Business NOT as Usual in 2020
Last updated on March 18, 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:
- Birth of the internet
- 2008 economic collapse
- 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:
- The home. More people will be eating, staying, and cooking at home.
- Online shopping. More and more shopping will be online.
- Commercial space. Less companies will need commercial office space because more people work from home. Rethinking long-term commitments with uncertainty.
- Exercising. People will work out more individually or at home.
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:
- Delivery services. This is happening more. How can you help enable it?
- Helping restaurants get online. Many are struggling. How can you help transition them to online selling?
- VR based games and experiences. The Oculus and more virtual worlds will be safer. How can you be a part of it?
- Connecting people. More online board games, meet new people (the new online bar), and group activities.
- Home exercise. New exercise routines and new equipment for the house.
- Jeff Nippard
- Telehealth. Help doctors get online so they can assist people remotely.
- 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:
- 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.
- Waste reduction. Software you can cancel, any services you can reduce the usage, any things you can sell off that are unnecessary. What else?
- Growth Opportunities. Many people will be scared and pulling back. This makes it easier to get creative. What new marketing activities can you do?
- 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.
- 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?