Perspectives

From The Co-Founders

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Strategic insights and commentary from The ROI Co-Founders, Pat Johnson and Dick Outcalt
Outcalt & Johnson: Retail Strategists LLC; Retail Turnaround Experts

Owners: Has Your Renaissance Begun?

This is, after all, The Retail OWNERS Institute. We long have specialized in alerting, coaxing, and applauding retail owners worldwide. 

Today's message is a major heads-up. 

Keeping pace with the relentless changes in retailing has never been easy. Retailers know that constant adjustments are demanded. 

Then, the three pandemics of 2020 happened: COVID; the economic meltdown; the social unrest.  And life changed modestly or enormously for almost everyone, including owners of retail businesses. 

But get this. As David Brooks observed, "The American Renaissance Has Begun."*

  • "Covid-19 has disrupted daily American life in a way few emergencies have before. But it has also shaken things up and cleared the way for an economic boom and social revival."
  • "Millions of Americans endured grievous loss and anxiety during this pandemic, but many also used this time as a preparation period, so they could burst out of the gate when things opened up."
  • "The biggest shifts, though, may be mental. People have been reminded that life is short. For more than a year, many experienced daily routines that were slower paced, more rooted, more domestic. Millions of Americans seem ready to change their lives to be more in touch with their values."

Here is our point: You've coped with and survived the pandemics. But, isn't the point of owning your own business to make the business work for you? 

  • How are you doing so far?
  • That is, will your business reflect your current personal goals, ambitions and obvious adjustments? 

Think about your personal life right now. Start with what changes have occurred since you started your business? (Other than you've aged!) Then, more specifically, how much has 2020, covid, etc affected your answers to all these questions? 

  • Your lifestage responsibilities: spouse, young children, aging parents, adult children.
  • Your health (and the health of your family members.)
  • Your tolerance for financial risk.
  • Your zeal for the business.

These are real-life issues, magnified by the worldwide pandemic. 

It not only is perfectly okay for owners to ask themselves those questions, it is imperative. And, you must give yourselves permission to find some new answers.  You must be ready for the coming renaissance. 

We would add, Get cracking!

---
* David Brooks, The American Renaissance Has Begun, New York Times, June 17. 2021. 

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