You have dealt with a lot of change. Many of us have been sheltering in place for over three weeks. If you are like me, you are getting cabin fever. You have figured out some of the bumps in working remotely with your team. If you have not been thinking of the impact on your business in the long-term it is time to brace yourself for the longer-term impact.

If you are in an industry that is on the front-lines of this crisis you are already dealing with the fallout. Airlines, hotels, cruises have all had to cut back substantially already. We see indicators in unemployment and lower spending. The second and third-order effects of our collective slowdown are coming. Examples:

Less demand for suppliers to restaurants and bars
Lower tax revenue in government budgets
Healthcare providers delaying profitable procedures in favor of pandemic patient care

As a leader in your organization, your role is to think about what this means for your business and brace for the impact on your team.

What expenses can you cut to create room in your budget?
What can you do to document the value your staff provides?
What is the argument that each of your staff is essential?
What value are you and your team providing to your customers?
Can you help gain customer loyalty? Perhaps expand your services?

One of the best pieces of guidance for times like this is that we are in a race to the bottom. We are all working with more limited resources than we were just a few months ago. That means fewer resources inside your company and also fewer resources available to your clients spending money on your products or services. Find ways to deliver more value with fewer expenses faster than other leaders.

There is no better time to think like your CEO. Look hard at the value you are providing. Examine each expense. Prepare to argue for each position in your budget and expect to be asked to cut.