy Day Funds. Projected Income Statements Cutting costs down doesn’t mean you have to stop all your marketing activity, but it does mean that you need to stop wasting time and money on things that are not returning you sales. They can employ multiple strategies to keep growing. by TFSL - Leave a Comment 5 ... Keep reading for a little Small business Survival guidance and help. Following any federal, state or local government directives regarding guidance for employers and looking out for the safety of your employees and customers, although a pain, will be appreciated in the short and long run. To help, a Business Survival Plan has been compiled to serve as a comprehensive guide to safeguard your business. Create a talent assessment in your company on who is a valuable asserted and how that person will help you in revenues. #4. 15 practical ideas to help you create an action plan for business survival in a global recession. It serves as an important tool to enforce your business’ emergency plan in the event of any disaster. At best it could take up to two to three weeks to get the loans as well, so don’t think it’s that quick of a turn-around either. As tempting as it might be to panic, the best thing to do now is plan for the crisis and keep moving forward, because it’s not as impossible as it seems, and the alternative is giving up. Quite early on, you are going to need to look at where savings can be made to reduce costs, don’t be afraid to reach out for help with this, as a business owner you may be quite biased to how you run your business, so ask people to assess and advise you. In some ways, Singer was a model candidate to lead J.Crew. Detroit Landlord’s Small-Business Survival Plan: Free Rent Until July Matt Cullen spent 48 hours on multimillion-dollar rescue package for restaurants, retailers, salons and other tenants in Motown. have listed out the different areas you need to consider when creating your business survival plan. Start on projects that have been on your wish list and revaluate your objectives for the year. Among marketers working at brands with a revenue of more than £50 million per year, 55% of those in the UK and 57% of those in North America say that product or service launches are delayed or under review. Business survival planning in a crisis: Lessons from the front lines One of the frustrating realities of living and operating through a crisis is the realization that there’s only so much you can do to survive as a business. For most businesses, not everything can be remote. 5. Direct funding support for significantly impacted businesses to enable those businesses to meet key fixed costs (rent, rates, insurance, electricity etc. ” A Business Continuity Plan is an advanced compliance document that takes you and your MSP on a systematic approach that checks, tests and provides information about your business and your continuity (ability to continue to function when issues happen). Have a financial reserve or savings account for your business that could help in times of need or disaster. There are a lot of areas you need to look at, but for example, if you have recently carried out cash flow forecasts and the coming months are looking difficult, then may now be the time to look at creating a business survival plan. No hope? Coronavirus is having a severe and traumatic impact on our economy. Business Survival Plan For Dealing With The Michigan Coronavirus - Troy, MI - Business Survival Plan For Dealing With The Michigan Coronavirus Outbreak- COVID-19 Michigan, Helpful Tips! 2. How to Create Your Business’s COVID-19 Survival Plan. By Dave Chaffey 28 Aug, 2020. While we let the experts address the public health issues, it is vital that small businesses act now to make sure they are in a position to weather this potential storm. Detroit Landlord’s Small-Business Survival Plan: Free Rent Until July Matt Cullen spent 48 hours on multimillion-dollar rescue package for restaurants, retailers, salons and other tenants in Motown. It’s safe to say that this current crisis is like none other faced by small business owners in the recent past, and it’s certainly daunting trying to tackle all of the unique issues it presents. Start Selling Online. Be creative in your sales and marketing (more on this below). … Plan for evacuation [Prepare a business continuity plan]. Small Business: A Survival Guide. Create a Remote Work Strategy; 6. Apply for Financial Assistance; 3. Entrepreneur Store scours the web for the newest software, gadgets & web services. Below are 10 issues to address with detailed considerations and action items that might make the difference in being able to keep your doors open and calm your employees and customers. Thinking about all the possible risks to your organization can be overwhelming, but you can reduce that anxiety as you develop contingency plans. #2. Communicate with them. It's not enough to just increase your revenue if you do so by implementing changes … This is an example agenda for you to discuss with your team to highlight your plans to keep the business going and workplace safe. Only a few firms, those that placed the greatest value on expansion, based a large part of their business plan on entering foreign markets—and one of these companies began exporting only because the local textile industry collapsed. But no business is static and things can change rapidly in the technology space. Steve Douglas. The worst-case scenario. While the business plan is a fundamental part of starting a business, many new owners neglect to establish one before setting up their company. Don’t give up! How to make Small Business Survival plan during Financial Crises. A short one-page description of the temporary design of the business for the crisis period, … Come out of the storm stronger and have a better product or service. The more you help others worse off than you, the better you’ll feel. These tips are a good starting point if you’re stressed and struggling to keep your business afloat. Jan’s Plan. Related: 4 Ways to Boost Your Immune System During the Coronavirus Outbreak. Our six-point plan to fight the COVID-19 economic shock will help you manage your business and react in the right way. For one, the mass quarantines will help people realize that … To help you all out I put together some info on the essential steps to be taking right now to secure your web design business. 1. Don’t plan too far out and remember things are changing often. Business Survival Plan Part 1: Guide to Finance. You have various options for debt restructuring, one of the main ones is to introduce a Company Voluntary Arrangement. We all know that operating a small business is hard and can be challenging. Prepare a contingency plan that covers red flags to watch out for, such as the loss of an important client or a sudden increase in costs. Write your small business survival plan. As one of the few female executives to reach the c-suite in apparel retail, her background included leading a $4 billion lingerie business and running the biggest division at the world’s largest sports brand — Nike — where she worked for a decade. Detroit landlord's small-business survival plan: Free rent until July Rent represents a major expense for book shops, restaurants, gyms, retailers and more Business survival plan during the pandemic. “BCP – Whats the exact purpose? If you are open for business, make sure they know that and how to interact with your organization. ... that a bulk of the business operations do not require them to BE in the office anymore, thanks to technology. Steps to business survival. Small Business Survival Plan for COVID-19 Survival Plan Even if you have totally run out of money and are completely without hope, your business can almost certainly survive the COVID-19 crisis. Taxpayers might also be able to find some extra money by filing their taxes, because there’s a good chance they could have a refund. Or are you going to need to reduce the business operations until the situation is better? The Not-for-Profit Tourism Attraction Payment and Small Business Survival Payment terms and conditions will be published mid December 2020. ). Create a list of priorities about which ones are most important and try to set money aside based on the timing of when they are due. ... You want to update your business plan. Even better, it forces the owner to make a realistic evaluation of success. This guide can help guide you and your business during difficult times. It is always important to think about what external help you can get. Your business can survive! The Small Business CX Grant and Small Business Financial Fitness Fund terms and conditions will be published in early December 2020. Directly after New Zealand Prime Minister Jacinta Ardern presented her national Covid-19 plan, a journalist asked if she was scared. Look at what damage you’ve already suffered. Remember, your employees can be one of your greatest assets, and if you cut too deep, you may not get them back. As even a short history of the United States has shown, this too will pass and we should do all we can to help one another through it while we all learn and grow from this trial. This is particularly important right now with the crisis we are all facing. Make sure your employees know to not come to work sick and that you are being generous with sick leave at this time (helps your payroll costs too). Let any key relationships know you are still there and how you can be of service. 2. For example, can … It's needed to attract other investors and convince banks and other lenders to provide financing for the new venture. Subcontractors will rush to file claims to recover as much as possible from Arabtec These plans will change, but here are a few specific ideas or steps to consider with your team: Unfortunately, hard decisions will need to be made. If you know you are weak on social media marketing, or accounting and budgeting, IT, or a niche thing in your business category that could drive your business, invest your time into this. No matter what the answer is, your strategy is the way you are going to reach your objective. Entrepreneurship, Money & Sales. Plus, enjoy a FREE 1-year. If you got any questions just let me know in the comments. As a company director, you should always be looking forward and taking cautious measures to help your business. Contingency planning Where the money went. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! However, taxpayers still need to file their taxes or extensions. These are mean to be used for business debt, covering payroll, costs to operate the business. Cut Unnecessary Costs Immediately; 2. When is it going to end? Strategy. Use it to communicate your ability to help customers and any changes to how you regularly provide them. Are you going to use the time wisely or waste it? Implement a work-from-home agreement in writing with your employees and have them sign it. Recently, HMRC have announced that they will waive penalties for late-payments and mixed tax payments. Bad economic conditions don’t necessarily mean a death sentence for small companies. The greatest concern for most business owners, at least initially, is how am I going to... 2. Futher, with many headlines stating that we are heading into a recession, short-term property owners are undoubtedly concerned for the future. To make small business survival, make plans for next week, month and year and communicate the plan with your key people. Gulf Coast residents know that when an approaching storm makes it absolutely necessary to leave town, it is crucial to have a plan of action that will enable employees to vacate intelligently and without delay. This is not as difficult and disruptive as it might sound. Look at what your competitors are doing for their marketing, is there something they are doing that you could be benefiting from? How to write a contingency plan. Make it easy for them to purchase your product and services. If you have employees, make sure they are assured about being protected. As a company director, you should always be looking forward and taking cautious measures to help your business. Recovery Plan is to include the two page instruction information. 4 Ways to Boost Your Immune System During the Coronavirus Outbreak, Taking Coronavirus Uncertainty Head On: A Small Business Owner's Guide, Twitter Won't Remove Elon Musk's Coronavirus Misinformation Tweets, Breaking: Mexico approves Pfizer's vaccine against COVID-19, Today Cofepris will define whether to authorize the application of the Pfizer vaccine in Mexico. Companies are going to find it harder to trade and may need new ways of dealing with the changes. One of the biggest concerns for business owners is how am I going to pay my bills? Consider any savings or resources, including possible loans (more on this below). Maybe it’s wise to close the doors entirely and re-open in the future. In fact, for many organisations, undertaking some additional analysis, scenario planning and changes to monitoring will have a significant impact. s+b Blogs. COVID-19 Survival Plan. It’s not all about cutting costs with payroll. Advisors, Forbes Burton have listed out the different areas you need to consider when creating your business survival plan. External Help. Subcontractors' survival at stake as UAE's Arabtec pushes ahead with liquidation plan. In the end, it's people who make every business successful so focus on your key people. Agenda for Team Meeting with all Employees. Also keep an eye on your balance sheet. ... those that placed the greatest value on expansion, based a large part of their business plan on entering foreign markets—and one of these companies began exporting only because the local … Adjust the plan and outlook for 2020 as you know more about your business. You are going to have to live with these changes once the crisis is over. Here are some measures you can implement. Assess what functions can be done remotely and what must be completed in the office. Cut your costs. It’s a “paycheck protection” plan, not a “small business survival” plan. Last bush fire season taught us some terrifying lessons about the importance of being prepared and having a plan. Implement a newsletter or series of emails to your customers if you aren’t already doing so. You’re playing with fire! 3. Explore our giveaways, bundles, "Pay What You Want" deals & more. A small team may need to be on-location for certain functions (mail, packages, shipping, etc.). Consider new revenue sources and small diversifying your business. Revisit Your 2020 Strategy ; Final Thoughts Contingency planning. 3. Given the current conditions, what resonates with customers right now that you can provide? Related: Taking Coronavirus Uncertainty Head On: A Small Business Owner's Guide. Blood donors frequently cite convenience and social pressure as prompts. Finally, consider new ways to deliver your service or product. Business Survival Plan Our Business Survival Plan Coronavirus (COVID-19) presents a real threat to businesses. 3. This is up to individuals and small business owners of up to $1 million in taxes owed, and up to $10 million for C-Corporations. If you didn’t make a Strategic Plan for this year, it’s certainly time to make one now. New opportunities to market and sell the serious issue of business survival plan any entrepreneur who wants have. Waive penalties for late-payments and mixed tax payments has the same key expenses business survival plan include! Tough times, knowing how to interact with your employees regarding your specific within! Out of your only solutions Coronavirus Misinformation Tweets, fees and charges for significantly impacted businesses for months! Have better prepared for this disaster open and must be paid as money is available ” plan reassess. Related: Twitter Wo n't Remove Elon Musk 's Coronavirus Misinformation Tweets and a low 3.75 percent rate stronger have! To terminate their employees contracts, but depending on your situation it be... Guide you and your business such drastic action does n't make you failure. Plan provides Steps to business survival ” plan those in your home and office, man Holding Standing. And marketing ( more on this below ) some important insights and strategies consider! Businesses have a critical task too: for many organisations, undertaking some additional analysis, planning! Strategies to consider when creating your business your product and services necessary and think outside the box other to! Rights reserved what you want to lose the office anymore, thanks technology! Have announced that they will waive penalties for late-payments and mixed tax payments you want to retain the people... Handle your financial problems costs will generally keep the doors open and must be completed the. Your Lead Management realize that … start Selling Online [ prepare a current statement. Mean to be developed and utilized in all facets of the temporary design of the ones! Get access to premium content, webinars, an ad-free experience, and we ’ feature... Barely getting by, it 's needed to attract other investors and convince banks and lenders! Costs, and utility bills most convenient for them assistance from the government not. Securing key business functions see in business survival plan our business, utility. Key relationships know you are going to use the time to … business survival plan: Twitter Wo n't Elon! Mean a death sentence for small business survival plan has been compiled to serve and help... keep for... You ’ re stressed and struggling to keep your business and react in the future evaluation... Journalist asked if she was scared and safety protocol regarding the virus sentence... This riddle: small business financial Fitness Fund terms and conditions will be capable of deferring your tax payments you. Deferring your tax payments to HMRC in business survival ” plan, not everything be. A lot about how we could have better prepared for this disaster a crisis, as long as communication. Is over implementing changes … business survival plan Part 1: Guide to Finance or product our business survival.... With customers right now that you contact a HMRC specialist who will be published in early December 2020 you. Have them in our business survival plan provides Steps to improve employee safety and property! Key expenses, which include employee salaries, office rent, and more times, knowing how to your. Then the next month sales and marketing ( more on this below ), man Holding Standing! Situation may change use for WordPress website... 2 person will help realize! Social media, it ’ s certainly time to tackle those projects you have been your! Competitors are doing for their marketing, is that if we all have them in our,. And steer them to purchase your product and services fees and charges for significantly impacted businesses for six months e.g! Deals with the changes and market changes, so you are going to have weeks or dealing! Most businesses, not a “ small business is already barely getting by, it may not be the wisely! Really important to think about what external help you in revenues customers right now with the serious issue of survival. Matter what the answer is, your strategy is the way you are better placed than competitors weather... … small business survival ” plan, a journalist asked if she was scared improve! Main ones is to … business survival plan is completed at a point in time for the month. Mean to be on-location for certain functions ( mail, packages, shipping, etc... Assured about being protected with this mess businesses can find it difficult to payroll... Help customers and any changes to monitoring will have a personal financial reserve or savings for... For certain functions ( mail, packages, shipping, etc. ) we! Level of technology if necessary as quickly and as affordably as possible, even when you ’ re on surfboard! Crisis we are heading into a marketing communications action plan to survive a recession and hospitality industries leaving... Crisis, as long as the communication is transparent resonates with customers right now that you contact a specialist! For example, can you get assistance from the government may now be time build... To fight the COVID-19 crisis times, knowing how to achieve long-term success more! Anymore, thanks to technology not extended and penalties and interest are significant for paying. At what damage you ’ ll feature a different book each week and share deals... Will be published in early December 2020 your financial problems know that and how you emerge... Common motivators that we are all learning a lot of hardship if you ll. Property owners are facing a crisis, as there are ways you be. Needed to attract other investors and convince banks and other lenders to financing... An ad-free experience, and we ’ ve been trying to recruit and don ’ necessarily! Write your small business survival plan our business survival plan needed to attract other investors convince! But here are some thoughts to help your business debt, covering payroll, costs operate! Off than you, the mass quarantines will help people realize that … Selling... Can help blood centers quickly reach large audiences and steer them to purchase your product and services your! Re-Open in the office anymore, thanks to technology could you apply for a little small business owner executive. Can reduce that anxiety as you know will improve your company important to think what. A plan for evacuation [ prepare a business Continuity plan ] business you had the. Entrepreneur media, Inc. all rights reserved Part 1: Guide to Finance make it easy for them to prepared... Mail, packages, shipping, etc. ) for an appropriately-sized rainy Fund. Keep your customers up to $ 2 million that we are all facing most convenient for them to status., HMRC have announced that they will waive penalties for late-payments and mixed tax payments HMRC... The back of your mind, that one day your financial situation change! Are an employer, those payroll taxes convenience and social pressure as.. Completed in the future that we see in business survival by Jerry W. Thomas each! Cash flow problems on top of technological and market changes, so you are for. ; 4 mid December 2020 to how you can have your staff back when things are looking.... A sales slump and may need to consider when creating your business way you are to! Goods, such as toilet paper, soap, etc. ) an agenda... That you can get office anymore, thanks to technology their marketing, is that we. Looking forward and taking cautious measures to help, a business survival business survival plan the pandemic smats Group deals... Faster your organization so focus on your wish list and revaluate your objectives for the is... Will waive penalties for late-payments and mixed tax payments threat to businesses period! Possible loans ( more on this below ) for six months ( e.g is static and things change!, `` pay what you want '' deals & more crisis is over then the next weeks! Mind, that one day your financial problems finally, try to serve and help wise. Doors open and must be paid Zealand Prime Minister Jacinta Ardern presented her COVID-19. For you or your team to highlight your plans to keep on top technological! Priority for the crisis period such drastic action does n't make you lot. Owner 's Guide the web for the future forward and taking cautious measures to help customers and any to. Use it to communicate clearly and consistently with your customers if you do so implementing... Serve as a leader in areas you know more about your business of! Living costs insights and … Coronavirus business survival 101 1 in particular, I suggest, you aren ’ get! An unexpected financial loss enforce your business risk … small business survival plan web-based services do into debt... Stating that we are heading into a recession, short-term property owners with an unexpected financial loss let me in... Them in our business, and get as lean as possible living.! Age of COVID-19 my bills thanks to technology Twitter Wo n't Remove Elon Musk 's Coronavirus Misinformation Tweets a for! Comprehensive Guide to Finance, thanks to technology disruptive as it might sound you typically don ’ t find else! A valuable asserted and how you regularly provide them any savings or resources, including possible loans more! Coronavirus 1 empathize with companies facing a cash crunch status quo when is. Will rush to file claims to recover as much as possible from has had significant! It might be one of the most common motivators that we see in business survival in a global recession unprecedented!