While the economic impact of the coronavirus has become devastating, it’s important to remember that companies will survive the pandemic – some better than others.
I’m not trying to downplay what’s happening. Some economists are predicting that 25% of the country’s GDP will be wiped out in the second quarter. To put that in perspective, the economy dropped 46% over the course of four years during the Great Depression.
Job losses will continue to mount, and some businesses will never re-open. It could take years, if not decades, for the economy to recover.
But as the saying goes, “Every cloud has a silver lining.” I know it’s hard to believe that any good could come from this nightmare situation. However, some companies will survive and thrive.
These companies will survive and thrive after the pandemic
Thanks to the quality and efficiency of videoconferencing, the world has never been closer. Zoom and GoToMeeting have made it easy for people to meet virtually, while Slack and Microsoft Teams make it easy to chat and share documents.
As more companies adopt these platforms, we should see a rise in remote and flexible work schedules and meetings. Companies that embrace these changes will save money in overhead (office leases) and travel. With fewer expenses, they will be able to offer more competitive prices and therefore win more business.
On-demand entertainment options have never been so robust. There is nothing like enjoying a nice restaurant meal before going to the movies, but ordering in via UberEats or DoorDash and selecting a movie on Netflix or HBO Go is not a horrible alternative.
Fitness trends have also shifted to the home. Peloton certainly emerged at the right time, and plenty of fitness and yoga studios (and even dance studios that cater to elementary school kids) have also shifted to online formats.
Retail and grocery delivery
Malls were already losing out to online retailers, but this pandemic could be the nail in the coffin for many of them. Everyone is shopping online at Amazon and Walmart – more than before. Likewise, companies that deliver meal kits (Blue Apron) and groceries (Instacart) have seen a huge surge in new customers.
When you get used to the convenience of online shopping and delivery, will you want to go back to spending your Saturday afternoons running errands?
Our world is constantly evolving, especially during this pandemic. As we come out the other side, companies that adapt will find themselves ahead of the game and in a great position to thrive in whatever .