Are you prepared for the bounce back?
With a little more time to focus and reflect on business and life in general, I have researched and read a number of articles regarding the current Covid -19 crisis.
I was looking to try and draw parallels to similar scenarios we have faced previously that have greatly impacted both society and the economy.
In many ways, there are no parallels to the current crisis and hopefully we never have to live through the same situation again. However, from a business and economic point of view are there lessons that can be learned that can help us all moving forward.
One thing that is for certain, at some point business will return to some form of normality – although the way we think and trade may change!
Will we purchase Insurance products in the same way? Will more companies and individuals want the flexibility to not get tied into 12 month contracts?
With an enforced lockdown and people not using cars, will consumers consider other forms of transport?
Will more companies now offer homeworking as a viable option, therefore reducing the need for a regular daily commute?
Has the nation got fitter and better educated on the benefits of a healthy lifestyle and therefore will healthcare related insurance products need to change?
What percentage of furloughed staff will return to work or want to return to the same way of working?
The questions are endless and the answer’s unclear, however history tells us that following all recessions and major down turns in market conditions, at some point there will be what some economists call a ‘bounce’ a ‘V’ or potential ‘U’ type recovery.
I’m not an economist and don’t have a crystal ball, however at some point favourable market conditions will return and at that point there will be many winners and losers depending on what actions companies and individuals take during this period of uncertainty.
So what action do you need to take now?
Do you personally need to invest more time in training and developing and engaging with your team?
Do you need to learn and develop new skills to make yourself more attractive to the market?
Do you need to reconnect with certain people and rebuild relationships that have slipped as you were busy?
Do you have the right team in place to take advantage of the ‘bounce’?
Does your business need to explore new markets or niche areas?
Although this epidemic is horrible and impacted us all in so many ways, it does focus on what’s important in life, which for me is my health and my family.
Clarity of thinking also helps to answer the ‘what if’ question – what if the market does change? What if this or that happens what will I do? Don’t be blinkered and assume everything will return to as it was, because if it doesn’t what’s your plan?
Work through various scenarios and come up with your plan of action.
Keep healthy and safe!
All the best,
Gary Pike, Founder & MD Right International
Tel: 01932 216010. Email: email@example.com