Making some early predictions: How will Covid-19 affect us in business?
Two months are burned into my memory. September 2001, and October 2008. And now a third – March 2020. In 2001 and 2008 things were indeed never the same and now, in March 2020, we will look back on this month with some nostalgia and say the same.
While the next several months are likely to be incredibly challenging, it’s helpful to remember as my Grandma says, this too will pass. But what will be different when we are looking at this period in the rearview mirror? I have 10 predictions.
Many companies who have gone virtual will find this was just the push they needed to implement a much larger percentage of their business virtual.
The age of “profit is a distraction on the way to value” tech, pre-revenue investments will largely disappear as investors once again demand an upfront profitable model.
Entrepreneurs who are moving quickly right now to lead by right-sizing expenses, adjusting their model, changing their offerings will be rewarded and take serious market share in 2021 and beyond.
Company/Employee loyalty – which has taken a big hit in recent years will come back and companies who communicate well, and show kindness and compassion will be rewarded.
More people will be interested in W2 engagements vs gig/1099, increasing more committed talent in the system.
The hospitality and travel industry will undergo a massive structural change and new, unexpected innovation will come from that.
We will look to Japan, the gold standard for personal hygiene, to implement long term protocols to protect the health.
We will create a bi-partisan initiative and finally fix health care. With a special focus on elder care.
We will fix immigration, not necessarily out of more compassion (though I hope) but out of a sheer need for immigrant talent to restart the economy.
We will recognize that rural America has been left in the dust and it’s time to address the issues there and a bi-partisan task force will begin addressing this.
What are some of your predictions?