With major shifts in markets, massive lockdowns, and businesses that may never open their doors again, we are going through challenging times personally and professionally. Businesses are struggling to keep their doors open, worrying whether they’ll be able to pay their employees, vendors and of course, rent or mortgage.
I have spoken to many business operators trying to figure out how to survive and one, in particular, owns a fairly young but successful company. Pre Covid-19 they far exceeded their targets and goals, but that has changed drastically since they serve the hotel industry. Now they are operating on 20% volume and most of their clients are at 40-50% capacity or closed for business.
There is a bright side to all of this. We’re all in this together. The question you may ask is, “How does it help anyone if everyone is in the same boat?” I’ll elaborate on maintaining a lease.
The fact that everyone is struggling helps since it is not an isolated situation, and your landlord or property manager may be dealing with the same issue as well with all or most of their tenants. That gives you the leverage to negotiate better terms that may be beneficial for both sides. For them to go out and find a new tenant in this market would almost be impossible.
Regarding the individual business itself, all of those issues are not strictly driven due to Covid-19. Assuming the pandemic is over and done today, it is still worth combing current business models to see how technology can shift the way business is done and the way consumers are connected to in this digitized world. Every second and dollar can go towards creating sustainability should face-to-face interactions be unavailable. Now is the time to really explore how one can advance in their industry and see themselves in this post Covid-19 world. Put your energy towards saving the business you’ve worked hard for, the business you love.
As my Mom always used to say, tragic may turn into magic. The truth is, we would give up the magic if we can get rid of the tragic, but where there is struggle, there is also opportunity. If one is resilient, open-minded and ready to evolve, there is never a better time than now. Take this opportunity to focus on how to adjust to this newly adapted market. Be innovative, be motivated, collaborate with your team. Articulate the struggles together and make necessary changes. Embrace new ideas, weather the storm until we find ourselves in a new and improved market with many possibilities to prevail. When the dust settles, you will outshine your competitors with a major success.
I want to hear what you have to say. Add your thoughts to the comments and let’s keep this conversation going.
-For Real Estate Trends, I’m Moses Gross.
