Post COVID - Part 1: Business, Economy & Planet Earth

*Before I begin - I want to start by thanking all those still actively working to feed and care for the world. My heart goes out to those affected and I continue to play my role in staying home to stop the spread.*

While virtual 'anything' businesses only had partial buy-in before, the fact that face-to-face 'anything' is either impossible or frowned upon has created forced buy-in by everybody. And I feel terrible every time I drive by the brand new $450mm+ SoNo Collection Shopping Center in Norwalk, CT. But then again, who still builds malls in 2020? Shopping is just one of the many industries getting flipped around & upside down during these challenging & unprecedented time.

Like many people, I've used some of the extra time to do some reading and catch up with friends, family and colleagues. It's offered some wild conversations and observations about the state of the world today & uncertainty of tomorrow. And while it sucks having a stagnant economy, not going to bars and learning to "e-learn", we will eventually be up & running.

So, I ask you - readers - from a business, economic and natural world perspective. What stays, what slips away, & how will things change going forward? What will things look like on the other side?

Because, either way, the world as we knew it - ceases to exist as of today.

Where I'd Put my Money

Feeling pretty strongly about these things. Love to hear from you on these or any others.

• More Business (& Cocktails) Done Virtually - Generally speaking, when face-to-face meetings are possible, they are preferred. With the world now being forced to conduct business virtually for the foreseeable future, businesses will have to adapt & learn techniques to find & close business over videos & phones. In person meetings will obviously still remain preferred, but I guarantee there will be more coast-to-coast (or upper/lower Manhattan..) virtual happy hours and sales teams will learn to get more done over the phone/Zoom before travelling to see customers.
• Reduced Travel & Entertainment Expenses - If more is done virtually, and I think it will, T&E expenses will drop massively. As a seller, T&E budgets are a big part of doing business, so I'm not saying get stingy. But I'd talk to sales managers & teams about ways of being cognizant about not just spending but how to get from point A to point B in the sales process most efficiently. Make your sellers & travelers empowered like it's their money & their time (which it is).
• All Employees Get Remote Work Flexibility - Getting comfortable waking up at 7 or 8am and having the first meeting in sweats? People are learning their 'remote work' routines.. and it's not easy. While collaboration between teams will always be super important & WAY more efficient IN the office, I'm confident managers will start to see the benefits (for their team AND themselves) of saving the 3-hour round trip commute, 2 days a week, while still hitting goals & boosting the work-life balance considerably. Maybe even overall happiness? ?? 
• HUGE Spike in Grocery (and beer!) Delivery - Simple. More people have learned how to get beer, wine & food delivered to their houses than ever before. And they realized it's easy. Why wouldn't they keep doing it? We're all busy and it's a small price to pay for efficiency.
• More Zoom, Hangouts & House Parties with Friends - Some folks say its awkward - I've been loving it and reigniting the flame with tons of old friends. Download Zoom or House Party (where you can literally play games & have drinks with friends/family) and get it going. I think these will continue long after Coronavirus rolls out.
• 5x Increase in "Clean Your Hands" Signs, Soap Dispensers and *Moisturizer* - Couple points to make here. Number 1, even when we get rid of Coronavirus - we still have a massive flu problem that's killed 23,000 people this year already. Plus, who knows when the next epidemic rolls in? Oh, wait. While we throw more soap & signs out there, don't forget the moisturizing lotion. As a non-lotion user/understander, I always wondered why people keep lotion next to the soap. Didn't realize it would take me bleeding out of my knuckles to figure this out ??. We're all a little OCD now.
• Influx of Emergency Hospitals for next Pandemic - When the Titanic went down without enough lifeboats, the rules changed. I guarantee there will be new healthcare regulations around the shortage of hospital beds and the fact that China built a hospital over a weekend. I mean, many companies have Business Continuity Plans for emergencies (and backup buildings / data centers), why would healthcare be any different - if not more important?

Where Would You Put Your Money?

Very open to everybody's thoughts here. Some of these are unrealistic but interesting, others I don't really have a view on - but will definitely change.

• Shorter workweek - Ever read the 4-Hour Workweek? I don't know who invented the 40 hour workweek, 9-5 days and 5 days a week. But I'm ready for a change! Let me ask a question, if you could get the same amount of work done in 4 days vs. 5 days - would YOU want a 3-day weekend? I've got news for you - it is possible. We're all more digitally efficient these days. More "stuff" IS getting done. And if you dangled the 3-day weekend carrot in front of employees, I bet they a) join your company, b) never leave, c) increase efficiency and d) make you more money. Though, we may need to talk to Trump about a national overhaul... or can companies just choose this?
• Global Warming & Keep the Cruise Ships out of Venice - I've never been to Venice (and believe me, I'm dying to go before it's under water), but I hear the water looks nasty and smells in the summer. Now it's crystal clear as the cruise line industry takes a nap. How cool! The underlying message here is simple though, the world is a beautiful place. It's calm and clear today, to a point we'll never see again.. What actions can we take TODAY so we can help when the Cruises come back? Watch Our Planet - on Netflix. You'll learn something.
• Get rid of Credit Lines - OK this is unlikely & I haven't studied the economic implications... But why on earth should I be able to spend $30,000 that I don't have on a piece of plastic? Even worse... why should Delta be able to borrow $1 billion to buy back stock?! To. Buy. Back. Stock. All of the silly financial products (and more) that destroyed the economy in 2008 are back - and better than ever. This is why I LOVED working with community banks in the past. Take deposits, make loans. Simple. Keep loans for houses & small businesses, but stop the rest.
• Balance the Budget Mr. Trump - I mean, don't get me wrong - we'll take the $2 trillion stimulus package. But are we really the global financial & economic super power we claim when we owe the rest of the world $25 trillion? ***Between you & me, I'm not sure $1k / person will have the desired effect on the economy. I think people will spend it in a flash (maybe even on things like TVs) & just feel empty again a month later.***
• More Consolidation in Movie Theaters - I've been going to a SWEET remodeled theater in Norwalk lately. Reclining chairs, full bar, good food. If this is the new norm, it's not bad for a date night. I mean - seeing 1917 in the theater was epic. But, let's be real. A few months ago, The Irishman hit TV's early - at the same time it hit theaters. What do you think will happen to the movie industry?
• Entertainment & Sports: Back to Normal (+ some bonus Verizon Dave Matthews shows!) - Who saw Dave Matthews on Twitter the other night? Verizon launched their Pay It Forward Live series last week starting in Dave's Seattle garage - and it was AWESOME. Who knew he lived there, btw? I think artists will continue to do these special live streams for their fans out of their homes in the future. It felt strangely, yet amazingly personal - almost like he was in our house. But live entertainment will never cease to exist. I mean, you can't beat a Phish MSG New Years show - you just can't.
• Airlines / Cruises / Travel: Back to Normal - Nobody can wait for their next vacation right now. I'm thinking San Sebastian in Spain in August if this wraps up by then. What are you thinking? That said, everybody in the travel industry will undoubtedly have some new policies & procedures to adhere to once they're off their knees.

Final thoughts & "Post COVID Part 2: Personal Well-Being"

As I said - I hope that all those affected get healthy immediately. I'm certainly doing my part in the fix. But the world right now is taking a much needed nap. When it awakes, things are going to change. And certainly, nothing about the future is certain.

While you sit there considering the possibilities I've raised or you're thinking, don't forget to keep the health of the planet and your community in mind.

Further, as I mentioned in FREE "happiness" while stuck at home - Any takers?, don't forget about your own well-being. Stay tuned for my next post, Post COVID Part 2: Personal Well-Being, where I'll share some thoughts on how you can use this time to make a better you in 2020 & beyond. It's like making another New Year's Resolution, only stronger and unbreakable.

Best,

Jeremy

(*Note*: If you like this blog, please like it or share it! Email me at [email protected] if you have any private thoughts, comments or questions.)

***I, like billions of other people in the world, are doing their part to stop the spread of Coronavirus by staying at home indefinitely. My hearts go out to all those affected in the world. I'm also grateful for everybody still actively working to help the broader world recover.***