Of all the reported economic shocks, recent consumer hysteria caused by the Covid-19 pandemic has certainly been the most lethal. Since the global outbreak of coronavirus, the panic and fear among the public all across the globe is spreading rapidly, possibly even faster than the deadly disease. The impact of Covid-19 though, is not limited purely to the demand side, as the supply chain has been hampered equally.
The pandemic is estimated to cost the world economy a staggering 1 Trillion USD, given the current impact of lockdowns and social distancing. Startups and businesses are unable to conduct their day-to-day operations and the supply chain disruption has hit nearly every sector, with stock markets on the slide since February. Unless you live in a bubble (which sounds like a great idea right now), you’ve probably noticed certain declines in your business and an increase in isolation too, as coronavirus makes its way across the nation.
So, what’s a business owner to do? Panic? Nah. Plan? Yes!
We reached out to a few wedding professionals from all across the globe on your behalf and asked them for a few suggestions to help combat this dreadful economic meltdown! Here’s what they had to say…
1. CREATE A PLAN
A key precaution many business owners are taking includes creating or revamping an emergency preparedness plan. If you haven’t created a plan yet, it’s time to giddy up, employers! Meena Lee-DePasquale, Founder, 5th Avenue Weddings & Events started by saying, “This is the time to start improving your business. If you are having a hard time getting through these few months, think about taking a second look at your business plan. How are you saving and what could you do different in order to be better prepared for the next slowdown in the market?” Rituraj Khanna, CEO, Q Events by Geeta Samuel further stated, “It’s a good time to explore venue options in India since all the international weddings will happen in India now.” Planning ahead and optimizing free time during this point is key! Elie Berchan, Founder, Elie Berchan Wedding and Events Creation added, “Review your business plan and draft even a new one: We have a clear mind and we can focus; to do so – only watch the news ONCE a day! Not more, do not submerge your mind with worry and negativity. Review your marketing structure and strategy: Speak with professionals during this time, you can use good insights and great deals for your marketing platforms as soon as things move a bit”
2. APPRECIATE THE NEW POSSIBILITIES
How often have you dreamt about working exclusively from the comforts of your home? While we agree this version of it is slightly warped, why not appreciate it while you’re stuck in it regardless? The world is on hold, the earth has ‘stopped’ moving and so has the competition! Samit Garg, Founder, E-Factor Entertainment commented, “Not panicking is the probably the best thing to do in such times. Life happens and this too shall pass. Use this time for introspection – ideation & invention.” Crucial advice during these trying times, no? Tomas De Bruyne, Director Floral Experiences Worldwide furthered this sentiment by adding, “From the first day I started as a designer, I was convinced that improvisation skills and creativity are the highest assets we have. Used right, these are the instruments we can use to REINVENT ourselves. And that should become our focus now. It is mine, for sure.”
3. LOOKOUT FOR YOUR FINANCES
An irrefutable aspect about the pandemic and global shutdowns is the imminent monetary loss- the one factor business owners fear the most. Vandana Mohan, Director, The Wedding Design Co. stated, “We look at how we can trim our expenses on a project by being more mindful. For the future we all have to look at our business differently. Social responsibility. Responsible capitalism.” Andrea Spalletti Trivelli, Owner, Boutique hotel Villa Spalletti Trivelli further added, “We are trying to be as customer friendly as we possibly can without jeopardizing our financial situation and suggesting to postpone instead of cancel. This should give us enough breathing room to make it out of the crisis and go back to doing what we do best.”
4. REMAIN POSITIVE, PEEPS!
Eric Veroliemeulen, Managing Director, Villa Medicea di Lilliano Wine Estate accurately stated, “In times of a Pandemic, you need to hold tight and set your priorities. I am always an optimist and try to think positive in life! The Italian authorities are not allowing public gathering, events or weddings for the moment but I am positive that everything will be back to normal soon!” Food for thought, huh? Bhavnesh Sawhney, Director, FB Celebrations beautifully furthered this sentiment by adding, “One important asset to stop your business from crumbling in my opinion, is a positive state of mind. It is always best to look at the present and plan ahead for the future.”
5. SHOW THAT YOU CARE
It’s easy to get embroiled in your own issues and forget the world exists around you. But hey, clients are clients, and very often, they need constant reaffirmation of your presence in their lives and sincerity in making their big days special. To ensure that this sentiment was conveyed to her clients, Monica Balli, Destination Event Planner created a unique policy. “I am creating a new way of approaching safety towards my clients to make them feel safe that is called the WE CARE POLICY and is extended to all our suppliers. WE are trying to create synergies to be able to market our destinations and services to b2b clients as well as brides and corporate planners.” Furthermore, Matteo Corvino, Event Designer and Wedding Planner also added, “Focus on your weddings and strive to aim for quality, not quantity.”
6. ENSURE SANITIZED ENVIRONMENTS POST-LOCKDOWN
Anita Yenovkian from Continental Maritime creates unique yacht weddings. She stated, “Wedding events on board are a great idea where perhaps you can have less people than you would usually but there would be the mechanism to check yacht premises as well as everyone’s well-being before getting onboard.” This ensures the security and comfort of all passengers and the sanitization onboard is relatively easier too. Speaking in a more general sense, Antonio Ladisa, General Manager, Tenuta Monacelle stated, “For wedding businesses, it will be necessary to certify and guarantee sanitary hygienic standards in rooms. As well as food & beverage and staff services.”
7. STAY CONNECTED, STAY PRODUCTIVE, & SHOW SOLIDARITY
Fernanda Bellucci, Videographer & Movie Maker, Creative Arts Wedding Film had a beautiful finishing statement. She said, “We are a creative and inspirational people and I must say that we are doing really well! Today solidarity and union are sovereign here in our beautiful country, I am very excited about the new projects we are creating together and soon we will be even better than before!” Staying united against this deadly disease is what will get mankind out of it. This is the time for business-owners and non-business owners alike to put their interests together, and hopefully create something beautiful. Sam and Rayana Sacremento, Wedding Photographers, Sam Sacramento Photography concluded by saying, “Take the time and get ready for when everything goes back to normal, updating websites, social networks, & studying! Those are some of the things we are doing and we advise our colleagues to do it right now. We must use this time for something positive and productive.”
So, despite the news being all doom and gloom since the outbreak of the virus, it’s important to focus on the positive so that you have the energy and resolve needed to weather this storm! Stay strong, the end is in sight!
