June 2020 “Short Memories”
There’s one thing that we can all agree on is that the world moves incredible fast and if you blink, you’ll miss it. As the northern hemisphere moves into the summer season so does the heat and the anticipation to re-engage in the great outdoors and resume some semblance of normalcy. So where does this leave our business community?
As in life there are always winners and losers and those in between. The aftermath of this pandemic highlights this truism to the greatest extent, but human nature always finds a way even in defeat. We learn from our circumstances and our mistakes. As we found and always knew that diversification and market saturation was and is the key to survival along with my favorite, theme creativity.
So how do we move forward? Depends on the businesses that we are in and anticipated pent up demand as well as new and more efficient ways of conducting business. We now know and to some degree have gotten use to virtual meetings out of necessity, some technology impaired may disagree; however, we have been shown the future with mixed reviews.
Many professional businesses are reevaluating the need for large office space as well as the hustle and bustle not to mention the drive to work or not. But human interaction is a must and is needed at a basic level for survival and communication as well as efficiency in moving projects forward. So, hybrid models of smaller office spaces and flexible at work schedules will be more in vogue moving forward.
Retail stores particularly boutique stores will continue to be challenging; however, the ones that provide excellent customers service and are creative on their pricing models will continue to grow and, in some cases, thrive. Ordering off a website may be convenient but most of us still like to see the product before we purchase it, as long as the item is reasonably priced.
Manufacturing will continue to grow especially in light of bringing more products back to the U.S. with a cavoite, that the products are of high quality and technically advanced. Many parts of the world that were low cost suppliers are quickly becoming on par with the United States in price or should I say various States that are mindful of being business friendly (a completely new topic for a newsletter). The challenge will be in the manufacturing industry to train future employees and their willingness to work in factories.
Restaurants in most cases were adversely affected; however, they should reach all-time highs with the pent-up demands and the need for social events with family and friends finding the importance to commune with others. This is a lesson that was truly exemplified and have found even a higher value than ever before.
Short memories, unfortunately yes. We as a society are bombarded with so many daily distractions along with various news and information that’s questionable, we will in time brush off the past traumas and life changing events to a modified normalcy. And as I very much like to espouse in the success for business and in your personal life is creativity follow through and tenacity wins the day.
Allawos & Company has helped and continues to help countless individuals and companies alike reach their goals and discover new potential
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- James R. Ball