Since March 2, 2020, The ROI's Co-Founders have been offering insights, strategic approaches, and online resources for independent retailers affected by the COVID-19 crisis.
These appeared first in The ROI NEWS.
Remember thinking that Amazon was the most disruptive force to happen to retailing? (Well, at least since Walmart was the most disruptive....)
However, the coronavirus pandemic eclipses them all. No matter where you live or do business, it is not whether, just when, COVID-19 will impact your life. Disruption with a capital D!
But, retailing has forever been a dynamic industry. Retailers have proven to be resilient through many unpredictable times.
Indeed, that constant change is what attracts many to retailing in the first place.
What also attracts folks to owning a retail business is the opportunity to be their own boss, to be in control.
That's what makes this crisis so demoralizing. Given its dual nature – first, the virus; then, the looming economic repercussions – how can one have any sense of control?
We get that! We do understand.
Just remember, at some point, the COVID-19 virus will subside. In the meantime, unless you are a health care professional or operate a grocery store, you have a precious asset: lead time.
WANT TO REGAIN A SENSE OF CONTROL? USE THAT LEAD TIME!
AND READ ON
Today requires that we summon as much fortitude, resilience and grace as possible. Wise use of lead time makes that much more possible.
And that's where The ROI can help you out. The ROI site is chock full of self-serve resources and tools available precisely for uncertain times.
At the top of your to-take-advantage-of list should be The ROI's 3-in-1 Cash Flow Calculator. Now available for unlimited free access to everybody, it can and should be your new Best Friend!
Go here on The ROI site to get started. Click the "Here's how to get started. Let's go!" button to see step-by-step guidance.
It's a little like skipping ahead to the last chapter of the book to see how things will turn out. It's an important step toward more peace of mind.
Let's assume your stores have been closed for weeks now.
We recognize how conscientious you are. So, after paying what you can to your employees (and yourself), the next most-worrisome dilemma is your rent.
As you likely have discovered, a common choice for many landlords is to offer to defer your payments. But that means taking on more debt, as those payments are only being postponed to a later point in time.
You need a better solution than that.
There’s an awareness, an “Oh wow!” sweeping around the commercial world. It’s stated in a variety of ways, but it’s the same surprise.
Indeed, some respected urban thinkers are suggesting that 50% of the traditional commuters may want to and will be encouraged to continue to work remotely. 50%?! Yikes. That’s quite a redirection of the parade!
There are three "pandemics" assailing us at the moment: the coronavirus; the economic collapse; the protests of racial injustice. The three months plus of stay at home restrictions and the shutdowns, and the confluence of these three pandemics has been a heavy burden. And it shows no signs of going away anytime soon.
As the coronavirus continues to spread and surge (Apple re-closing 11 stores they had recently re-opened is a sobering reminder), the uncertainty and anxiety is only being prolonged.
Like every natural disaster, whether a massive storm, earthquake, wildfire, we all are victims of COVID-19.
Not all of us have suffered being infected by the virus. But, essentially everybody has suffered losses.
Few have been spared.
Each of us, our households, businesses and communities are in different stages of shutdown due to the coronavirus.
While we cannot speak to when this will end, we do have some ideas for dealing with the "fog of uncertainty" that hangs over us all.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"