Now that the second wave of ‘you know what’ is gaining momentum, what does it mean for businesses? The second quarter of 2020 saw a whole host of challenges faced by businesses. From clean and safe on site work environments to job insecurity and mental health concerns. So are we following the same rules of the first wave? Or like an adapting virus, is this new wave facing us with new challenges…
One major difference is that the economy was business as usual at the beginning of the year. Now that businesses have already been through the ringer, it may be much worse attempting to stay afloat from a weakened position. It’s funny to look back on the frustrations we may have had only a year ago. We can now appreciate that time much more with the power of hindsight. Yes, many of those frustrations were legitimate at the time but how many would trade this year for last!
Then again, we are not quite so blindsided this time around. With a clear view of what we can expect, we can pivot our initial plans to meet the needs of the many. But is it really that simple? Let’s take a look at the potential second wave of challenges.
The term ‘mindset’ is often used in an almost cult like form of positivity no matter what the situation. As we have all experienced and seen with our own eyes, wishing for something to be true won’t necessarily make it so. However, we can certainly make considerations based firmly in reality which may give us a fighting chance.
While the freedoms of your personal life may be under house arrest currently, it may not do much good taking that same mentality into your business life. Granted, some business models will be able to achieve success in this area more than others. Though right now, many business norms can continue such as maintaining reliable cash flow and searching for new opportunities. Two things which would have always been high on any businesses agenda however more creative you may need to be! As opposed to the panic that encompasses much of our personal lives currently, a slow and steady focus may be exactly what is needed in our businesses lives.
Fear vs Cash Flow
Maintaining reliable cash flow is much more difficult when fear determines how much money is being spent. Being more careful in times of uncertainty is a natural way to think. Though that perceived lack of abundance could be exactly the thing that takes businesses down on a large scale. Taking a wider view, when everyone is too fearful to spend then other businesses take the same approach. Which leaves little room to sustain businesses you direct cash flow out to AND the businesses or individuals who direct cash flow to you.
The good news is that the levels of activity have risen since the first round. But a phoenix from the ashes it is unfortunately not. Though some of the hard work is paying off in terms of businesses putting out more proposals and more meetings outlining streamlined objectives, there haven’t been enough conversions due to afore mentioned fear and hoarding of cash. When no new work is beginning, no momentum can be generated. It’s no wonder it can become disheartening trying so hard to seemingly no avail. Consistency is all the more important to keep that focus and build those foundations. We’ll benefit from them further down the line.
Businesses can’t succeed in a vacuum. With this in mind it is important to point out that we can’t affect the economy alone but together we have a much better chance of a positive outcome.