The Ellory Wells Show
7 Things Businesses Can Learn During a Recession
A true but unfortunate fact of life is that we learn more when things go wrong than we do when they go right.
If things work out, we assume we're awesome and move along. But if things go sideways, (hopefully) we stop what we're doing to diagnose the problem and see where we messed up.
As we get deeper into the effects on our economy and lifestyle that COVID-19 is having, I thought I'd share some experiences I've had. And, if possible, teach some lessons about managing a business that might help us all survive and thrive and still serve or customers during a downturn in the economy.
Last Thursday, I was driving through Albuquerque, New Mexico, on my way to pick up my wife from the hospital. She works there; she wasn't sick. We'd already discussed ordering take-out from Trombino's, one of our favorite restaurants, which I was about to drive by. As I passed, I was shocked to see that the normally packed parking lot was completely empty.
No cars. Not one.
"Oh, sh*t," I thought to myself. "I better call to see if they're even open!"
I did. They were. And we got our Italian food.
Social distancing, self-quarantining, and sheltering in place is the new normal. In the last few weeks, our lives have been turned upside down.
Businesses who've avoided change and been stuck in their ways for years, perhaps decades, are now being forced to evolve or die. As of two weeks ago, every business is an online business.
Let's take a look at what we can learn about business from the businesses that're still in business, as well as the ones who've shut their doors, perhaps for the final time.