COVID-19 GUIDANCE
Should I buy more toilet paper? by Kapil Manocha, Consultant, The Franchise Consulting Company In today's circumstances I get a lot of questions like these — I am not sure what will happen to my job...should I start exploring business options? I was in the middle of evaluating business opportunities....should I stop? Do I need to course correct? What will happen to small businesses? Is the world coming to an end?
I THINK THE FIRST QUESTION TO ASK YOURSELF IS — DO YOU BELIEVE THAT THESE CIRCUMSTANCES WILL LAST INDEFINITELY OR THAT THE WORLD IS COMING TO AN END? If your answer is 'Yes', then I think you should just stock up on more toilet paper and canned food, withdraw all your money from your bank and stock investments, and hoard the cash and sit at home. I am more of a "glass half full" kinda guy and I believe that like all else, THIS TOO SHALL PASS! So if you're in the same camp as me, or at least open to the idea of considering an outcome other than a doomsday scenario, then let's think through this logically. A good friend of mine posted something on social media that caught my attention. I am going to steal shamelessly and start with that Question: What do you think LeBron James is doing right now? Hint: If your answer is “Binge-watching Love Is Blind on Netflix”, you’re wrong! Answer: He’s keeping his head in the game! He’s working out, he’s reviewing game footage, he’s doing everything in his power to be MORE
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MAY 2020 | WWW.FRANCHISEJOURNAL.COM
READY THAN ANYONE when the NBA ramps up again. Now, will the business landscape look different? Are we going to discover that some services like consultations with your doctor can be done virtually? Are companies like Zoom® going to play a bigger role in our lives? Are businesses like JCPenny® and Macy's® going to struggle? Probably so. But these are not the outcomes of the COVID-19 virus. These changes were gradually happening around us all the time as a result of shifts in consumer preferences, advances in technology, market demographics, efficiency and productivity gains, and other such reasons. The current situation might have accelerated the transition, but it certainly did not cause it.