As the pandemic continues so does the re-opening of our economy. It’s been a rocky process to say the least. It’s clear though that the notion of re-opening our economy is something of a misnomer. Reading editorials and columnists across the country and one might come away with the idea that we are on the pathway to returning to a pre-COVID19 way of life.
As sector by sector opens the new golden rule of the economy is the better able you are to facilitate social distancing the better off you’ll be to accommodate customers and clientele. This is of course easier said than done. Small business models were created with the intention of interacting intimately with customers and clientele. If you owned a small retail or restaurant you expected to be in close proximity to customers. Even if you’re small business was a more professional setting, you no doubt anticipated going into a sales pitch or delivering results in person and to shake a few hands.
It’s why the new measures put in place by businesses around the country seem so draconian. They are the very antithesis of a welcoming customer experience that often a small business wants to project. However, as I’ve said before this is the new normal and there is no going back.
The good news however, is that we are an extremely resilient and adaptive species. We are able to change to fit the times and that is what we are seeing entrepreneurs doing across all industries in the country. As described in this article from the CBC. The changes are playing havoc on the bottom lines of many restaurants and small businesses. Rents based on being able to fill so many square feet are pointless now. Restaurant spaces will only be able to satisfy at best 70% of their footprint, and realistically they’ll probably operating at closer to 50 or 65%. Technology is slowly becoming more involved in the every day running of the business.
I don’t see us going back to a time before this pandemic in the way we conduct commerce. Change is slow, but it is inevitable. COVID-19 has thrust it upon us all. It has sped up changes that many were predicting would happen to society over time. In other ways it has forced new and unforeseen adaptations. I’ll be bold enough to offer one prediction though. In the economy of the future, success will not come to those who are able to offer the biggest evaluation or speculation. Capital funding will no longer be a sign of strength. Rather the real measure of the success of a company will be how well they innovate. The businesses that will survive into the post-COVID19 era will be the ones who successfully innovate their procedures and policies to be safer and accommodating to the needs of the consumer.
Joel MacLeod.ca 