As the coronavirus pandemic continues, small businesses have reopened across the nation, but certainty and optimism are a long way from being restored.
Spikes in infections in many states, double-digit unemployment, consumer and lender concerns, and steep economic challenges in the wake of a long shutdown make it difficult to forecast if and when many companies will fully recover.
I am not a pessimist, actually quite the opposite. I have been in business in Grand County since the late 80’s and weathered storms, recessions and competition. We are in the early stages of a depression that’s going to go on for quite a while. Many small business owners like myself are in their 50s, 60s and 70s, and are tired and beat up. Some recovered from the financial collapse of 2008, but now they’re getting hammered again with a new wave of uncertainty. Many of them baby boomers and in the retirement age range – are in the difficult position of trying to decide whether to risk staying in business or sell and cut their losses.
One of the things that happened in the recession of 2008 was people refused to face reality, and it cost them everything, including their savings and retirement. If you’re 60 to 70 years old right now and don’t know if you can gut this out another 10 or 15 years, then cut your losses. You’ll have a little nest egg now, as opposed to spending all of it trying to bail a business out.
The thought of change can be scary, even more so during the type of crisis we’re experiencing now with the COVID-19 pandemic. Although there are business leaders who are already implementing change in response to the challenging economic and operational landscape, many others are not.
If we are to survive this round of challenges, the business has to be infused with fresh energy and fresh passion. If you’re not going to quit during these extremely difficult times, that means you’ve got to get back in the game. And you’ve got to play hard, because this is going to be a tough row to hoe.
With that being said, I wanted to point out we are not quite dead yet, but I would like to hear from our readers. What do you think we should do with the Winter Park Times?
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