SMALL BUSINESS SUCCESS

The “New Normal” – How covid-19 Will Change the Way We Do Business.

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Work-Life Balance is Especially Important for Small Business Owners

As the coronavirus or covid-19 continues to spread across the world a business trend is
accelerating along with it, the fast adoption of the virtual workforce.
Companies have shut down most offices. Workers have been told to hunker down at
home and work virtually. Only the most necessary of personnel are inhabiting their
usual space. All to maintain the safety of its team.

Surely many corporations are already utilizing some workers on a remote basis.
However now, as a result of the health crisis, that number is increasing ten-fold.
Many workers are facing a large learning curve. Some will have to learn to perform their
duties without the benefit of in-person conversation, or immediate feedback from
managers and colleagues, or face-to-face hands on collaboration. Gone too will be the
social interaction that is also a key component of day-to-day business.
Leadership will have to adjust accordingly. Projects that took one day to complete may
now take two. Selling cycles may take longer to finalize. Revenue will be impacted.
Some non-essential staff will be temporarily suspended, reassigned or simply
terminated.

Depending on the length of crisis, businesses will surely use this experience as a case
study for the future. Leaders will analyze what worked and what did not. Perhaps they
will employ more workers on a remote basis, eliminate unnecessary office space, and/or
combine divisions and functions. They will also look for opportunities for growth and
develop new products and services to benefit its customers during a foreseeable
challenging economy.

The impact of 9/11 brought about massive change it to the airline industry, travel and
national security. Should the resulting shutdown from the coronavirus extend from
weeks to months one can expect major operational changes for corporations as well.
The end result will surely be a shifting to a new business normal.

Rick Cottrell is CEO of BizResults.com, a business growth consultancy in St. Louis,
the 2020 SBA Small Business Advocate of the Year for Eastern Missouri and a Certified EOS Implementer

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