A recent article predicted a “W” shaped economic curve moving forward as the U.S. begins to re-open the economy.  Medical experts anticipate a resurgence of the coronavirus in the winter months coinciding with the annual flu season.  All businesses will be critically impacted if this forecast comes true!

Against this backdrop of uncertainty, we as business leaders must prepare our organizations to cope in a volatile economy. There needs to be a restructuring of the workplace; reduced open office layouts, increased sick leave and more cross training.  Zoom or other virtual meeting platforms may replace non critical business travel while in-house meetings attendees are pared back to the vital few.  More businesses may continue or begin a work-from-home workforce, this will present new management challenges.

There will also be opportunities.  As the economy ebbs and flows, many businesses may not recover creating opportunities to expand market share, acquire additional talent or introduce new product lines.  Planning for an uncertain future is key.  Begin now to evaluate your strategic plan.  Can you avoid a bankruptcy?  Closing your business? Can you create a pathway for growth and acquisition?

There is no doubt there will be economic turmoil ahead.  We will get through it with advance planning and determination.