Surviving the COVID economy
Updated: Jun 26, 2020
I regularly walk through my city's Old Town business district. It's an opportunity to engage small business owners and employees about the economy and local business climate. Many share their hopes and challenges in the aftermath of the economic lockdowns. I’ve been playing in disruption’s sandbox for decades and recognize the difficult road ahead as the economy sputters back to life.
I counted more than ten failed businesses during my walk last week. There were many others whose operations were visibly unprofitable and economically unsustainable. It’s not just small businesses. Large grocers and retailers are also struggling coping with social distancing rules, customer fears, and disruptions to their supply chains. There are not enough sustainably profitable businesses to drive economic growth. That's our nation's top challenge because without sustainable profitability economic and social recovery will stall.
Unfortunately, news stories continue focusing on the spread and health impacts of the virus. Their impacts are magnified by health experts who stress COVID's continuing threats to the public and health systems. These are worthy stories, but not the only ones whose human impacts deserve thoughtful coverage. The social and health consequences of a struggling economy and unprecedented increaes in unemployment are not secondary concerns. Their effects on people and communities deserve more attention and comprehensive coverage than they've received to date.
Thankfully, there will be better days ahead. What's critical for businesses today is to cope, survive, and profit in the current environment. Top prirorities for business leaders during this period are to keep and return their organizations to sustainable profitability, while preparing for accelerated growth as the recovery takes hold. OPR's Recovery Framework was engineered to support business leaders in these efforts. Contact me if you have questions and would like to schedule a conversation. Ozzie Paez at email@example.com and 303-332-5363.