Treasury Secretary Steven Mnuchin has predicted an economic rebound “within months.” Other economists have predicted a slower recovery, but however quickly the economy emerges from its current slump, a rebound will happen. Companies, hiring teams and sales teams need to be prepared to capitalize on this uptick.
It’s important to note that compared to the recessions of 2000 and 2008, economic forces (the bursting of the tech bubble, the housing crash) weren’t behind the market drops. Instead, our economy has been in decline because it has simply been closed. When it reopens, it will gain momentum.
Companies that can intelligently navigate through this downturn will be in the driver’s seat and better positioned for rapid growth. Here are five things to consider:
1. Look for the ‘A’ players
Many top-tier candidates, especially in sales, are available now, when they would not have been available in a traditional economic environment. Companies that are smart about hiring can use this opportunity to hire ‘A’ players and top-grade their sales team. Data shows that sales and customer success roles are the most affected by coronavirus startup layoffs, and layoffs in the tech industry are growing. This can be positive news for companies who’ve had their eye on key professionals who weren’t looking to leave their positions before. Talent is available; you just need to know where to look. That’s why platforms like TitanHouse are especially valuable in the current economic climate.
2. Consider opportunistic hiring
You may have your eye on candidates who are still employed elsewhere. But if their companies or industries are floundering, contact them now. Professionals who are anxious about the stability of their current roles will be actively considering new offers. Now is the time to poach talent from your competitors if you can afford to do so.
3. Be flexible with clients
Companies that are flexible on their deals now can create strong future opportunities. Consider flexibility in terms like cost, payment, length of agreement, and services offered. For example, allow clients that can’t pay now to defer their payments if they agree to another year on their contract.
Work with your existing clients and consider new clients’ requests; get business in the door now, and these clients could end up becoming long-term customers. They won’t forget your willingness to work with them in a difficult time. Companies need to work together to stay in business right now.
4. Consider lead generation
Smart companies are spending money now on building up a dam of leads. When the economic tide starts to turn, you will have these leads and your team ready to go. Compile all the data you need now on your leads; get them in your systems so you are first to contact them when the time is right.
5. Increase your recruiting
Many companies are preparing months in advance for the economic rebound. Department of Labor Secretary Eugene Scalia has predicted that record numbers of people will be hired as states reopen. Even in stable economic times, it can take months to hire the right sales rep. Smart companies are getting ahead of the game by identifying the best candidates now and recruiting them early. Even if you can’t afford to make an offer immediately, you’ve done the work to build the relationship, and it will pay off when you’ve assembled a top-tier team of people a few months from now.
As the Chief Executive Officer of Titanhouse, Mike Levy is responsible for the overall strategy as well as daily operations.
Prior to TitanHouse, Mike was the Chief Revenue Officer at RainKing Solutions where he was responsible for the client-facing business. As one of the original investors and members of the executive team, Mike helped build and guide RainKing from beta to two very successful PE exits. Prior to RainKing, Mike was a Vice President of Sales for Ipreo.