Business post Covid

Forums The Touchline Coach Business post Covid

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    Hans
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    He was hard of hearing, so he had no radio.  He didn’t have a computer, a mobile phone or a tablet so didn’t do social media.  He had trouble with his eyes, so he had didn’t watch the news on Tv or read the newspaper. But he sold fish and chips from a van.

    He had increased his route taking in more of the posh new estates around the area he worked.  He put up a sign on the side of the road and in local shops advertising how good they were, and which nights he would be in each estate.  And people bought.

    He increased his fish, batter and potato orders, and he bought a bigger fryer to take care of demand.  His son came home from university to help him.

    But then something happened, a worldwide pandemic and he had to “mothball his van”.

    Post-Lockdown as people started to emerge, he started making preparations to get back to his routes, surely if people social distance he could resume service, in fact, he would be a pleasant break for his loyal customers. he was more motivated, and the rest had strangely done him good. He placed fish orders, worked out how to implement social distancing and put his adverts back in the shops and on the roadside.

    But his Son said, “Dad, haven’t you heard on the news?  There’s going to be a big global depression, even worse than the crash. The international situation is terrible, but with Brexit, the domestic situation is even worse.”  Whereupon the father thought “Well my son has gone to university.  He follows the news and social media, so he ought to know.”

    So, the father didn’t resume his routes, cancelled his Fish order, took down his advertising signs and no longer bothered to drive to all of the new estates.

    His fish and chip sales never resumed. “You were right son,” the father said to the boy.  “We are certainly about to go into a great depression.”

    Live your life by a compass, not a clock
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      Adam Guttridge
      It’s an interesting question – how much of a recession is caused by hard uncontrollable economic factors – rising unemployment, lack of credit, increased costs, drop in demand etc, and how much is caused by a loss of confidence?

      Inevitably the two are intertwined, but my opinion is that lack of confidence is an absolutely key component in taking us into a recession, and rising confidence will be key in bringing us back out.

      Humans are inherently social, and emotional creatures – people buy on emotion, and people tend to follow the crowd. If opinion leaders suggest that a recession is inevitable, then many will accept that suggestion at face value, and start to act in an ‘appropriate’ manner – reducing costs, avoiding unnecessary expenditure. This behaviour can be argued to be logical and proportionate, but the very act of following this course is also more likely to cause a recession in itself- a self fulfilling prophecy.

      To paraphrase Henry Ford – Whether we all think there will be a recession, or whether we all think there won’t – we’re probably right.

       

       

       

       

       

      Trev Parker

      Adam Guttridge: It’s an interesting question – how much of a recession is caused by hard uncontrollable economic factors – rising unemployment, lack of credit, increased costs, drop in demand etc, and how much is caused by a loss of confidence?

       

      Inevitably the two are intertwined, but my opinion is that lack of confidence is an absolutely key component in taking us into a recession, and rising confidence will be key in bringing us back out.

      Humans are inherently social, and emotional creatures – people buy on emotion, and people tend to follow the crowd. If opinion leaders suggest that a recession is inevitable, then many will accept that suggestion at face value, and start to act in an ‘appropriate’ manner – reducing costs, avoiding unnecessary expenditure. This behaviour can be argued to be logical and proportionate, but the very act of following this course is also more likely to cause a recession in itself- a self fulfilling prophecy.

      To paraphrase Henry Ford – Whether we all think there will be a recession, or whether we all think there won’t – we’re probably right.

       

      Interesting that Adam. I wonder just how much of an impact social media has on promoting gloom and despondency?  So much aggression, hatred and negativity about these days.

      Ryan Pettit
      Social media is unfortunately a double edged sword for many businesses; whilst one side offers a great marketing tool with quick and easy access to the consumer market, with incredible demographic targeting, the other hand delivers the negative voice of opinion and reduced confidence with which the masses will ultimately follow, consequently destroying the very market you are trying to create!
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