ONE YEAR LATER
It has been about one year ago that we really started becoming aware of the consequences of the COVID-19 pandemic. During that year most small businesses suffered the most damage to their bottom line.
It is predicted that the United States can reach herd immunity by the 4th quarter of 2021. There is a certain amount of cautious optimism with a hope that we can transition toward, what we called, normalcy.
I am a great believer in the power of positive thinking, but positive thinking cannot be limited to only one scenario. There is a good chance that we will climb out from under the dark pandemic cloud, but we must be aware that other catastrophic events will happen in the future. I cannot foresee what they may be, but they may include some sort of a digital revolution or climate change or political upheaval or even another pandemic. There is still the possibility that new strains of the COVID-19 pandemic may reduce the efficiency of vaccines or antibody treatments.
I am not predicting gloom and doom but emphasizing a look back upon our own individual preparedness a year ago. Knowing what we know now, what could you have done two or three years prior to prepare for this type of catastrophe?
As the old saying goes: “If we don’t learn from our mistakes, we are very likely to repeat them.”
A few of the changes that our clients are looking at include:
- Establishing a larger cash emergency fund.
- Being prepared to “pivot” faster when it becomes necessary to change directions.
- I was introduced to a new term by a client; he termed it “Business Light”. He explained it as not overburdening the busines with “things” that are not necessary to deliver your desired product or service.
- Reducing or eliminating long term debt.
- Being more aware of customer needs as changes occur.
While each of us can add our own issues to this list, my message is to create such a list, prioritize it and do not become complacent.
Remember, we want to lead change not follow it, so always prepare yourself to be a leader.
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