In the 1930s the Great Depression was a time of mourning for millions of Americans. People suffered massive homelessness and hunger. According to many skeptics, they believe we are headed for another crash. But history and innovation can prove those skeptics wrong. Crisis driven rationalization will change businesses as capitalists continuously find new paths to forge for survival.
In May 2020 it was reported that 100,000 small businesses were permanently shuttered due to the negative economic backlash of Covid-19. That number has ballooned in the past month as Covid-19 has proven to be everything the CDC said it would be, a strong virus that will take a long term social distancing approach to conquer. Now that people finally believe this pandemic will have longer-lasting effects it’s time to remake the American business sector.
According to Statista, there were nearly 39,000 gyms in America as of 2017 including independent and large franchises. Fortunately, independent owners are more capable of shutting down their brick and mortar and heading online. This change can garner owners an expanded clientele as well as allow them to personally train more people due to time schedules. Though many people miss the gym this is a great example of how we must change with changing times as business owners and customers.
As previously discussed on this site, teleworkers will increase during and post Covid-19. Companies will save billions in rent, employee office perks, and even furniture. If you have been switched to teleworking, it’s time to figure out networking online and Google meetup. This wave of the future can even expand employment as companies save money in other areas. Employees need to prepare for working from home permanently.
Restaurants and bars will be changing America’s eating and drinking habits. The norm of going to the ballpark together will be online. If you made money from selling tickets it’s time to make a new experience for viewers. Wrigley Field is surrounded by businesses with rooftop seating. Some of these seats are as expensive as in the ballpark. How about rooftop viewing of the game as a premium online accompaniment for the people-less games? We must use innovation to provide services and experiences that replicate the life we want to have and are used to. Legislative bodies across America are now allowing your favorite margarita from your favorite restaurant to be delivered. It’s a simple fix but one that people will learn to enjoy for years to come when life returns to its full dizzying busyness. An innovative restaurant, Pisolino’s in Chicago, knew they wouldn’t survive Covid-19 without a massive change. They turned their dining room into an Italian market while maintaining take out of their full menu. These are prime examples of allowing change to occur to maintain small businesses in a changing century.
All of these changes are crisis-driven rationalizations of how businesses have to change for surmounting obstacles. During the Great Depression, people made dandelion soup and juice from the weeds on the street. These products are still delicacies today. Butchers began raising their own chickens to sell for lower prices to keep people fed. Community gardening grew during the Depression. There are many ways, we as a society can stave many of the detrimental effects of Covid-19. But it’s up to us to take a chance to save our own economy then it will trickle to the larger economy. We all need a few words of hope during this catastrophic pandemic. The more we accept changes in businesses and life the better we are able to continue to support our small businesses. Stay safe and healthy America!
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