It’s not just the coronavirus. It’s Darwinism.

Most small business owners should be grateful for the coronavirus.

Does it sound crazy? I don’t think so.

In fact, the ultimate outcome of this very bad experience will be a very good thing for all businesses, big and small. At some point in time, the virus will have run its course and things will get back to normal. The markets, and the economy, will recover and many business owners, because of the 2020 coronavirus experience, will run their business in a smarter way, a much smarter way.

How so?

For starter: They would have listened to my advice!

After years of pushback, businesses will finally embrace remote working as a productive and viable way to manage their workforce.

Employers who have long resisted the change, not having any other choice, are now reconsidering their positions and allowing their employees to work from home.

And what will be the result?

Those same managers who long resisted the change are now kicking themselves for not having done this ten years ago. They now realized that as long as the approach is balanced, every business can allow most of their employees to have some form of remote working arrangement. They now realized that the technology is mature, that people can be trusted and the work is getting done. So, thanks to the coronavirus for finally helping them to realize this.

The coronavirus is now teaching business owners another valuable lesson: If you hope to become a long-term success, diversification is critical. Relying on a single overseas supplier for their company’s or business’s products is a very bad idea. And there is a reason for that and the coronavirus underscores it: Sure, those products are cheaper; but what if something interrupts your supply? Who do you turn to next?

Lastly, thanks also coronavirus, for reminding us of the biggest lesson of all: “Cash is King” and “The Good Times” never last.

The smartest business owners I know today who navigated themselves through the last economic downturn will all tell univocally why they survived: they listened to my advice, they cut down their costs, they experimented with new products and new technologies, they diversified and downsized unnecessary staff, they went online and, at the end of the day, they had cash.

Cash is King

When you have cash in the bank you make smarter decisions and better investments. You negotiating from a stronger financial position. You are able to deal with economic challenges and uncertainties and recessions.

Just watch and you will sadly see a number of small businesses shut their doors in the coming year due to the economic slowdown caused by the coronavirus. However, some will remain: the ones that listened to my advice, the fittest, those who had and still have cash in the bank.

The coronavirus is not only about economy and businesses survivalists, it is also about human lives losses. many more people will get sick, and even die, in the months ahead. There will be hardships. But above all, the coronavirus pandemic will help many businesses, and particularly small business owners, to be smarter about the fundamental things they need to do operate their companies through both good and challenging times.

It’s not just the coronavirus. It’s Darwinism.

 

I Get Things Done And You Get Your Time back.

JMD

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Michel Ouellette /  Joseph Michael Dennis, is a former attorney, a Trial Scientist, a Crisis & Reputation Management Expert, a Public Affairs & Corporate Communications Specialist, a Warrior for Common Sense and Free Speech.

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