My brother and I had an interesting conversation today on the future of small business after the virus disappears. Before I share a few details, I want to let you know that neither of us believes that the month of April will be our last month facing this crisis. My personal opinion is that it will linger with us into the 4th quarter of the year. We will be working before that, but a complete recovery will be slow. With so many existing unknowns we don’t see a complete rapid recovery.
Back to our main topic of conversation: my brother summed up what happens next with this statement: “No great success will happen in the future unless we do the small things today.” In other words, small businesses will not pick up where they left off immediately after the end of the coronavirus. We both feel that some jobs will no longer exist but new opportunities will become available. Like 9/11, perhaps even more so, the mindset of the nation will be changed forever. Priorities will change the way we work, and where we go to work may also change.
We discussed what “the small things” are that we have to do today. First and foremost was not to become complacent and wait for a notice that everything is back to normal. One important lesson is to pay attention to what people are saying. That may require asking a lot of questions and doing a lot of listening. We have to look at our own service/product and see how that will fit in the new mentality of our prospects and clients.
We both decided that there will be a lot of people that will have to find new jobs. Some closed businesses will not reopen and others may change their staffing requirements. Because earning an income will still be foremost in the minds of many, there will be new businesses open to cater to new needs.
Look at your own feelings and apprehensions. What is causing you pain? What could you have done differently or better yet, what could you do differently to help yourself and others to not experience another unexpected event in the same way?
Work with your peers and support group to discuss these issues. Technology opened the door to face to-face group discussion; Zoom and Go To Meetings are examples. Don’t wait for someone to call you. At BizQuack we want to lead change, not follow it; so take the initiative and let’s plan a positive future together.
Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
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