Is It Your Right? Is Your Right Good For Business?ByRaymond D. Matkowsky
2020 has been a terrible year for most businesses and people. Covid-19 has surged across the nation hitting many people hard. It still is. As of November 19, 2020, 80,700 U.S. residents have been hospitalized. The United States has had 255,496 deaths and worldwide the death total is 1,352,773. Hong Kong is starting its fourth wave and Toronto and Montreal, Canada are going into another lockdown. European countries are restarting tough restrictions. Governors that proclaimed restrictions violated personal freedoms have had a change of heart as the virus surged. The resurgence of Covid-19 has taken a further toll on the United States’ job market.
The total number of deaths in the U.S. did not have to be so high at this point in time. The number of people unemployed in the U.S. did not have to be so large. From previous experience we knew what to do. For the most part we just didn’t do it.
We learned a great deal from the flu pandemic of 1918. The only problem is that it was 102 years ago. Very few people are around that remember it. The complaints are the same though. The outcomes are the same. As the saying states “those that do not remember history, are doomed to repeat it.”
In 1918 lockdowns worked. Mask mandates worked. In neighboring areas, the jurisdictions that instituted restrictions had lower levels of cases and got back to business much sooner than those that did not. The goal is to get back to business as soon as possible. Restrictions have proven their worth. This is not a case of infringing on an individual’s rights or religion but one of public health that encompasses many people and different beliefs. Remember, you have the right go down the sidewalk swinging your arms and fists in all directions, until your fist hits someone in the nose. Then, your right stops because you infringed on someone else’s right.
What Does All This Mean For Your Business
First of all, many of the 80,700 U.S. residents hospitalized are Baby Boomers. It has been well established that they have a greater amount of disposable income than any other population segments. As long as they are incapacitated, they are not spending with you or anyone else. If you have an international business, your situation is further complicated.
Secondly, those that are now out of work will take a long time to make up lost income and opportunities. This cuts across all income groups. Necessities will be prioritize before discretionary spending.
Third, many people are afraid of catching the virus and will not go out until they feel safe. Many businesses depend on foot traffic and crowds. If you want these people to come out, you will have to take steps to make them feel safe. This will be true even after a vaccine becomes widely available.
Vaccines
Although business owners are very wary about the spread of the coronavirus, they have an upbeat attitude because of potential vaccines that show promise. I believe that this attitude is misplaced. The logistics of getting the vaccine to the general public is mind-blogging.
Dr. Anthony Fauci, the head of the U.S. National Institute of Allergy and Infectious Diseases, in an interview indicated that it would be late in the second quarter, possibly early third quarter of 2021 before a vaccine will be available to the general public. Then it will be rationed occurring to need and possible patient severity. This maybe too late for many businesses, but if you hope to stay alive you better plan on that date. If it comes sooner you will be ahead of the game.
Remember also, it is not only the vaccine, but the syringes and needles that will be needed. It appears that whatever the vaccine, two shots will be required. If the entire nation is vaccinated, 700 million syringes and needles will be required. It is also a question if everybody will take the vaccine.
A vaccine will not produce instant results. A vaccine must immunize 70% of the population in order slow down (not stop) the virus. We don’t know how long this immunity will last. Masks and social distancing coupled with a vaccine maybe the only way to truly stop the virus from spreading further.
Take It Slow
Yum China operates Pizza Huts and KFCs throughout Asia. Its CEO is Joey Wat. He says that “this is not the year to make money.” As a business owner or manager you have to make a big decision that will affect the survival of your business. Forget about making money this year and possibly next year. Under those conditions do you open up or stay closed? The answer will be different for each business.
There are some businesses that are thriving during the pandemic. Most are not. You have to decide. Is it better to open up and take on more losses while building my brand or is it better to stay closed and limit the amount of money I lose? If you open up, don’t expect a flood of customers coming in. Chances are it will be more of a trickle than a flood.
Conclusions
1918 showed us that simple efforts such as avoiding crowded areas, mask wearing, hand washing and maintaining social distancing go a very long way towards reducing the virus spread. No one wants to infringe on personal freedoms, it is a question of public health. What it comes down to is that people drive economics not the other way around. We need to shorten the time that this virus spreads, so we could get back to “normal.”
Not all businesses can fulfill all of requirements, but any portion will help. Again, people will not come back to you unless they feel safe. Anything that will reduce the spread of the virus and shorten the pandemic will help to get your business reestablished.
If you have any further suggestions, do not keep it to yourself. Help your fellow readers!
If you have any questions, comments or suggestions drop me a line at rdm@datastats.com.
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