Balancing Business and Compassion During the Coronavirus Crisis

The coronavirus pandemic has resulted in a great deal of uncertainty across the globe. For countries experiencing mandatory lock down and quarantine guidelines, adjusting to life indoors with little outside contact can be tricky. For the thousands of businesses and companies that are operating in these countries, the uncertainty that comes with the quarantine is even more intense. With many businesses being forced to shutdown and stop operations, unemployment rates have skyrocketed, especially in the United States. 

With so much negativity surrounding businesses during these times, it can be difficult for entrepreneurs and business owners to see the light at the end of the tunnel. It is crucial to remember that everyone is facing this issue together. According to Bryan Klein, founder and CEO of The MAX Challenge, the best way to face this obstacle is by approaching it with a sense of compassion. 

"A business that acts too much like a business will not be in business much longer,” said Klein. “Have compassion and show kindness to your customers and community." 

Being kind to customers and clients during these difficult times will strengthen relationships and build trust. However, while it’s crucial to remain empathic, it’s also important to reposition the business in wake of the current events.

“Business will never be the same as we've known it before,” Paul Segreto, CEO of Franchise Foundry. “Moving forward will affirm entry into the relationship economy—one built upon mutual respect, loyalty and confidence. I'm a firm believer in this quote by Maya Angelou: ‘I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.’ Brands that pay more attention to delivering positively memorable experiences at all times will survive and thrive. Unfortunately, it'll cause a wider gap for those brands that don't pivot in this direction. The competitive edge will be how a brand makes customers (and clients) feel. It will be more personal and emotional but then again, what relationship isn't?” 

Moving forward, the businesses that are able to survive this crisis will be the compassionate ones that can pivot their business to serve their customers and community members. While changing a business model is no easy challenge, approaching situations from a place of kindness is always the easiest and most effective way to start. 

“This is the time to treat your customers like friends,” said Natalie Perkins, CEO of Bella Ballerina. “We are all connected—everyone just wants reassurance that they are doing the right thing and spending their money in the right place. This is the time to do right by everyone.” 

Business owners should start this pivot by asking themselves what they can do to relate to the humanity of their customers. When business owners discover how they can relate to customers on the most basic level, the rest of the pieces fall into place. Business or not, everyone one of us is facing this challenge, and the businesses that are seeing the most success are the ones that are able to practice compassion.