As I write this article, the one word that best describes the impact of the Coronavirus on our lives is uncertainty. We just don't know exactly how this will all play out. But there are some inevitable changes that will hit the world of business development.
In my case, I planned to achieve a lifelong goal this May - hiking the Inca Trail to Machu Picchu in Peru. I've been training for months, buying equipment and generally getting ready for the adventure of a lifetime. Now I'm not sure if I will be able to go. My reaction is to continue training and hope for the best. The worst case scenario is that I will be in really good shape and out a couple of thousand dollars (I've already paid for everything!).
Economic uncertainty is hitting the business community. The stock market, after years of steady increases, is hitting a volatile patch. The Dow was down over 2,000 points yesterday, while it's rebounding today.
The new phrase we hear is "social distancing." I'm not an alarmist by nature, but I'm thinking twice about shaking hands with business associates now. Businesses are starting to encourage employees to work remotely. Apple is telling its employees "to work remotely if your job allows." Conventions and networking events are being cancelled every day.
The first thing to do is to take a deep breath. That's always a good idea!
But we need to realize that the business environment is changing and many of the changes will remain after the coronavirus scare is gone. Here are some of my predictions for the new reality;
Keep in mind that times like these are ripe with opportunities for those that see them before everyone else does. Keep your cool and buckle up for the long haul. We certainly have some difficult times ahead of us in the coming months.