Saturday, July 11, 2020

Click here to
sign up for our newsletter!

The Journals are the premier publications for high-quality, hyperlocal news and advertising in Monmouth County, New Jersey

Jun 30, 2020

Ready to Return to New Market Economy

By Glen J. Dalakian Sr.

Glen Dalakian CSAV Business Matters Colts Neck

We all need to be ready for the reopening of our economy. Some businesses’ commerce will begin again with a trickle, some a flow, and hopefully, in many areas, a flood of new opportunities will gush forth.  Pent-up needs will be fulfilled with new spending, and new dedicated funds may become available.  Those who are best prepared and open to meet the demand will profit most.

The new market economy is coming, and what that will mean to each business is up to its own management team. But there will be opportunity. What, where and when may not be clear, but those who are flexible, thinking outside the box and prepared to engage quickly will reap the rewards.

Technology has and will continue to play a vital role through the days ahead and into the new opportunity zones of the future. We must all take measured steps to see how the months ahead will pan out, but what is most important is to have a clear vision of where we, as entrepreneurs, want our organizations to be as the economy opens and restarts.

Those we serve expect us to be ready – with what and in what ways will be up to us. Some clients (and perspective customers) will have immediate needs and expectations, but many will require our insights into how they can traverse the new economy. We will need to brainstorm, pool our resources, look at what is needed most and then push in the direction we desire to go, for everyone’s best interests.

Comebacks can be huge. What will yours look like?

Some questions to ask yourself as this comeback takes shape:

1)           Which industries will start up in the fast lane? Which will lag behind?

2)           Which market demands remain?

3)           What new needs are out there or will be?

4)           Have I safeguarded my financial position?

5)           Can I take advantage of any available programs (PPP, EIDL, etc.)?

6)           Think outside the box. What can you do, that perhaps you have never done before, to capitalize on the new economy that has been thrust upon us all?

Once we review the ideas (and I mean really engage with our best people), we will need to pool our resources, prioritize what we need and then work hard. We must be ahead of the curve that we all know is coming. What that looks like to each individual business will be unique and can only be flushed out and acted upon by the leaders of that enterprise.

“Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion.” – Jack Welch