Those in this region who have been in business a long time — and even those who have had their name over the door since the start of this century — have seen and endured quite a bit.
Indeed, over just the past 20 years or so, there’s a been the bursting of the dotcom bubble and the resulting downturn in the economy, followed by 9/11, soon after which the phrase heard most often in businesses across every sector was ‘the phones just stopped ringing.’ Later, of course, there was the Great Recession, when the phones again stopped ringing, as well as — all within a few months — a tornado, a hurricane, that snowstorm on Halloween, and the resulting power outages. There’s also been a workforce crisis, a skills gap, the arrival of the Millennials (who get blamed for everything), family medical leave, and who knows what else.
Like we said, businesses have been through a lot.
But nothing quite like coronavirus. This is something new. This is, in most all ways, uncharted territory.
Look at what’s happening. Colleges are telling students not to come back from spring break while they figure out how to handle all classes remotely. Communities and organizations are canceling events like the Holyoke St. Patrick’s Day parade and postponing others to future dates, hoping matters will improve. States are declaring emergencies, and people are being advised to avoid large gatherings. The stock market is in ‘bear’ territory.
Communities haven’t taken steps like this World War II, if they even took them then. Or since 1919, when the Spanish Influenza pandemic raced around the globe, killing millions.
The worst thing about all this, as we said, is that people can’t rely on experience, because there is simply none to fall back on. This isn’t like a recession or a tornado or a terrorist attack in New York.
“… businesses have been through a lot. But nothing quite like coronavirus. This is something new. This is, in most all ways, uncharted territory.”
They still ran the St. Patrick’s Day Parade during the Great Recession. The region’s colleges stayed open after 9/11. No one cancelled meetings and conventions following the tornado in 2011.
This is different. Very, very different.
So what do we do when we can’t call on experience?
We rely on common sense, our strengths, and our ability to innovate. In short, this is what has seen us through all of those downturns and natural disasters mentioned above.
And by innovation, we mean our capacity to look at what we do and how we do it, and find new and perhaps better ways. And if we can do that, we’re not simply hunkering down, waiting things out, or trying to survive; we’re making ourselves stronger and more resilient.
Looking back on 2008 and 2009, as companies coped with the worst downturn in 80 years, many found ways to better maximize resources, and especially people, while also creating new avenues for revenue and growth. Those challenging days provided a stern test, and the businesses that passed it certainly reaped the benefits of their perseverance and resourcefulness by becoming more resilient overall.
In short, they learned something, and they benefited from what they learned.
Coronavirus will likely present another stern test, and it will require a similar response — creativity and innovation.
And it will require something else as well — a firm understanding that small businesses (and large ones as well) are being severely impacted by this and need any form of support you can give them. From pizza shops, coffee shops, restaurants, and taverns losing the business of college students who won’t be returning, to banquet facilities losing scores of events scheduled for the coming weeks; from Holyoke shops that won’t get that huge parade bounce to travel-related businesses seeing cruises and flights canceled — businesses are hurting. And they’ll need help to get through this.
That’s what we mean by uncharted territory.