As we begin to move into a new period of “normalcy,” we all need to understand that this means a ton of uncertainty and volatility. Everyone in business is impacted, and we all must fight during this time to survive and recover. To that end, we must begin making educated assumptions built around data from medical professionals and scientists.
To help you be prepared to not only survive, but be in the starting blocks when recovery starts happening, here are my predictions and projections based on my 30+ experience as a risk strategist and crisis management expert:
- The Coronavirus will be around for the next 1-2 years. What we are attempting to do is “flatten the curve” to avoid overwhelming our hospitals. ALL experts agree that what finally does it in is when enough people (60-70%) gain immunity and/or a vaccine is developed (8-12 months at best). This virus will be a factor for the next 18-24 months in some way, so prepare for that.
- Our Stay Home situation will last another 3-4 weeks at best. I know everyone reading this missive isn’t in that situation, but most of you are. Expect business to stay in its current condition for another month. That means you need to find a way to keep generating revenue as you operate today.
- Governors hold the power locally. The Federal Government cannot overturn state mandates, based on laws created after the Spanish Flu a century ago. Focus on what is happening locally and statewide to assess where you are in the crisis curve.
- While the Feds just agreed to distribute $2 Trillion dollars to boost the economy, there is still uncertainty of what that means for small business owners and entrepreneurs. You can’t count on any of that money; you must plan on creating your own path. While I do believe we will all see the individual payments per person and family distributed quickly through the IRS system, the business part will take longer. Please educate yourself, complete and return applications for assistance, but plan on fighting this yourself. You are the one the bet on and your best bet.
- While things may open up slowly after another month, life and business as we know it will changed. There will continue to be strict rules on social distancing. Events and conferences may still not be allowed. Sports and other events will likely go on with little to no spectators. And, if we don’t do this right, there could be another outbreak in the Fall. That’s why the recovery phase is so crucial.
Projections to Recover:
- You can’t get stuck stretching or in the locker room when the recovery gun is fired. You need to be poised in the blocks. How do you do that? Strategy created today. While you have more time and might even be isolated, invest in using your own predictions to be ready to roll in a new physically distanced world. This will be different based on your industry. You must be poised to add cash flow.
- Start thinking now about how your employee situation will look. Will you need to add more? Will you need to stand pat? How will training or development impact it? If you have to hire, will you keep your standard hiring practices, or will you simply need warm bodies?
- What about technology? If you’ve had virtual workers, will you keep them at home working? What are you doing to protect from cyber crimes? What will your IT look like when the starting gun to recovery goes off?
- What will your clients and customers need? Will there be increased confidence or will there still be anxiety? What can you offer to help them today?
- What about your supply chain? Will you have lost any key partners? Will they be as prepared as you are? Importantly, what happens if they are not? You must contact all key supply chain partners to make sure they have a plan that matches yours so you can succeed together.
Here’s the deal, my friends. I once thought 9-11 was the crisis of my lifetime. THIS is the crisis of our lifetimes and the entire planet is sharing in it. The best way to maintain and grow our businesses is to create products and services that help and improve the conditions of our clients and customers. That way, we can employ people and help the economy be sustainable for everyone.
We are only a short way into this marathon. Small business and entrepreneurs like all of you and your employers are critical to us as a planet making it through this without a recession or depression. The answer is to gear up and be ready to go now and in the next month. That takes strategic planning. The time to start that is now.
Quote of the Day:
“Never put off until tomorrow what you can do the day after tomorrow.”
~ Mark Twain (we always can use a little Mark Twain, especially now)
I can help you with strategic planning and implementation. I’ve got plans and programs that offer monthly and deferred payments during this time. I can help you make decisions to increase your ability to generate revenue and enhance protection for your business and loved ones. Call me at (360) 271-1592 or email me. Let’s just talk. No obligation. This is my area of expertise. I am ready to help…
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