Will you wilt away, or will you thrive in the Covid 19 pandemic? I would love to say that everyone can survive, but in this scenario only the ones that happened to be in a good position with what the covid 19 challenges posed, are the only ones that will survive the storm. Several companies that did well were specialty food drive throughs such as high-end Barbeque restaurants that had a great drive through service prior to the pandemic. Other Businesses such as contractors that work on the inside of homes and buildings. These Businesses got killed in the downturn of the covid 19 pandemic. However, contractors that work on the outside of homes and buildings have done very well. Deck Building companies, exterior painting companies, landscaping companies. These have all done well. People are not wanting to spend money on flights or vacations and being out in public is less appealing.
A World Forced to Work Remote
This economy was reluctantly using platforms such as Zoom to operate. It was a tool you could say, but now it has turned to an absolute must. I wish I would have bought stock in Zoom about a year ago! I bet you wish you did as well. Now the economy is almost exclusively doing Business behind the computer as opposed to face to face. Handshakes are as vintage as an old Victrola, probably not ever to be back. At least not for a long time anyhow. Can your Business operate online and still be profitable? Many have seen that Covid has improved their Business and way of life by allowing them to avoid social situations and having a justifiable excuse to be at home. There is nothing wrong with that! Not everyone is built for heavy face to face communication and interaction. Perhaps this economy is better off not having wasteful meetings by driving to meeting after meeting and not getting much accomplished anyhow?
Success Depends on Your Business and How You Operate
If your Business is reliant on face to face, or being inside spaces in close proximity of others, it is doubtful that you will be able to stay profitable. Selling an unprofitable Business is much like flying a plane underwater—it just does not work. You cannot sell a Business that is not profitable. Most are forced to close their Business. Online retail was killing small town retail before the pandemic. Amazon has never seen so much growth. Retail is dying. Yet Businesses that are craftsman oriented and on the outside of the home or Business are doing well as long as the Business has the ability to effectively deliver quotes and communication needed to accomplish a Business transaction. Companies that use Covid 19 preventative communication practices and can deliver what needs to be said by phone, email, or zoom are doing well.
Selling During Covid 19 Pandemic
The 3 MOST important factors in selling a Business are:
- CASH FLOW
- CASH FLOW
- And last but not least CASH FLOW
If the Pandemic has affected your cash flow in a negative way, you are at a serious disadvantage to sell your Business. However, If Covid has improved your bottom line, you are at a much better place to sell than you ever have been. Why? You might ask. Because many are losing their jobs in this worldwide pandemic. They are now forced to go buy a job, by way of buying a Business. Many are looking to buy a Business where they feel SAFE in an uncertain economy. If your Business has seen growth during Covid, you may be in for a pleasant surprise when someone who has been working corporate America and has saved 300K in IRA, or Investing from stock options and they lose their job and have the dry powder to make an acquisition happen. It all depends on cash flow and how well you can operate in this uncertain time we live in today.