OPINION: Just because you *can* reopen your business doesn't mean you *should*. In fact, it'd actually be more disastrous if you opened too early. What's the point if consumers are too scared to go shopping?
An entire generation of start-ups, young entrepreneurial ventures and small businesses could be wiped out as the coronavirus pandemic begins killing off businesses. Unsurprisingly, the rallying cry to reopen businesses is growing. But it will be more disastrous if we reopen too soon.
Then once you’ve finally reached the top of that hill to get up and running , customers will not return at the same level. Research is showing that people are holding on to their money even when they can spend because everyone is afraid of the economic collapse. Cash flow becomes an even bigger issue because a business is likely spending way more than it’s bringing in.
Individual businesses may actually be taking a more considerable risk by investing in starting back up and then having to close down again by state mandate. So what can businesses do to position themselves to survive and possibly even thrive this inevitable culling?• Find product or service adaptations to make your business relevant as a solution for pandemic problems, whether for people or businesses.
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