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A few months from now, we will all know a lot more about our business, our marketplace and the people we rely on.
That’s because when times are tough, we learn what people really think. We learn what standards they have and what their priorities are.
- We’re learning how strong our relationships are, personally and professionally.
- We’re learning who we can trust in the future.
- We’re learning how honest our service providers are.
- We’re learning who we can recommend.
- We’re learning who the real leaders are.
- We’re learning how people, systems and businesses perform under stress.
- We’re learning who really does go he extra mile.
And our clients, customers and marketplace are learning this too.
Warren Buffett famously said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”.
As you have almost certainly seen by now, a lot of business owners are not taking his advice. They’re thinking very short-term and creating a far bigger problem for their business, than the coronavirus.
In a few months
Long before the pandemic ceases to be the main news story, business restrictions will start to ease. People will be able to move around more freely. Things will start to feel closer to ‘normal’ than they do right now.
As this happens, the marketplace will start regaining confidence. Spending will increase. Cash flow will improve and increase.
It’s at this point that many business owners will pay the price for short-sighted decisions.
We have to be smarter than that.
We need to be very aware that every decision we make has consequences. The marketplace is watching us. And it will remember. As Buffett said, one short-sighted move and a 20-year reputation can be destroyed in minutes.
The only way forward is to think ahead, because things will improve commercially, and a lot sooner than many business owners seem to imagine. Only then can you plan effectively and make decisions that are best for the medium and long-term.