We are facing unprecedented times and the times change by the minute. There is one definite amongst the uncertainty and that is, the economic landscape has greatly shifted for the foreseeable future. The entire world lays in wait for the day we receive good news that it’s safe to get back to our “normal” lives, but normal doesn’t exist anymore. We now find ourselves at ground zero.
As a business professional of 20+ years I have seen my fair share of uncertainty in the economy. I too survived the ‘08 recession and lived to tell the tale like many of you. The past two weeks I have witnessed my clients and the general market experience fear, chaos, uncertainty and confusion. I have also witnessed a rare breed of individuals go the other direction seeking opportunities and silver linings amidst the shutdown.
Here’s what the past few days has taught me:
- The home has become the new economy – everyone is setting up camp with food, entertainment and workstations for their families (and pets). Advertisers will be targeting the home heavy with a slew of products to make life more manageable and productive while quarantined.
- Employers are learning that workers in this “knowledge economy” can be overwhelmingly productive. Especially since this there is less time spent in traffic and around the water cooler. Additionally, those lucky enough to remain employed want to ensure they’re not on the chopping block.
- The economic shutdown is serious and unfortunately many businesses will close leaving many unemployed workers across the US and abroad. Millions of lives will forever be changed, uprooted, devastated and transformed.
- Not all businesses will be affected in the same way. There are some businesses that without a shadow of a doubt will find their way through it all and not just survive but thrive to new heights. They will innovate, find new approaches, open up new markets and find new customers. For many businesses these plans are already in motion.
- Entrepreneurs will find their way back up. The grit and determination that got them to the top in the first place generally doesn’t go away. If I know entrepreneurs like I have for the majority of my life, failures, downshifts and lack of resources only fuels the fire and makes victory that much sweeter.
Currently I am helping businesses navigate in the following areas:
- Crisis Management – determining which calculated actions should be taken within a short-window of time. This conversation takes into account issues such as cash-flow, human resources, existing debt/liabilities, risk management and general concerns such as employee and compliance issues.
- Restructuring – looking for opportunities to rearrange existing resources to better sustain the business as everyone buckles down for a major economic and financial blow. This includes conversations ranging from reducing expenses to asking staff to take on additional responsibilities and everything in between. Ultimately businesses are looking to tighten the belt and do more with less.
- Strategy – in general everyone is taking a hard look at their business from A to Z that includes but not limited to – assessing staff, clients, expenditures, sales, marketing, assets/liabilities, market opportunities, partnerships/mergers, investments. In these sessions we’re ultimately asking the hard questions of why are we doing this? Is this the best path to continue over the next month up to the remainder of the year? Given the current climate, is a pivot smart? What are our short-term options?
- Innovation – businesses are being forced into innovation as a way of survival. We’re looking at new ways to produce and promote products and services leveraging remote workers. New tools of communication are being utilized along with the adoption of more streamlined workflows. Pricing models and delivery systems are being scrutinized in an effort to find faster but ultimately better and more efficient means of operating. Lastly, innovation is helping businesses look internally to R&D as a major driver of business in the future.
In an effort to help reinvent the new economy I am sharing all actionable insights through the following channels:
If you or anyone you know is in need of a free consult email me directly, no strings attached.
Let’s find our way through this Great Reset together!