COVID-19 Economic Impact on the Printing Industry
This page features updates as it pertains to COVID-19 and the Economy. Topics covered include: how the virus is affecting the economy; how Washington and the Federal Reserve are responding; what’s working (and what isn’t); what is likely next and how printing companies can protect themselves from the crisis and prepare for the upturn that will follow.
Updated April 1, 2020 @ 11:30 AM
Effective Crisis Communication
Let’s not depend on federal stimulus and aid to make things right. Let’s move aggressively to protect our companies. In “Loans and Layoffs” we talked about how we can minimize layoffs, and so qualify for loan forgiveness under the Coronavirus Aid, Relief, and Economic Security Act. This time let’s discuss effective crisis communication.
And let’s begin with our employees, because nothing matters more than keeping them informed and safe. Martin Reeves, Nikolaus Lang, and Philipp Carlsson-Szlezak, authors of “Lead Your Business Through the Coronavirus Crisis,” Harvard Business Review, recommend the following:
- Create an information hub. The authors warn, “don’t assume information creates ‘informedness.’” Employees have access to plenty of information about the virus, but much of it is not particularly helpful or accurate. So create an information hub that includes the most recent federal, state, and local health guidelines; what the company is doing in response to the crisis and why; the aid Washington is providing, how the company will access the aid, and how it will help; state and local sources of support on which employees can draw, etc. The many benefits of the hub include getting the facts out “so time is not wasted clearing up misconceptions.”
- Don’t be afraid to change the message. We worry that frequently changing the message makes us look indecisive and ill-informed. But with so much change and uncertainty, we need to regularly update strategies and tactics. Reinforce that guidance is based on the best information available to date, will be updated as circumstances change, and all updates will be shared with employees.
- Be specific. Take on the tough questions: How is COVID-19 affecting the company? What is the company doing about it? What are management’s priorities? How will the priorities be achieved? But don’t waste time with generalities that leave employees guessing or drawing their own conclusions. Instead, answer as specifically as possible, reinforcing that the answers are based on what we know today and will change as conditions do.
Communication with clients (and prospects) should show you are open, active, and ready to help, according to “How to Protect Your Small Business’s Bottom Line From Coronavirus,” www.insureon.com. Use the company website, social media, email, telephone, and all other communication channels to get that message across. Describe how you are reducing risk, protecting your employees and their families, and contributing to your community.
Andrew D. Paparozzi joined SGIA as Chief Economist in 2018. He analyzes and reports on economic, technological, social and demographic trends that will define the printing industry’s future. His most important responsibility, however, is being an observer of the industry by listening to the issues and concerns of company owners, executives and managers.
Previously, he worked 31 years at the National Association for Printing Leadership. He has also taught mathematics, statistics and economics at various colleges.
Andrew holds a Bachelor’s degree in economics f rom Boston College and a Master’s degree in economics — with concentrations in econometrics and public finance — from Columbia University.
