Why You Should Plan for 18 Months for Business to "Get Back to Normal"
How long should I plan for my business to "get back to normal"?
I've been getting asked this question a LOT in the past several weeks. It makes sense - social distancing policies have meant major disruptions for many business owners. Including right here in this community. I've spoken with members who have seen drops in revenue from 30% to 100% (in addition to some who've seen no change or even an increase).
No one knows for sure how long things will take. This article in the Atlantic describes the 4 most likely outcomes and timelines.
The reason I'm suggesting 18 months or more for my clients and members of the Awarepreneurs Community is because unless you have a large cushion in the bank or another source of support (ex another income stream or a family member who will support you), I think it's essential to plan for new business models and ways of practicing good financial self care. That's not going to happen with a strategy that basically boils down to crossing your fingers and hoping this blows over in a couple of weeks.
Again, no one really knows. It could very well be that this blows over sooner rather than later. But some very smart people - people I trust - are suggesting that's not likely. So with the data I currently have, I am encouraging our members to be proactive and develop plans to ensure their financial well being with the very real possibility that social distancing will continue for quite some time.
I would love to be wrong and I also very much want to support our members in practicing good self care. To me, that means putting plans into place that don't count on social distancing ending soon.
I very much look forward to hearing your thoughts. Please share them in the form of a comment below.
With much care,
Paul Zelizer, founder of Awarepreneurs 🙏