Where do we go from here?
Could the Coronavirus pandemic be one of those major shifts in history that will fundamentally change businesses for generations to come? Or will its effects be here today and gone tomorrow? Either way, I’m hoping we can STOP and take the time to learn lessons from this crisis that can help our businesses grow and adapt in the future.
As I look around, I wonder will this be the end of physical movie theatres as moviegoers see more titles released straight to streaming services? The cruise ship industry was already on the verge of bankruptcy before this crisis began. Even the airline industry has a lot at stake if this pandemic lasts too long. With any crisis also comes an opportunity to innovate and think differently about the status quo.
I’m sure some entrepreneur out there is already thinking up the next Blue Ocean Strategy to fill the gaps left by companies and industries that aren’t positioned to survive in the current environment. Now is the time for bold actions and original ideas to bring jobs back to the millions of workers who have just applied for unemployment.
In my industry, Healthcare, the past two weeks have seen a titanic level shift away from face-to-face office visits. A new model for treating some patients via Telehealth or Telemedicine is taking center stage. So many healthcare providers were nervous or skeptical about whether they could treat patients virtually, but circumstances have forced many providers into a situation where it’s the only option for some patients. I believe that once this crisis is over, the healthcare industry will capitalize on the telehealth option as a potential solution for the many missed and cancelled appointments that plague the industry. This is just one example of an industry shifting to meet demand.
If you’re an entrepreneur and your business has been affected (positively or negatively) by the Coronavirus quarantine, I would suggest setting aside just a couple hours this week to strategize and think through the 2nd and 3rd order effects of your situation. Maybe you’ll discover the next evolution of your industry or at least be able to chart a path through this storm. Either way, it never hurts to stop and think, rather than just react.
*Aaron is the Founder of Extra Mile Billing - to connect with him you can email him here.