Economic Changes — Business NOT as usual in 2020

Business NOT as Usual in 2020

Written by Chad Boyda and Noah Kagan.

Society has changed forever.

Alamo Drafthouse movie theaters closed completely.

No restaurants or bars open for the next 40+ days in Austin, TX… and around the globe.

Tons of layoffs. Businesses are — and will be — struggling.

Food shortages and long lines at nearly all supermarkets.

Lots of people will have trouble paying rent in upcoming months.

Many businesses will pull back on spending to ride out the uncertainty.

Things will not be the same.

This will change everybody’s life. Forever.


My video about economic changes and how to prepare.

In our lifetime we’ve experienced a few life-changing events:

  1. Birth of the internet
  2. 9/11
  3. 2008 economic collapse
  4. And now Coronavirus

The way society operates, how people interact… businesses not as usual.

Everything will have to be rethought. Again.

Today there’s a LOT of uncertainty and it’s scary.

But how will all this look in 6 months? 6 years? 60 years?

  • Do you think after 6 months you’ll feel comfortable not stockpiling food in case something happens again?
  • Do you think after 6 months you’ll feel comfortable being around someone who has Coronavirus?
  • Do you think after 6 months you’ll be as excited to go to the gym or Soulcycle class?

Some of the new realities of how the world could shift:

  1. The home. More people will be eating, staying, and cooking at home.
  2. Online shopping. More and more shopping will be online.
  3. Commercial space. Less companies will need commercial office space because more people work from home. Rethinking long-term commitments with uncertainty.
  4. Exercising. People will work out more individually or at home.

A SendFox customer doing an at-home workout

A SendFox customer who runs a gym talking about a group workout online.

The question we are all asking is what can WE do about it. And do now.

There ARE OPPORTUNITIES for you to take action right now:

  1. Delivery services. This is happening more. How can you help enable it?
  2. Helping restaurants get online. Many are struggling. How can you help transition them to online selling?
  3. VR based games and experiences. The Oculus and more virtual worlds will be safer. How can you be a part of it?
  4. Connecting people. More online board games, meet new people (the new online bar), and group activities.
  5. Home exercise. New exercise routines and new equipment for the house.
    - Mirror.co
    - Peloton
    - Jeff Nippard
  6. Telehealth. Help doctors get online so they can assist people remotely.
  7. Virtual office spaces. Companies like Remo.co.

To the employees of the world… there’s WAY more you can do than you think.

To the workers of the world:

  1. ROI Profitable. You should make sure you are paying for yourself. This is the easiest way to make sure you are invaluable to the business and society.
  2. Waste reduction. Software you can cancel, any services you can reduce the usage, any things you can sell off that are unnecessary. What else?
  3. Growth Opportunities. Many people will be scared and pulling back. This makes it easier to get creative. What new marketing activities can you do?
  4. Discipline. Instead of canceling ad spending, be disciplined in how you’re spending the money. Follow through with things that you commit to — and use better decision frameworks to be more strict.
  5. Attention. People are afraid and want answers. Help be the answer.

This may last a lot longer than any of us can think.

Over the next 6 months you could sit at home, drink, watch TV, avoid and do nothing…

OR you can look back in 6 months and be proud of your progress.

Which will you choose?

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9 responses to “Business NOT as Usual in 2020”

TG
March 20, 2020 at 5:06 pm

So I live in China, and I think a ton of your points are valid, BUT, right now in Shanghai we have finally lifted the ban on wearing masks, restaurant shut downs, working from home, etc. Its been now 3 months since the start. People are feeling OK going to the gym, restaurants, and bars again.

This will pass, and things will normalize again. I think this virus has accelerated many things (VR, online contactless delivery, e-game development), but I don't think there will be as many significant long-lasting effects as you mentioned. When the virus first hit us we all thought this would last forever, and would never trust going out & seeing strangers again. A month later, a complete 180.

Just some perspective from someone that has started to see the light at the end of the tunnel from on the other side of the world 🙂

Reply
Gabe
March 23, 2020 at 7:33 pm

How did those restaurants survive for 3 months? are they out of business? are the somehow back in business? How did people pay for rent for 3 months with no job?

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MARTIN LERNER
March 20, 2020 at 12:31 pm

INTERESTING

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Wayne
March 19, 2020 at 10:10 am

One of the most uplifting posts I've seen because of your forward-looking, what can be done, take action attitude, vs the passive "hunker down and wait it out" theme so prevalent. I also appreciate the way you and Chad broke it down into bullet points because with so much going on and changing so rapidly it can be difficult to keep a clear and focused plan.??

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Cal
March 19, 2020 at 8:37 am

The world WILL change. The way we work WILL change. Many will go bankrupt because of these changes, not because they can't change, but because their business model is no longer the way the world does business. Others will see an opportunity and capitalize on it.

I've appreciated the blog posts you've done recently that share tips and businesses that can help us in this new environment.

I was impressed with the Mirror gym you had on this post. I had not seen that technology before. It blows my mind. I'm just an old guy that has turned my garage into a hardcore gym years before this pandemic. This Mirror gym and the current situation just goes to show that technology can and will change everything. I can't show the Mirror to my wife or she'll want to get rid of all the free weights, machines, and stereo speakers I have in the garage, get me a Mirror and then park our vehicles in the garage!!!!!! (Now that would be life changing!!!)

Appsumo, has offered products that will allow businesses to compete in these times - and I've bought and am using them. Keep up the good work.

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Josef
March 19, 2020 at 8:24 am

Really great inspirational post!
Thanks for your intension to motivate the people to take it personally and to be responsible!

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Dave MacEntee
March 19, 2020 at 8:04 am

Great article! Many tragedies along the way. My kids won’t remember the economic collapse but will surely remember the Corona Virus. Makes me think back when I was their age when Desert Storm occurred. Anyway, stay safe. Keep up the great work!

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Threepm Nrg
March 19, 2020 at 7:27 am

Yo dog, it seems everyone recovered from 2009 H1N1 when 10,000 people died! Everywhere people were over-using Purell, then it was recommended not to "over" sanitize as it would cause lack of immunity. Now we are 10 years out reliving the same freak out. We will all forget this like we did with H1N1 within a year.......I hope

Reply
Tony
March 18, 2020 at 6:38 pm

Watch out!!!! He's look at support ROI! lol 😉

Great post as always homie! 🙂

Reply