Needless to say, the COVID Pandemic has generated a laundry list of chaotic disruptions pertinent to our country’s business landscape. With some states continuing to re-open, and others, simultaneously preparing to partially shut down (again) the spectrum of effects is extreme. At one end, the flow of revenue was so unpredictably impeded—some businesses were forced to close their doors. At the other end, sectors such as hospital systems were so overwhelmed, their resources and staff were strained beyond their limits and their capacity to serve effectively.
However, many organizations doggedly persisted (some, pivoting over to new, viable markets, such as distilleries, manufacturing hand sanitizer) and in doing so, experienced an unexpected windfall overnight.
Obviously, we can’t predict how any of this is going to play out but over these past few months, I’ve noted 5 factors impacting the business world, and I’d like to discuss them with you here. Hopefully, these points will shed light on some hidden opportunities for you, and possibly help with navigating uncharted waters in the months ahead.
#1 People are stressed.
Obviously, emotions are significantly ramped-up right now, with strong and diverging opinions coming at us from all directions about anything and everything related to the Pandemic. As such, there is a laundry list of reasons as to why people are so freaked out:
For starters, family members are spending way more time in close proximity to one another—and this is, most assuredly, testing the patience of all parties involved!
Some people have legitimate health concerns for themselves and for their loved ones.
Personal and company debt payments can only be deferred for so long, and financial worries are gaining weight.
The economy is becoming unpredictable again.
Employees are nervous about returning to work. Those who are working, especially those who interact directly with customers, are fearful about getting infected and/or infecting others.
On the education front, parents are torn between their need for schools to re-open in the fall and their children’s safety.
When you consider the widespread, unprecedented uncertainty we’re all facing, combined with mounting civil unrest around the country, it’s no wonder people are anxious, depressed, and feeling desperate.
#2 New business challenges and opportunities are cropping up.
Companies that managed to survive through the spring are now facing the possibility of having to close shop again due to a resurgence of COVID cases. In states like Virginia, (currently in Phase 3 of re-opening) businesses are contending with a different set of challenges: There are new facility regulations to adopt, an ever-evolving limitation on supply chain options to deal with, hiring and re-hiring trainings to schedule, and continuous changes in legislation that affect daily operations.
Additionally, there’s a looming concern (on the part of business owners) about being sued by employees and/or by patrons if someone claims to get infected while on premises, or as the result of product use.
All that said, challenges also come with opportunities. New companies are being founded by entrepreneurs who are gaining access to new markets. And again, some businesses are offering entirely new services and products, and are doing better now than prior to the Pandemic.
#3 More people than ever are working from their homes—(and some, with kids).
A good number of people (including me) are still working remotely. As a parent who operates his business from home, I can tell you—even prior to the sheltering-in-place order, putting in a full day’s work while caring for children is a never-ending juggling act. Today, with social distancing mandates, summer camps being closed, and a lack of feasible child care options, working from home is all the more challenging.
And while many parents are (understandably) desperate for schools to reopen in the fall, there are just as many modifying their schedules to accommodate remote learning options, and quite a few have taken on homeschooling.
On the other hand, there are definitely advantages to working at home, not the least of which, it’s easier to focus and complete your tasks without the ongoing interaction with co-workers. (Not-having to commute to the office is also a bonus!)
Companies have been taking note of the efficiency resulting from this arrangement. Deadlines are still being met, and businesses are thriving, despite staff members working offsite. These factors, coupled with employees enjoying the benefits of working remotely, has got organizations rethinking the merits and downsides of traditional office settings; in fact, big name companies like Facebook, Google and Capital One, as well as prestigious law firms and accounting firms, are considering offering remote working options as a permanent feature in their culture.
#4 People are now spending 70% more time online than prior to the Pandemic. (Forbes)
53% of Americans say the internet has been essential while sheltering-in-place. (Pew Research) Online sales grew 76% in June, (Digital Commerce 360) and individuals also report reading more articles, watching more videos, downloading more podcasts, and sharing more posts than ever.
Another market expansion, born of the sheltering-in-place mandate, pertains to Boomers and online consumption. In markets such as medical, psychotherapy, and accounting, it was previously assumed that Boomers would not opt to interact with their providers on the net. And, in fact, the was case during the initial weeks of the shutdown. However, as it became clear that these in-person services would not be viable in the foreseeable future, many Boomers gave Zoom and Telemedicine a try for the first time, and are now amicable to this modality.
#5 People are notably more supportive of organizations that serve local communities.
If you spend time on social media, and if you pay attention to commercials, you may have noticed organizations offering all kinds of breaks these days. For example, Liberty Mutual and GEICO each issued premium refunds to their customers, and Verizon offered 3 months’ worth of extra free data.
The give back mentality can also be observed on a local Level. A financial services company in Williamsburg, Virginia, for example, recently spearheaded a fundraiser, partnering with local restaurants, and yielding enough donations to provide box lunches for healthcare workers at their local hospital. These Help the Community campaigns are cropping up everywhere now. Even my own Chamber of Commerce is partnering with local banks, attorneys, and consultants—creating workshops to help business owners navigate new loan legislation. These same organizations are also offering advice for new facility and HR compliance regulations.
Considering these 5 specific factors pertinent to our current landscape, and in an effort to uncover new opportunities for your organization, here are a few questions for you to ponder:
- Which already-existing services within your company would directly benefit your current target market, industry, or area of practice right now?
- What creative new services might be a great fit for your already-existing target market, industry, or area of practice?
- What possible new markets are available to you right now, (i.e. markets that were previously not available to you)?
- Which of your strategic partnerships could benefit from your market insights, and how could you benefit from their insights?
- What timely information and insights might be beneficial for you to share on social media right now?
Needless to say, we all want our businesses to be thriving by the time this chaos comes to an end. Obviously, remaining flexible, relevant, and open to new possibilities, will be key factors in our continued success.
That said, my personal belief, is that we are being called to double-down on our ethics and on our deepest values, and to bring our best selves forward in all our endeavors. In light of the profound hardships the world is facing right now, supporting our loved ones, our clients, and the communities we serve, has got to be our number one priority.
