As many of us struggle to grasp where we are headed in the face of uncertainty that has been dealt across the world, it’s important to also take a moment to appreciate the good that has come from the pause of hustle and bustle; the extra time at home with family; added time to reflect on our routines and daily lives; starting self-improvement exercises; and engaging in new hobbies.
As we try to understand the situation, you may be asking, “What just happened?”
Understanding the history of your business, pre and post COVID, will help determine how you’re going to rise from the situation.
American companies spent years in an economic boom. Then, the coronavirus hit. But it affected more than just our local and state economy; it affected more than just the U.S. economy.
What just happened affected, and will continue to shape, our global economic business economy, relationships, practices and standards.
The coronavirus pandemic has forced many U.S. companies to reverse expansion plans they had at the start of the year. Job losses have piled up and awareness of employee perceptions, familial relationships, and medical sensitivity is at an all time high. The pandemic and measures to stop it from spreading upended daily life and sent companies scrambling to cut costs and reduce headcounts–the opposite of what many of them were planning at the start of the year.
Compare and Grow
Before the disease spread globally, the impact of the pandemic began to show up in the form of supply chain constraints that made it harder to import goods or parts from China because of factories that were shut down there. In late February, for example, the coronavirus outbreak in China was already making it harder to stock stores with goods from the country. According to some, though, many company’s merchants already knew how to deal with the inventory challenges because they dealt with the uncertainty of tariffs. So while what we’re seeing is in new form, the elements can still be picked apart–and learned from–when applied to current characteristics.
Change is Good
While the virus is likely to trigger an economic hangover that could last for years, it has also prompted soul-searching as businesses plot out how they will bounce back. It could cast a long shadow, permanently changing how companies spend money, sell goods and run their businesses, as new requirements spring up that could add to their costs.
As stay-at-home orders lift in parts of the U.S. and the economy begins to reopen, companies are previewing how they’ll adapt to and operate in a changed world. Companies are already adopting new policies to prevent spread and put customers’ at ease.
Continue to Plan
Inevitably, recovery will happen. However, the (gradual) recovery will likely look different than we could have ever imagined a year ago.
“Having a business model which is flexible and adaptable was already very important in a world which is highly globalized and competitive with constant technological change,” said Kenneth Rogoff, Professor of Economics, Harvard University in an interview with CNBC. “It is 10 times as important right now.”
If you’re searching for answers (or an ear to listen), contact Floro Business Strategies. We are here to discuss your situation and help guide you through uncertainty with our comprehensive executive coaching services.
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