Most of us never imagined a global event that would have such an immediate and significant impact on our businesses. All of us are living that reality now, pushed by the ripple effects of COVID-19 throughout the world.
Virtually every business will be changed in some way; some will benefit, others will not survive. For certain, our business environment is changing significantly.
To make the right adjustments, you must have a clear understanding of the facts. Some people say this is no big deal and everyone is overreacting. Others are taking it very seriously.
Who is right, who do you trust?
Pay close attention to visual observations and trust what you can see.
We have all observed this virus spread throughout the world very quickly. Many people are sick, and many have died. The negative impact on the global economy is beyond measure, and a future recession is likely.
We have seen unprecedented actions being taken, by world leaders, local governments, businesses and schools all over the globe. Even with all of that, the number of victims is growing exponentially, with no relief in sight. This virus is just getting started.
Based on these observations, COVID-19 appears to be a viable threat. The actions already taken will have consequences that cannot be avoided. These consequences will probably impact your business. How are you going to deal with it?
To plan for the unexpected, ask yourself some questions. How has this event changed the mindset of your customers? Do you need to make adjustments so your clients will do business with you?
Think of the impending consequences. What are they and how will they affect your business? What can you do to mitigate the damage? Does this event create any opportunities for you? Is there new demand for niche product or service you could offer?
What is the worst possible scenario, and could you survive it?
