America has not seen this kind of massive national mobilization since World War II. You might have thought that particular America was long past, but today’s events prove we can still be a united nation. As the old saying goes, “when the going gets tough, the tough get going.”
And America is one tough nation.
Look at the many manufacturing companies instantly retooling. Three-quarters of a century ago it was to make bombers and tanks. Today it’s to make ventilators and masks.
Pharmaceutical companies have stepped up to accelerate the mass production and distribution of promising drugs that have been shown to successfully fight COVID-19.
Beyond companies coming together for the greater community, you’re seeing something within you that bodes well for your future. It’s a form of resiliency that causes you to adapt to the times. And these times they are a-changin’.
From this point forward, you are discovering new ways to work, new ways to spend and new ways to live your life. For some, this means realizing opportunities long held dormant. For others, it’s recognizing you never really wanted to do those things you said you never had time for.
If you’re on your toes, you may just find yourself catching a new wave that will propel your future. Every paradigm shift—and there’s no denying we’re in the midst of one now—brings with it new business and investment opportunities. Are you prepared to seize the day?
“Potential new businesses will spring up and/or benefit as a result of COVID-19,” says Alano Massi, Managing Director at Palm Capital Management, LLC in Westlake Village, California. “These could be in the industries of home and personal sanitation, video and wireless communication, streaming media content, and gaming.”
The five areas below demonstrate exactly where you will begin (or have already begun) doing things differently. Can you see the ways you will save, earn and make money in the future?
Working Differently
With a flick of the switch, you went from being shackled in a cubicle farm to becoming a free-range worker. All the old rules collapsed into the matrix of bits and bytes that now govern your work day. How do you cope? How does your company survive?
“Necessity is the mother of invention,” says Michael Gerstman, CEO of the Dallas-based financial planning firm, Gerstman Financial Group, LLC. “Video conference related businesses will see massive growth as Americans are forced to find a new way to do business.”
It didn’t take long for people to realize this and it won’t take companies long to see the benefit. “Early winners seem to be the cloud and online everything: teleconference, video, Zoom, among others,” says David S. Richmond, Chairman & Co-Owner at Richmond Brothers, Inc. in Jackson, Michigan. “Companies will learn it is cheaper to have employees work from home and may shift to that full term.”
Depending on the business, the cost savings associated with utilizing a remote workforce may forever change the way you work. In the future, companies will need to offer remote work in order to compete for the best employees. Imagine how this will change the world around you.
“More companies and people realize the flexibility and benefits of working remotely,” says Lacey Cobb, Director of Advice Solutions at Personal Capital in San Francisco. “Many businesses already do this, but with the drastic shift to fully remote work, businesses will want to align to be nimble for the future. Now that it has been forced on many companies and they see they can do it, they may choose remote meetings over business travel to save on cost. As a result, there could be a surge in company spending to ramp up virtual infrastructure and individuals investing in a more sustainable home office. Expect these shifts to really accelerate the race to 5G.”
Do you know what you need to do to work from home most effectively? Does your company know what kind of employees it needs to hire in order to maintain a productive remote workforce? Who will take the lead in answering these questions?
Kelly Crane, President & Chief Investment Officer at Napa Valley Wealth Management in Saint Helena, California, believes there will be a blossoming issue around “staffing of remote employees, especially for small and mid-sized companies. While companies can find their own virtual employees or freelancers, the recruiting and due diligence can be time intensive. There aren’t many service providers that act as a staffing agency to help companies find virtual freelance or virtual employees.”
These work changes will negatively impact several industries. Commercial real estate, diners and other retail outlets that cater to the lunch-time worker will find their markets diminish.
They won’t be the only trades to suffer. Without adapting to the new standards, the airline and hospitality industries may find more empty seats and empty rooms. The era of the destination trade conference may be over. We’re already seeing the alternative taking off.
“Video conferencing will grow exponentially as a result of mandatory adoption during this lockdown,” says Jeff Mount, President of Real Intelligence LLC in Fairfield, Connecticut. “Although it has been available to all of us for some time, the adoption rate will grow out of necessity, and many people will recognize how easy it is to use, and the efficiencies that can contribute to daily work life even during normal times. Look for this service to become part of the business plan for a lot of companies who would otherwise spend big bucks on moving employees via expensive travel and hotel accommodations.”
