Tom Stilp, JD, MBA/MM, LLM, MSC
For those who have been around the block a few times, we’ve seen our fair share of cycles, downs and ups, and ups and downs.
We remember well the Gulf War and Black Friday in the late 1980s, Y2K on January 1, 2000, the Dot.Com bust, 9-11 in 2001, the Great Recession from 2008 to 2011, and now COVID-19.
But to paraphrase Mark Twain, be careful to get out of experience only what you are told and stop there, lest you be like the cat that sits down on a hot stove lid. The cat will never sit down a hot lid again, but the cat will never sit down on a cold one either.
Our survey below, a conglomeration of different companies in various industries, demonstrates that, although difficult, there are businesses thinking beyond the next few weeks and months.
First, several businesses have taken advantage of the advice in our prior article and filed claims with their insurance, bringing money into their business. (See “Is Your Business Insured for COVID-19”).
Second, there is optimism. We can’t let the difficulties of our situation determine the limits of our abilities. (Northwestern University Professor of Bands, John P. Paynter.)
When perception becomes reality, then, perception is the reality.
And the perception among business is not all bleak. 62% believe the effects of COVID-19 in several months will be slightly negative or neutral when all things are considered, and just over 20%, or one-in-five, businesses actually see things improving with breaking the old channels of distribution and creating new ways of doing business. Only 16% of businesses believe COVID-19 is a negative, total disaster on their business.