COVID-19 and its effects on area businesses
There is no doubt that COVID-19 has irrevocably changed the way businesses will compete over the next decade. How will you survive as a business, much less compete in the coming months?
Let’s put this in perspective.
Events like COVID-19 are called “Black Swan Events” and are not new. There have been many in the world’s history, from the Black Death in the 1300s to the SARS pandemic in 2002. Black Swan events offer a short-term crisis but can also offer long-term opportunity.
What will those opportunities look like?
Businesses such as Alibaba, Airbnb and Uber grew out of Black Swan events and are now household names. More of us are having to work remotely. Something many workers have been doing for years. Our supply chains, which we thought were working well, are not as good as we thought.
These current challenges will bring about much-needed upgrading of systems. It won’t and can’t be business as usual anymore. Change has to come with more sophisticated technologies such as 5G, robotics and blockchain. The demand for better e-commerce logistics may outrun the number of truck drivers out there. Look for more automated vehicles for deliveries and even drones in some areas.
The point is, we will come out of this. The world as we knew it will be different, but this Black Swan will also offer an opportunity to reinvent ourselves.
CCEDC is here to work with you and assist in any way we can. There is a new loan program for operating capital that will be unveiled in the coming days by the Department of Community and Economic Development to help our small businesses.
DCED is currently finalizing the details and as soon as they are ready to accept applications, CCEDC will be able to work with Carbon County small businesses to submit those applications and get much-needed operating capital out to our companies.
Be assured, even though we are working remotely, we are just as dedicated as ever to assist our businesses in any way we can. If you have questions or concerns, please contact us. We are here for you.
Kathy Henderson is director of economic development for the Carbon Chamber and Economic Development.