“Everybody has a plan until they get punched in the mouth.”
The coronavirus outbreak hit businesses around the world right between the eyes and costs are mounting. American small business owners are taking it on the chin.
Lock downs are increasing, but so are their effects.
20 minutes North of where I live is Port Canaveral, one of the busiest ports in the world. More than 4.5 million cruise passengers and 6 million tons of cargo passing through Port Canaveral each year. Over moves through each year.
But now you’ll see all the ships are parked. Just sitting there!
People working on those ships are put out of work. Not just that, look at the spillover from all of the ports, the little shops that depend on people to come in and buy their stuff, the restaurants and the vendors that serve the cruise industry are all impacted. That’s the ripple effect and it’s a big problem.
The automotive, travel & tourism, healthcare, high-tech manufacturing, and retail industries have been particularly hit hard.
Where we are, and where we might be heading
Is it going to be 18 months or 2 years before we get everybody back to where we were before.
We keep hearing this ’18-month’ number over and over again but I don’t think our lives will be normal or the same as before from here.
There’s a great quote that says “Once the mind is expanded to the dimension of new thought, it never reaches tracks to its original size or shape.”
People are not going to think or act or do the same as they did before the coronavirus situation.
Some Struggle, Others Thrive
Growing up with my grandparents I saw them come through the depression. I sat many nights listening to them talk about the stories of what things were like.
That generation thought differently, earned their money differently, spent money differently, and invested differently because of what they lived through.
Surely, things have changed since then in terms of business, investment, and work-life.
We are now entering into a new evolution where our lives are not going to be the same again.
Look at how we are now operating in life & the corporate world. Companies have been absolutely forced to go 100% remote.
Will they all go back to office buildings ever again? I don’t think so.
The commercial real estate industry is going to take a big hit as a result of this pandemic.
We knew there was going to be a correction, but most people were just hoping that it wasn’t going to happen anytime soon.
We have what I’m now calling “America’s Triple Threat” to our economy.
- We’ve got the election this year
- We had plunging oil prices and now
- We’ve got COVID 19 virus
…and it’s affected us across the board in ways that we’ve never experienced.
The last few years have been amazing. We’ve had some great success. Things have been really prosperous and business is doing well and market up. This lured a lot of people into a sense of complacency that this thing is going to last forever.
This reminds me of the movie ‘Pirates of Silicon Valley’ where the character playing Bill Gates said, “Success is a menace, it fools smart people into thinking they can’t lose.”
Companies are going to realize that they can save money working remotely. Not all of them but many companies will shift to more remote workers.
Jobs are going to be looked at differently because individuals now realize how quickly their income can be wiped out. Their jobs are just not going to always be there for them.
The gig economy, people having side hustles, small home-based businesses is going to have a big BOOM as we come through these things because people are no longer going to have the confidence that they did before.