The modern day world has never faced anything like this.
On January the 15th I began a business project it involved assessing the impact of disruption to supply chains from China as it related to Covid-19. I moved from supply chains, to the impact on
businesses and the consumer themselves. I looked at many APAC markets to understand just how challenging this could be. I saw some markets reporting infection rates and others not reporting Covid-19 but they should have been. By early February I began to tell many of business contacts that a storm was coming and it was only a matter of time before the Western world was hit by it. When the Canadian Government started to report a few cases I wondered if we would manage this like we did SARS. China was adding more infections everyday, once it started in Italy I realized that there was no stopping it from spreading.
In this paper I intend to take the reader through how I view this pandemic playing out and what you should be looking for by way of risks and opportunities. In addition to how to prepare once the economy is reopened and what we might expect by way of consumer behaviour and the impact on overall revenue. There will be business failures most will not surprise us a few will.
Personally, I was leading three retail chains during 9/11 and SARS later I launched a 200 store retail chain in China with the financial crash in full swing. I am no stranger to adversity and challenges both competitive, political and economic. I know how to win and make money in challenging times.
It will be a different market place and this is nothing like any other economic downturn we have ever experienced. This was a planned and controlled hard landing of a global economy. Leaders (most) put their differences aside and got focused on saving lives. Now the focus is on how and when will we recover? Planning is important, but predictions on how this will happen reach from the unbelievable return to normal and to no rebound….both of which I do not subscribe to.
Society and the business world have never faced a disruptive event like this. Who would have ever thought that 2020 would be the year of a Global Pandemic? A disruption that has the economic effects of a global depression. The consumer is forcibly retrenching from the marketplace and the stock market is a reminder of how sensitive we are to risk. I began writing this executive brief on March 19, 2020, and there were 229,881 cases. today April 13, 2020 there are almost 1.9 Million cases and we are told that the worst is yet to come. Countries around the world are still closing and restricting their borders. In the end each country has its own view on how to handle this and I believe that no one really knows for certain that their methods are going to work. China was deemed to be too draconian and in fact they may have been. However the reality is that if we would all self-isolate with the same level of conviction and determination that China placed on its own country, we may have the same outcome. We could get this virus to burn itself out. Unfortunately it is something that we will not get to know, as there are those that still defy restrictions and continue to associate. What is the biggest risk to reopening the economy and businesses? Doing it before we are really ready to do so. I am concerned that without heavy testing for the virus and immunity we will have continued problems. In addition the economy is likely too sputter on versus taking off. All the modelling in the world isn’t going to guarantee that will not have major outbreaks or even further shutdowns. The best business leaders and owners can do is simply prepare.
Let’s talk preparation and risks: I AM CONFUSED. The Economy Must Reopen. But if the RO which refers to the infection rate of this virus which is at 1.5 to 2.5. And because of how contagious this virus is 1 person can infect 59,000 people in 10 cycles, according to the CDC and the WHO. But I am confused. Currently Canada and the USA yesterday had 1,297 and 26,641 cases respectively. We have stay at home and social distancing as means to protect ourselves and others. When we reopen even if the cases per day were cut in half, Canada at 650 and the US at 13,300. These are still scary numbers when you have crowded streets, subways, buses, buildings…etc. Even if 90% wore masks and gloves throughout the work day that’s still 10% who can infect others. That means that 65 people x 59,000 =3.8 Million could get infected. And if of that 59,000 multiple, 90% were to wear masks 65 x 5,900 can infect 380,000 or more in Canada and the number would be 3.8 Million in the US. I AM NOT CONFUSED When we reopen the economy does anyone know where the consumers will be? Hiding from the virus. So there needs to be a great deal of preparedness to reopen otherwise the economic impact will be devastating. Many of us already believe that the true economic impact of this Pandemic has not hit landfall yet but it will socially, politically and financially for all countries.
The Business Calculus No One Is Talking About
Thousands of businesses are going to fail, it just hasn’t been long enough yet for us to see the full spectrum of impact that this controlled landing of the economy will have on everyone. First Let’s Stop Calling Businesses That Were Forced To Close As Non-Essential! Businesses globally are struggling with how they will rebound from this, and at best this is a guess. I don’t believe there is an easy rebound. You need an economy and consumer that are both ready, we may reopen by June or July, but it may take until the fourth quarter to get back to some normal. That is if we don’t have second wave in the fall. What is certain, consumers will be apprehensive, trained to practice social distancing, isolating and uncomfortable shopping. Some will be mourning, actually nations will be mourning! With every week that we extend shutdowns many jobs will be permanently lost. The idea once we have an all clear everyone and that will be able to go about their daily lives without risk is not yet a reality. In fact, it will be like an overloaded plane trying to take off. It will need a longer runaway to get speed and lift, its journey will be short because it will need to land and refuel and do it all over again a few times before it gets to destination. That plane will be filled with passengers that are afraid to be in close quarters with others who may or may not be sick. That will be our economy for the next 18-24 months and potentially longer. Some may believe that business failures are about to accumulate and the impact of this may mean bread and butter for another business. I am not so sure that is accurate. Why? You need consumers who feel safe to get back into shopping, the consensus is that this will be a major hurdle.
Most businesses fall into one of these categories;
- Vulnerable: these businesses exist on a week to week basis with not enough cash or credit reserves to make it through a month with their business closed. Most have had a complete loss of their sales and it is likely that they will not reopen if the closure lasts more than a month. They’ve always been on the edge.
- Survivalist: they have cash and credit reserves to cover 1-2 months of open operations. If they go through half of their available cash and credit, reopening will be a challenge. These tend to be hardcore business operators. They may employ 3-20 staff members but they are owner operators who are street fighters and will do anything to keep their businesses alive. Their success depends on the strength of their customers returning and the demand of their products and services. (About a quarter of these could still fail)
- Potentials: Start ups with good market positioning and demand, likely operating with e-commerce as well. Mid-sized businesses with cash and credit reserves for 3-6 months. Unless they are in a growth sector that has some pent up demand waiting when the economy reboots…it is a risk proposition for some as well. I don’t believe there will be a lot of failures here but the competition for business could become very fierce.
- Raiders: Larger businesses with a strong business and consumer models, e-commerce platforms and logistics for fulfilment and home delivery. These are the businesses that are going to take most of the share in the market. This group likely continues operate at some level and capacity and they are learning and adapting readying their plans to open. They will also benefit the most from any government stimulus and support.
In the retail services and restaurant sectors where they rely on close interpersonal interactions and personal selling, they are more likely to experience slower revenue growth, complicated further by restrictions that may still remain in place. Based on recent data from small business organizations, 25-30% of businesses are expected to fail. That suggests to me that most fall into the first category above. Arguably 45-50% of consumer based businesses could be at the edge of failure if these closures expand until late June and or early July. That means that if the federal government wants to reboot the economy they will have to provide more stimulus to help many of these businesses restart and recall their staff. The initial loans provided would have only been enough to keep them afloat while closed. Any notion that it will be as simple as a reopening of your shop and that consumers will return is a fallacy. Current numbers coming out of China suggest that the consumer rebound is much slower. If we are to believe that we are heading into a 18-24 month period of a pandemic marketplace that spells risks for many, particularly on how consumers react and it will not be a normal shopping day for most. You will not be able to convince consumers that it is safe for them to go back into stores and environments where it is shoulder to shoulder and little social distancing. How many businesses will be able to adjust to this kind of environment? How much time do they have to prepare? We are already hearing that much of the lending promises are slow to come. Here’s one example; many people will need to visit a hair stylist or barber. How comfortable will they be with the stylist working and breathing over them? Or how comfortable will you be with the waiter hovering over your table taking your order and delivering your food? Even if both the customer and employees wore masks and gloves, how inviting will that be? All of the current initiatives to shore up the public with financial support is a good measure. But will it spur on economic growth or just be a safety valve? It is difficult to imagine that all of a sudden there will be a fast recovery when fear and doubt still persist. You can be rest assured that the bigger players like Walmart, Amazon and Loblaw in Canada; for example are learning a lot at this time with few competitors in the way. When the all clear is called, I expect that these raiders will have developed their strategies further. (Read Pandemic Risks below). That competitive advantage will allow them to compete in a pandemic market economy. I am not willing to call this a post pandemic economy until there is a cure and substantial advancements in treatments for those severely infected. Every business needs to have a plan, a living document which in turn needs to be fluid in a continuous state of development because everything is now in a place of discontinuity. Even businesses that service and support retail, restaurants and hotels for example, will have a difficult time, as business owners and operators try to keep their costs down. There is a domino effect here that in my view is not being discussed thoroughly enough.
Why put the current situation here instead of at the top of the page? Because we are in a very complicated and constantly shifting phases with a plethora of existing and unknown obstacles. So to place it at the top of the page would suggest we know all that is to be known and we don’t. Here is what is relevant and questions to be considered.
Those that have led businesses in their careers as a CEO, Senior executive, investor and or owner operator we know that risk is always around us. What we do about risks is what defines leadership, if you don’t want to hear about it then you are potentially closing the door on opportunities. To understand those opportunities you must walk in the darkness where failure lies if you are not comfortable with that kind of thinking, you will find yourself chasing the future instead of creating and redefining it. Here is what we know:
- Businesses have been forced to close to protect the public.
- Covid-19 is now spreading at the community level, will our practices work? That remains to be seen. With no cure or treatments to prevent serious illness and deaths; the public is afraid. Even those working within essential businesses are concerned that they could be infected by the virus themselves and even bring it home to their family members.
- Each country has been releasing their own forecasts on infections and deaths all vary based on their imposed modelling.
- What is the plan for the virus? Curb it? Least amount of infections? or Slowly let everyone get it? Governments need to come clean on this because this will impact businesses and consumer spending for much longer than we may be able to tolerate.
- E-commerce is accelerating, certainly there are fulfilment and logistical issues for retailers to upgrade, adjust, invest in new technology systems and resources. Currently, if a consumer orders groceries online for example they can be waiting as long as two weeks to have it delivered. That certainly suggests that there are other small business opportunities to be developed.
- Home Delivery is accelerating within the restaurant industry as well. Delivery thanks to companies likes Uber-eats, Skip the dishes and others, have already been detracting revenue from this industry. This along with closures will be accelerating risks to an already marginally profitable business.
- The failure of other smaller and weaker businesses doesn’t mean immediate more demand for your business. There are reasons that they have failed and their volumes were likely already absorbed by the market before they closed.
- Each business has a different situation when it comes to cash and credit facilities. Will the government provide further stimulus for these businesses to restart and employ their staff. Will it be enough to keep them afloat for at least one quarter? How will this stimulus be handed out? If it’s a loan will everyone qualified be provided financial support? How long will that take? Will banks relax their procedures?
- Will the government fund new startups? There will be many displaced workers will the funding for new business startups be relaxed or backed by government to create more jobs?
- Getting ready to reopen your doors will cost money and it will require preparedness. My advice is stop thinking reopening and start thinking about relaunching just as you would a brand new business. This is an opportunity and unless businesses see it that way they will flounder. See the section below on “Relaunching Your Business.” You must have an entrepreneurial mindset or this will be bigger hill to climb.”
- What does the reopen look like? It will not be business as usual. Based on my research in Asia volume are about 60-70% of where they were pre pandemic.
- The biggest challenge is that consumers are developing different behaviours as we go through this; isolation, social distancing, wearing gloves, masks and the need for a higher level of hygiene and the fear of getting ill (constantly being reminded that the virus is deadly) has been changing the behaviours of many. As businesses begin to adapt to this it just means more complexity in any business operational environment.
- Are stores too small? How do you protect social distancing practices? Consumers are likely to walk away from crowded and risky places.
- Next virus wave possible, we’ve already been warned of this possibility how does this play in the rebound of our economy? It is a very dramatic and unknown risk, however it is on the governments radar as a risk.
- This virus could be floating globally for the next 18-24 months, that’s a prediction from most Government modelling. Is it accurate? That pushes post -pandemic strategic planning into continuous-pandemic marketplace? Perhaps we should be thinking Pandemic-Economics instead.
- What will the slow down in the Western world do to the supply chains that would have slowed down and how are those countries faring with the virus. There are so many variables to this equation. We are lucky because of our healthcare systems. Workers in countries like Bangladesh many not be as lucky and a sick workforce can shutdown a supply chain very quickly.
- Even more recently a review of H&M’s performance in China they clearly show in their summary that building revenues back up to where they were in China is taking time.
Businesses will go through three phases with consumers.
Phase One: Consumers are currently in what I referred to in a recently published article as Fear Shopping. Consumers don’t know how long they need to stay at home, so they are shoring up supplies. Some may still be hoarding. The last time consumers felt this threatened was likely in war time where there were rations. Most of us have never experienced that but stories passed down from one generation to another are remembered and we are learning quickly. Shopping for now is very strategic in filling the refrigerator and cupboards with food and essential supplies. Hoarding is a bit of a problem, I see it is an emotional need for safety and that differs with everyone. With most stores closed this is a period where consumers are forming new behaviours and fear of getting this illness is at the top of everyone’s mind.
Phase Two: Risk Shopping that will happen when restrictions begin to be lifted and the public can go to work. Consumers will with a great deal of apprehension and reservation may begin to experiment perhaps with some of their past shopping preferences. Keeping mind that social distancing and many other measures to keep us healthy will remain in place to some level. The public will have a great deal of skepticism on how safe it is and what is the goal if it’s still not completely safe? On the one hand the message is stay at home. The second message is that within weeks 4-6 we will be able to return to work, however, the virus will still be with us. That will not make the public feel comfortable, many are likely to avoid any environments where shoulder to shoulder congregation, browsing and shopping exist. This will likely be a period where we will be told about the risks of a next wave and a cycle of 18-24 months. Expect confusion and if any kind of shopping takes place it will be seen as a risk. The public will be expecting to see changes in retail and restaurant environments for safety. The severity and duration of this cycle which will determine how fast revenues will take to go back to normal. So much will be be contingent to how long they’ve been in isolation and social distancing.
Phase Three: The Challenge Of Innovation This entire phase is going to be driven by retailers and businesses themselves. As time progresses and the concerns of the virus still on their minds consumers will be looking for those innovators who can enhance that restricted way of shopping. Those innovations will be entirely contingent to the ingenuity of each business and their ability to identify, develop, invest in and launch initiatives that make shopping easier and healthy. This is no longer about that past coveted customer experience, it is about a “life safe experience.” To make that happen you need to build trust with consumers that you know how to deliver a higher level of service that is safe. We already know that we are going to go through at least one more wave of this virus. Business needs to develop service that supports social distancing, hygiene, and expedites shopping. Whether that is through a combination of in store, e-commerce, delivery and or pickup, the environment must be a life safe experience. Without some form of innovation and through the use of technology, the challenge for rebuilding revenue will be bigger challenge. If we are to believe that this can take 18-24 months with this pandemic circling the planet we will need to develop new operating practices. The challenge for larger organizations is to train their staff thoroughly on serving a life safe experience. Without that process there may be even cause for law suits.
Don’t Try To Reboot – Relaunch Your Business Instead!
Pandemic Risks – Post Pandemic or Continuing Pandemic Market Economy
Welcome to the pandemic market economy, there is no post pandemic this is a very fluid situation and it can change at any time. If you could imagine what it might have been like for people rising out of the depression of the 1930’s. There would be a sense of hope and relief. We don’t know when the economies will reopen globally. Personally, I hope that this is done right because it could backfire on everyone. Like many, I would like for this thing to end as quickly as it can. However there is a bit of a reality check that we need to consider. Pandemics don’t simply disappear the problem with infectious diseases there is no real control over them accept for managing the spread of it. You need to be prepared for the another outbreak and continued restrictions.
That will complicate business operations for many. As we reach a point of reopening the economy I hope that the federal government and all the parties involved in this will be wise enough to recognize that businesses are going to need for more additional financial stimulus to help to get out of hibernation. If business doesn’t get that assistance more businesses will fail than need be. Timing for all of these openings by country range from May to July of this year depending on the country you are in. Later you will see some of my forecasting. However, my message up front is be prepared for low and slow business volumes.
Business owners need to stop thinking as victims in this, you are not alone, we are all victims.
I want to provide you with this position. If there was ever a time you could rebuild and reposition your business with a fresh start, this is it. This will never happen again in our life time. The position that I offer you, is to relaunch with a greater level of success, and that is to begin thinking as an entrepreneur. I know, how can it be a fresh start when it is the same four walls, fixtures, merchandise and staff? It can be everything, in business success is a matter of perspective. I’ve turned around whole markets with tired looking stores and in locations that you would wonder why we signed those leases in the first place. However it is about relaunching a business and having an entrepreneurial mindset to do this effectively.
There are going to be all kinds of crazy ideas out there about this but the first question is this. If you could change or upgrade anything that you and your staff are aware of, what is it? Why is it important? How will you and the customers benefit from it? Will it drive traffic and build stronger relationships? How do you plan to build a sense of community engagement? This has never been more important.
Think of this what would an entrepreneur being doing at this time? Their business is being built and it will soon be ready to open. They would be thinking about how to launch that business from a marketing perspective. Now another initiative is to work with the local businesses on your street or shopping centre. What will you do together? How will the landlord pitch in? They too have a lot at stake. A friend of mine is a land developer and owns commercial real estate he is working with all his tenants. What can you do together upfront? All the little things that will matter. What is your messaging about? Are you staying in touch with your staff are you getting their ideas? Are you communicating with your customers, do they know you are still around? How many of your customers do you know? If you don’t have that close a relationship with your customers how are you going to reach out to them? Show care and sincerity. You don’t know what they have been through while isolating. Everyone has a story to tell. Listen, build relationships before the doors open. How is your website? Tell your customers about your relaunch plans. Can you take orders online. Are there other things you can sell that you would normally not carry right now that will help you bring in traffic when you open?
Watch outs. I have and still do sit on boards that part of my life is all about managing risk and business continuity. That’s what we will cover off next.
Depending on what part of the world you live in the timing of your reopening will be determined by your government. Be concerned if cases are still growing it can impact local and regional markets that you serve. If your municipality or community is being pushed back because of health concerns be sure you are working to get more financial support for a longer period of time. Push local, regional and the federal government for help.
All business owners need to have honest discussions about their future investments in digital mastery. What does that mean? Are you committed to building your digital presence in such a way that your brand is as important and competitive as you are as the owner operator. How are you planning to accomplish that? What are you objectives? I believe that about one third of businesses that are going to fail will because they failed to invest in technology. That is the blunt truth.
Top 10 Areas To Focus On In A Relaunch
- Be at work everyday even if its closed for a little while and think about your customers. Walk in their shoes. What do you see? How much of the visual is appealing or not at all. Nothing is better than being critical of your place of business. Dream a little what would you change?
- Think about social distancing. What do you really know about it? How will you execute it in your store. One suggestion is to think about making appointments/reservations and manage each customer separately from the other. They will appreciate and it has the potential to increase the average check.
- Health and Hygiene. I can’t emphasize this one enough. Get high quality sanitizers and clean every surface a customer and employees touch. If you want to really see germs and dirty surfaces. Purchase an inexpensive ultraviolet flashlight. Turnoff the lights and flash it on door handles and surfaces you, your customers and employees touch. You will see what you don’t want to see. But clean like crazy. Don’t forget staff washrooms and emphasize the importance of washing their hands.
- Introduce face masks and gloves, have some cloth face masks made with your business name on them. Meet the standards and get creative. You might even want to have them for sale. I believe every business should be selling washable, face masks to customers, with their logo. You will need them for staff.
- Marketing: If you believe you will be reopening in May, June or July think about a trickle campaign now. This is about street fighting. Start planning your campaigns now, begin using social media start talking about your business to a targeted audience you can do that long before you open. You should be doing it now! Tell your brand story. Why did you open that store? What was your mission? Think like an entrepreneur….some may find this a little unnerving others will be excited. It’s your business you own it.
- There is a company called Asian Paints I learned about them when I was studying about digital strategies and AI at MIT. This company sells paints but they have created alliances with other businesses, they also own some of them. However these alliances allow for continuous business development between these partners. You can do that within your shopping district and with other online businesses. Alliances are the future for small businesses.
- If you are a larger retailer/business your strategies will be much broader. If you have field managers you will need to make them local marketing specialists. If you haven’t started this yet I would suggest that you begin preparing a development program online through video conferencing now and start getting them ready. If you’ve worked with me you know how intense I believe this focus with field managers should be. Every store visit should have standardized visit reports with an in depth discussion on local store marketing and customer service.
- Consumers are going to be coming out of this pandemic reluctantly and apprehensively. If you don’t believe me. Think about this; here is what your customers are hearing through the media. In one evening this week I heard two sports team owners say; ” my team will not be playing in front of live fans until we have a vaccine.” So why should the public get on a bus, subway, walk into a store or restaurant? You get it. The challenge is to justify the initial risk shopping in your place of business. I’ve heard some claim that all customers will want to shop after they’ve been trapped at home for so long. Nope! I disagree. It usually takes 60 days to form a new habit. It takes a lot less time to form a new habit when you are afraid for your health and your life.
What do we do about it? Manage the store environment and the chatter about your store. Only you can control that.
- Look at how grocery stores, drug stores and others are operating today. Do a little homework about shopping in Germany, the UK and Italy what will you learn. There are a lot of unique ideas being pursued. You may create some of your own.
- Opening Day: Tell everyone when that will be. Don’t do a grand opening style event it will be bad publicity tied to poor social distancing. But you can have a grand opening event on social media and even as a video conference. You may want to hold an event once a week don’t be shy you need to bring your business to life.
RELAUNCH YOUR BUSINESS There is a new reality to this. Relaunching your business means you are starting fresh, anew and ready to be responsible with the “life safe experience” everyone will be looking for. Be prepared that there will also be new startups. Someone could possibly buy one of your failed or failing competitors for a low cost and launch a new brand. All the more important that you are ready with your own relaunch plans. Like coming out of the depression there were dreamers looking to make a difference in their lives. Get ready this is your chance.
What Will Re-Opening The Economy and Businesses Be Like?
What will we experience?
I was on a flight once where the pilot was desperately looking for an altitude where the turbulent’s weren’t so strong. We had to settle for the rough ride and it lasted for a while. Service was stopped, passengers weren’t allowed to use the lavatories, everyone had to sit with their seatbelts on. The plane wasn’t just bobbing up and down we were also thrown side to side a couple of times as well. You could tell there was concern from the crew it was all over their body language. Every now and then they would be communicating with the flight deck, this lasted an hour it seemed like an eternity, even after about fifteen minutes passed of no bumps, the crew and passengers sat in their seats waiting for the seat belt light to go on. Then there was a mad dash for some to the lavatory. That’s what the economy will be like when it restarts, turbulent with unexpected bumpy moments until we find smooth air. Ironically, my plane ride a few years back isn’t that much different than the experience we are going through with isolation and social distancing, we are all strapped in waiting for permission to use the lavatory. I wouldn’t expect an all clear too soon. In fact we will be in a Pandemic Market Economy until there is a vaccine, treatments for serious infections and far less loss of life from this virus. We are being told it could take a year, it make take longer than that. So businesses leaders and owners themselves need to learn to fly through those turbulent’s. That means operating lean, reducing costs, maximizing every customer opportunity and building a new business and consumer model. Because one thing is for certain whatever you were being told in January 2020, will not work today!
What to expect by way of sales volume?
It will not be robust. I created a spreadsheet with the consumer sectors that I am familiar with, I looked at the trends others have experienced overseas and when you weigh in all the turbulent’s coming our way, the first twelve weeks will look something like the chart I’ve included here. The percentage is an index to where your business might have been prior to the lockdown. Generally, I don’t see very many businesses getting to 100% of their volumes any time soon. Therefore you will need to manage your costs very closely. Anyone that does that and can beat the forecast is in pretty good shape. Normally, I would have factored in the competitors that have permanently closed as an added lift in revenue. However with the consumer still being apprehensive, I don’t see that lift other than some isolated opportunities. Like I said this is a scenario that has a lot of unexpected changes. If suddenly we have an outbreak who knows what may happen. I would not expect many of restrictions in place to come off any time soon.
You will have customers with masks and gloves I don’t see any way around that.
The biggest concern is that governments may rush to reopening the marketplace only to create more problems with a potential next wave coming faster or with a serious fallout and or outbreaks that could get out of control. If that were to occur, an already sensitized public will find shelter and they will adapt and adopt to e-commerce even faster. Which is why I strongly suggest businesses move their technology strategies and investments along faster. Business owners and leaders need to think about the workplace and the consumers interaction with staff in a store or the office. As mentioned earlier, you can mandate people to work, but you cannot mandate them to shop. We need to be prepared for a public that is apprehensive and reluctant to interact when the risk still exists. Within the first 8-12 weeks of reopening we will have a better idea of how emotionally and psychologically the consumer has been impacted. We believe that from a demographic perspective anyone over 5o will be sensitive to getting ill as will those with underlying conditions. These groups will impact the return of revenue and hurt business volumes in many categories. We believe that it will take less time for some than it will for others; consumer facing businesses with close customer interaction such as hair salons and other personal care businesses are going to see declines that last longer unless they can determine a means to provide their services safely. A lot of it will depend on where we are at with the virus and the public health restrictions put into place to ensure that we don’t have any outbreaks.
At the end of the return to normal revenue levels will vary at first it will be very slow and it could bring about more business failures, although I suspect that we won’t see those until after the first 8-12 weeks of the economy reopening. Government has a role here, they need to be protective of the publics health first.
In the final analysis why is Relaunching more important than reopening tactics? Because it is the Customer That Has To Recover From The Fear Of The Virus
My name is George Minakakis I am the founder Of Inception Retail Group Inc. I have authored two books and a third that is to be released soon.
If I may suggest that you read the Great Transition The Emergence of Unconventional Leadership. I wrote this book for times like these where we will need unconventional thinking to win. It is available here on this site, on Amazon and Indigo as an ebook for a very affordable price.
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