How Diversifying Multiple Approaches Adds to Your Business Success Right Now

How Diversifying Multiple Approaches Adds to Your Business Success Right Now

In many discussions of decision-making for a business, multiple contradictory approaches are frequently presented. The most common approach to improve profits is using analytics versus intuition. We prefer the use of complimentary rather than contradictory approaches to improve profitability at an organization. Here are several examples of multiple approaches that also illustrate some key decision-making tools. The analytics versus intuition comparison is well shown in this video of ours on Passion and Reality.

As an entrepreneur, do you know how do you balance analytics and intuition? If facts and certainty are readily available at your fingertips, then using the theory of analysis is preferred. However, decisions should not be avoided because information at the time you need to make the decision is not certain. In these cases, using and relying on your intuition is essential and albeit fundamental. Steve Jobs says this is true, because the people who are crazy enough to think they can change the world, are often the ones who do make those changes and on a grand scale. 

"Risk more than others think is safe.  Dream more than others think is practical."  -- Howard Schultz

Plans and budgets that explain goals, programs, and components are essential but need to be flexible, client navigable and interactive, and part of a definite business process.  Many traditional plans are beautiful, skilled and professional presentations that sit on shelves for years as soon as one key variable change in that plan. We offer that in contrast, you can develop flexible programs that are designed to include alternatives, interaction among factors, and discussions of parameters and assumptions. These are designed to be reviewed, compared and encouraged to be used for pivoting as the company, the parameters, the environment, challenges and any current opportunities for change. For example, the nature and impact of A.I. are uncertain for many businesses that do not use that technology yet today. However, as a business owner you can still plan for different benefits and the impacts of A.I for the future of your business as you expand.

We frequently view risk and probability without understanding the situation or environment. Venture capital firms only expect a fraction of their investments to show good returns. Despite this, they expect high returns as the end goal anyway, and frequently focus on growth rather than profits. Conversely, small business entrepreneurs frequently focus on profits and cash flow in order to ensure their viability.

As a new business owner or startup, you might be in a position to afford more risk, in order to get more profits now. Overall, it is human nature that people are more averse to risk than they are analytical. In that way, we always need to evaluate results and consider alternatives. We need to consider that the upside of many risks is much greater than limited downside. We need to understand outcomes and accept failure as part of the process. But there is a bit more than this going on, and you can sit back and let us help you do the heavy lifting on this one, once you contact us for your consultation.

Cultural and organizational bias is inevitable, but can be understood and worked on to take it out of the equation for good. Our enthusiasm, information, focus or mindset frequently cause us to overestimate markets, ignore competition and not consider the issues affecting decisions for the clients and customers. Here we can argue that one of the key causes of bias and inhibitors of success are naysayers and enablers at an organization. While experience and expertise can improve results, one of the worst limiting beliefs in our changing environment is when workers say, “We have always done it this way,” meaning that they do not embrace new and necessary changes at the organization. You cannot get to the top of Mount Everest with your hands in your pocket, and this type of small thinking simply ignores change, alternatives and better processes that exist to allow profits for your business. This type of thinking is also frequently fueled by proponents who fear change, alternatives on the job and who hate any level of discomfort, and we all know this is not going to work for long at your company.

Quantitative analysis does not automatically solve bias in or at a business operation. Quantitative measures are simpler to document, measure, make an objective analysis and determine how it is comparable to what you are already doing at your organization. However, we must ensure we here to help you navigate how to best use quantitative data, which can assist your business to measure issues we do not always consider, and allow you the opportunity to take your business to the next level by trusting your intuition. How can this be done? We are here to walk you through the steps to determining the reality of your business and find real-time solutions to the issues plaguing your business right now.

It is generally accepted that the 80-20 rule, which is based on a centuries old mathematical law, is one of the best guidelines for setting priorities and making solid business decisions. Specifically, this rule works because it argues that 80% of your sales and results, will come from 20% of your efforts. This is currently being confirmed in the stock market, where 7 popular stocks represent the majority of current gains as noted in 2023. While the rule should probably be followed more than it is, and we’d like to point out that there are exceptions. We are here to help you find out how these tried and true rules can help you improve your bottom line, and we can answer any questions that you have on how to become more profitable right now.

"Only thos who attempt the absurd will achieve the impossible."  -- M.C. Escher

Fine tuning parameters and the environment need more consideration than basic plans and strategies. This theory means that your identification of issues today will go a long way in developing programs and making decisions that will propel your business forward tomorrow. The most obvious example, is that it is easier to compete in large, growing profitable markets, than to work exclusively in small marginal contracting markets. Office real estate investment venues right now, are currently far less attractive than vacation rentals. Why this is so, is because the realities and changes in parameters for real estate, like populations, the economy, political environment, and social values, should all be reviewed and considered regularly to understand critical changes. The most important idea to keep in mind is that many variables are changing faster and more often than ever before. For this reason, not only do you need to understand parameters, you need to keep up with the latest ones, and know when to take a hard right turn on a new trend that you’ve seen already working for other companies in your business industry.

Replace your current hierarchy. Most organizations are based on a power or management hierarchy, but we know now that a flatter and more collaborative organizational culture have proven to be more effective in getting buy-in from the staff and workers. A more open management style can encourage more diverse worker input, reward competence among peers, encourage innovations in technology, and are generally found to be more flexible to react to change when needed [hint: it is nearly always needed].

Through collaboration and analysis, businesses can develop more efficient structures that rely on expertise via the use of a variety of resources. Even successful tragedy solutions all praise the importance of cooperative efforts among agencies. For this reason, adding new positions and creating functional groups (where individuals or departments are accountable for the results of customer success in their own specialty) will encourage more educated decisions and reactive change to keep you as an industry leader, when other competitors are stuck in first gear. Let us help you review new ideas on how to apply leadership and management at your organization. It will not hurt, we promise, but you will feel differently afterwards about the hierarchy that you currently have but have never updated until now.

"Opportunities multiply as they are seized." -- Sun Tzu

Operations and logistics are frequently viewed as secondary functions that can be handled by someone else, but that is not the best course of action for a small business.  However in reality, your operations and logistics can present a huge opportunity for a business to become more efficient and to differentiate itself from the local competition. We can help you understand what you need to do to be better at the business process you have in place, to get out your product or services to the community. Don’t worry, we can make that review process as painless as possible, and all that you need to do to get this going is to contact us today.  

Customer and Client Demographics all depend on a wide range of variables, which can affect how you engage these individuals: including age, location, income, etc. We know that it can be confusing and complicated to finding the right target audience for your brand or product. Marketing can be complicated, but we are here to help you sort it out ship shape and Bristol fashion! For example, the Hispanic market represents 16% of the population in 2022, as compared to 13% in 2010. However, the penetration that a business will find using these statistics is quite varied. The Hispanic demographic for instance represents over 59% of the under 18 population in Texas, and only 3% of the over 65 population in Maine. Why is this designation important? Because many businesses think everyone needs their product when, in reality, most people don’t need any product at all. You have to be able to resolve a need that a client has before you can offer that solution to them, it doesn’t work the other way around. Making the most of demographic information is what we do best, and we can help you to understand who you need to be marketing your products or services to best. All that it takes is making that first contact with us, this will help to start the ball rolling on getting more profits in hand for your business.

What you will get out of this blog is that if we spend more time reviewing the processes of change versus excellence, you will have a clearer guideline of what you can improve today. Clearly companies like Kodak and Blockbuster are examples of sticking with a formula too long, whereby they didn’t change their process of customer servicing in time to be pushed out of the market by a competitor who just did what they offered the customers better! In contrast, it can happen that companies frequently change executives, sell, and make investments with little or no outcome. The debate of pursuing improved excellence versus change is affected by a number of issues, and we are here to help you understand these theories. We can show you how to understand which problems that you have are affected by your bottom line or goals, versus reviewing the business tactics that you are currently using to help you to acquire different and more positive solutions. These priorities will include: reviewing business details, priorities, and communication both internal and external to your company.

Let's do it right now!  Book today!

We understand that being an entrepreneur and managing your own business is what juices you up right now, but after you get started on the basics, you need to keep several key factors in mind. As an entrepreneur, you need to allow your passion to drive you and at the same time understand the gaps in knowledge you need to fill in order to be successful at your current business. We can help you organize your business to optimize basic tools such as: planning and operations, the competitive environment, cultural biases, business structure and demographics and other key components of your business. This will keep you on track and allow you to better facilitate solutions and reduce challenges, to stay vigilant and in touch with reality for your business operations. Your business process may be basically on point, but we can help you to tune up the organizational protocols, in order to help you better manage and understand factors that can affect your bottom line, such as the current overall business environment, cultural biases, overall business competition, your business structures and the demographics of your client base. Contact us today, and we can work with you to jump start and facilitate better solutions for your business. This will leave you free to concentrate on your clients and customers, to resolve their issues showcasing all your business acumen and expertise.

Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies for your new or established business. Our strategies help you increase your bottom line, and includes clear steps, with access to over 150 free articles and templates, to help facilitate your efforts and guide your process to profitability today. We are here to help you get on track and stay there as you move forward with your business. It’s easy to get started, email us below and also check out our quick video.

Email us today and tell us what you need to be more successful in your new or established business at: bshlensky@startupconnection.net or call at 914-632-6977 (land line no texts).

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Fostering Connections in the New Norm

Fostering Connections in the New Norm

If we didn’t realize it before, the pandemic certainly proved how important human connections truly are. As social creatures, we thrive on interaction with our peers. So, it is no surprise that many of us struggled personally and professionally while unable to connect with family, friends, colleagues, and coworkers for an extended period of time. However, with vaccinations helping to increase our ability to see each other once again, one of the biggest opportunities we are presented with is the potential to reconnect and start new connections.

Network connections

We need to consider just how much the last couple of years distanced us from others, aim to accept and adapt to the things that have changed, and actively work to rekindle existing relationships while continuing to build new ones. For example, offices are reopening and we need to understand the pace and extent of the reopening. Water cooler jokes may be obsolete, but connecting via Zoom will probably be here for the long-term.

So, what can you do in this new norm to adjust in order to foster worthwhile and effective connections? This should not be a sophisticated analytical exercise. Instead, I suggest simpler and, sometimes, known recommendations that can be quickly adapted:

  • Small moments make a difference. Saying please and thank you go a long way. Asking, “how are you?” (and truly listening to the response) can really benefit a conversation.
  • Be brief. Keep things simple whenever possible. And, when creating a presentation, try cutting it in half… then cut it in half again! It’s better to keep people wanting more.
  • Make a meaningful impression. Did you know that 90% of most impressions are made in the first 30 seconds of contact, and they are not based on the substance of the communication? Make those 30 seconds count.
  • Utilize facial expressions and body language. Your eyes, mouth, brows, and other facial features can reveal more than what you say. These clues give professionals better effectiveness in meetings. Especially with the rise of virtual interactions, it’s helpful to be more expressive in order to convey your meaning and/or attitude.
Cartoon with an executive talking to someone in his office, with someone taking notes next to him, saying "Hope you don't mind - I've brought in a body-language interpreter."
  • Interpersonal trust. Invest in building personal trust and developing richer sensory experiences that help cultivate connections. For example, our sense of touch (like when we shake hands) conveys emotions that can greatly enhance our communications.
  • Develop and use new communication tools and don’t depend on PowerPoint. It is among the most overused current communication tool and it ignores the needs of the audience. There is nothing worse than having the lights go out and sitting through a 30-60 minute canned, slick, PowerPoint sales presentation. Instead, aim to create a presentation that engages and interacts with your audience.
  • Understand and respect colleagues, clients, and competition. Asking questions is one of the best ways to gain a better understanding of someone else’s experience. Additionally, when reviewing your service offering or considering new ideas, try asking yourself what customers are currently using and how your product or service is better? In other words, why should customers choose you? Genuinely knowing your customers will help you answer these questions.
  • Recognize the benefits and strengths we learned from video and virtual communication. Workers are becoming increasingly comfortable using video and audio-conferencing technology. Companies are acknowledging and accepting the benefits of online meetings, such as greater reach and efficiency. Use these to your advantage.
Cartoon with one person advising another person who is trying to make a Zoom meeting.  Advisor says "The reason they seem so small is because you have all 12,000 employees on your Zoom meeting."
  • Focus on engagement. Distractions continue to be a challenge, but they aren’t a result of technological limitations. The solution is actually in the way we run meetings. With enhanced visibility, live chat, polls, surveys, and even sub-conferencing features, guests can easily ask questions, gain clarity, brainstorm, and collaborate together. It’s just a matter of finding what works best for your meetings.
  • A great presentation relies on several different aspects. It’s not just about the words you say or the images you show. The entire experience plays a part in how much the audience retains or feels inspired. People can become preoccupied with the environment of the meeting. Communication, lighting, room temperature, and other factors can ruin a connection. The easiest recommendation to improve audience connection is with food. We all know what it’s like to get hungry, bored, and distracted, especially in long sessions. Taking breaks and offering snacks can reduce boredom and fatigue.
"The most important things in life are the connections you make with others." - Tom Ford

Interpersonal connections are the glue holding together our social circles, our business networks, and our company cultures. When we put in the work to maintain existing relationships and strive to establish new connections in a healthy, respectful, and effective manner, our lives and businesses are better off for it. While some people may have grown distant over the last couple ears, there are always ways to reach out and revive these connections. Great opportunities often arise from those we know. And when we are all looking out for one another, rooting for each other, and helping one another succeed, that’s when we know we’ve truly cultivated valuable and genuine connections.

Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. We guide your plans for business success and unlock your profits. Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward.

We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977

Will You Change with Change?

Will You Change with Change?

When I started this article a few weeks ago, I thought things were getting less stressful with COVID starting to reduce and the economy booming. Since then, the Ukraine situation has escalated, inflation has increased, and stress seems to be rising again. All of this is a reminder that continual change seems more permanent, and we don’t necessarily know what it is or what it will be. Our strategy should focus on being flexible and preparing for whatever might happen.

"When you're finished changing, you're finished." - Benjamin Franklin

For example, my and others stock portfolios dramatically increased between 2019 and 2021 by investing in high profile tech stocks like Amazon. In 2022, those and many other tech stocks are dramatically down. Thus, I am learning to diversify.

Similarly, things like COVID, mask mandates, going to back to work, entertainment, and restaurant businesses are experiencing continued uncertainty rather than a straight return to normality. In contrast, kids seem to be going back to school normally.

The most significant aspect of all of this continual change is increased stress and depression. While many of us experience the roller coaster effects of uncertainty every day, an increase in mental illness, drinking, suicides, and crime point to more long-term and serious implications.

So, what do we do? I recommend understanding some certainties, watching change, and developing more flexible strategies.   

Some certainties:

There are new structural trends that are becoming embedded in our culture. While myself and others often discuss them, they need to be given more consideration in our strategies and programs. These include:

  • Income inequality continues to increase.
  • Technology continues to boom.
  • Bureaucracies continue to be less effective.

Some changes to watch:

  • The economy keeps growing.
  • Labor will continue to be tight.
  • These changes are producing inflation, which has not been significant for over a decade.

Ways to implement flexibility:

  • Review and measure your programs on a more regular basis. In particular, evaluate the potential of alternative strategies, such as Internet versus retail.
  • Allocate some of your time and financial resources to developing and evaluating new programs.
  • Understand and implement programs to better manage changes like work from home, revived entertainment and networking, school, and diversity.
Comic of people seated at conference table.  Leader says "Instead of risking anything new, let's play it safe by continuing our slow decline into obsolescence."
Example of why we shouldn't resist change.

While change and its uncertainty are increasing, we need to give even more attention to proven best practices. These include:

  • Utilize technology. It’s not going away. And, it can streamline many of your processes.
  • Diversify everything: portfolios, employees, your skill-set, etc. We can’t continue living in our own little bubbles. Diversifying also exposes you to more opportunities for return.
  • Be prepared to adapt quickly. Change is a constant and it’s happening rapidly these days. Don’t get left behind because you’re unprepared, or even worse, unwilling to change.
  • Prioritize the 80-20 rule. It has been proven time and again that 80% of business revenues are generated by just 20% of our customers. Yet, we all continue to waste time, money, and inventory dollars on customers that bring in a lower return. This tendency frequently adds unnecessary confusion and complexity.
  • Focus on service, image, and culture. These are frequently the biggest (and often least expensive) ways for small companies to develop a brand and differentiate themselves. Something to consider: In the current social climate, people are more inclined to connect with a brand or buy from a company that is aligned with a good cause and/or participates in charitable giving.
  • Consider structural changes. Open systems in particular have a number of benefits including more effective problem solving, leadership, communication, and planning. It might be time to reevaluate how your company functions on a structural level and whether or not it’s producing the results you want.
"The only constant is change." - Heraclitus

It always seems that as soon as we think things are “settling down” and we’re falling into a groove, that’s when we’re thrown a curve ball. This is because we’re utilizing a mindset that craves the comfort of consistency and reliability. We need to shift our mindset to one that expects change because, while none of us can predict the future, we can, with certainty, rely on change. This might make you feel uneasy, but know that we are all in the same boat. Try to remember that staying flexible will make adapting easier. And, implementing sound, proven strategies will not only set you up for success, but put you in a position to effectively and efficiently change with change.

Dr. Bert Shlensky, President of www.startupconnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. We guide your plans for business success and unlock your profits.  Our strategy includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward.

We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977

The Potential of E-commerce is Just Starting

The Potential of E-commerce is Just Starting

The pandemic was accompanied by an incremental increase in E-commerce. This was not a short-term blip; I believe we simply jumpstarted the inevitable. Therefore, we need to understand the strengths of E-commerce and maximize both the sales and marketing opportunities.

Cartoon showing proud parent saying "Honey, look how cute... the kids have started their own little business."  Kids are creating an e-commerce lemonade stand.

Let’s look at how E-commerce is changing the way consumers engage: 

  • E-commerce sales are now estimated to be about 30-35% of retail sales. Amazon has grown from $28 billion in 2010 to almost $600 billion in 2021. Google ads grew from $28 billion in 2010 to $147 billion in 2020. 
  • Other industries are also dramatically changing and shifting to digital systems. For example, according to Jamie Dimon from Chase, “From loans to payment systems to investing, they have done a great job in developing easy-to-use, intuitive, fast and smart products.”
  • Retail is facing extensive challenges. Stores are closing and many companies are shutting down altogether. They are also facing higher expenses, decreased traffic, and require higher margins than E-commerce. Personally, trips to places like Lord and Taylor, Pennies, Sears, and K-Mart are now only memories.   
Cartoon showing mall employees seeing a crowd approaching.  One says "The good news is that the stores are crowded.  The bad news is that it's because the websites are down."  E-commerce affects us all in many ways.

These changes are creating significant opportunities for E-commerce. For example:

  • E-commerce can be simpler and more efficient than regular retail. Delivery, security, and customer service have dramatically improved, which makes it a better experience.
  • Prices are generally lower as E-commerce doesn’t have the inventory, personnel, logistics, and real estate costs of a brick and mortar store. Additionally, retailers with E-commerce are struggling to balance the costs and prices of two different strategies.
  • Marketing for E-commerce can be quicker, more flexible, and less expensive than retail. You can quickly see results, test different programs, and compare different strategies with E-Commerce, and testing and comparisons are in their infancy.
  • Both marketing and sales can provide you a customer or potential customer’s name, e-mail, what they bought, what they considered, and other information. These names can provide low-cost marketing information for years.
Cartoon with wife on computer asking husband "how did the internet get my bra size?"  E-commerce frequently tracks your online habits and purchases.
  • Suppliers like Amazon and Google offer significant feedback and suggestions to improve performance and results.
  • E-commerce offers a much wider range of products including varieties, colors, competition, and promotions. They have a one or a few distribution centers while retailers have to stock multiple stores.
  • There are numerous marketing tools available including memberships, social media, e-mails, paid search, targeting, and follow up.
  • There is greater product information available including instructions, directions, ratings, reviews, videos, etc.
  • It can save time in terms of not going to a store, dealing with out of stocks and, most importantly, being available 24/7.
  • E-commerce offers a special advantage of being able to market to broader audiences including international and, at the same time, customizing messages to the individual.
  • A great opportunity for E-commerce is to improve search and information to better interact with consumers and provide a more personal experience. Research has shown that customers love personalized experiences, as it shows the business respects them enough to offer attention. It’s also proven to increase the customer conversion rate.
  • E-commerce can be especially beneficial to small retailers who can specialize and cater to local customers and competition.
  • E-commerce allows and encourages integration of sales, communication, branding, and marketing. 

The potential growth of E-commerce is virtually unlimited. They key is spending the time to understand and take advantage of the opportunities. In particular, we need to better learn how to communicate with, market to, and provide assistance to the individual customer. Increasing efforts in communication, developing better E-commerce materials, and analyzing potential and results need as much attention as specific marketing efforts. Like most worthwhile endeavors, incorporating and/or improving your E-commerce offering may take some work and time to adjust, but the benefits can be a game changer for your business.

Dr. Bert Shlensky, President of StartupConnection.net, offers experience, skills, and a team devoted to developing and executing winning strategies. We guide your plans for business success and unlock your profits. Our process includes clear steps, and over 150 free articles and templates to facilitate your efforts and guide your process. We’re here to help you get on track and stay there as you move forward. We welcome comments, suggestions, and questions. You can write us at: bshlensky@startupconnection.net or call at 914-632-6977

Key Trends and Opportunities during COVID Recovery

Key Trends and Opportunities during COVID Recovery

We are recovering rapidly from the COVID disruptions. The economy is growing at a rate of 5-7% compared to the typical 2-3%. COVID cases and deaths are down 50-70% as we emerge from quarantine and begin to experience some ordinary social behavior. Things are certainly looking up, but during this COVID Recovery period, it’s critical that we continue taking advantage of opportunities to restore normalcy so that we can encourage personal prosperity and growth.

We are achieving major gains in areas like vaccinations, growing the economy, getting students back to school, and relaxing some guidelines. We’re also seeing an emphasis on social awareness as people continue working to end racial discrimination and minimize destruction in the Middle East. We’re feeling energized to make positive changes despite the fact that progress in areas like racism, gun control, infrastructure, and bipartisan efforts have been disappointing.

After a year of COVID recovery, it looks like America is getting back to normal... Unfortunately - another mass shooting.

The most significant impact of the Pandemic is, perhaps, the acceleration of income inequality (which was already concerning prior to 2020). While most income tax rates have remained pretty consistent for decades, taxes for the top 1% have decreased from over 70% to under 30%. Thus, the country’s top earners have increased their wealth share from 60% to 80%. Inequality also extends to other areas like the K economy where the rich get richer and the poor get poorer. Companies like Alphabet, Amazon, Apple, Facebook, and other tech conglomerates are becoming more and more powerful in both social and economic programs.

There is a great deal of uncertainty regarding the work from home trend, but it will continue at a level of 20-30%, at least. The benefits (no commute time, reduced cost of office space) and improved technologies (Zoom) are too great to be ignored. However, we have not even seen the communication and interaction benefits that can be accomplished as more normal behavior resumes. Therefore, we need to manage, adapt, and develop effective solutions rather than try to execute personal or traditional preferences.

In the COVID recovery, what's your biggest struggle with working remotely?

Furthermore, we need more innovation as part of the COVID Recovery. I believe efforts like Artificial Intelligence, electric cars, improved technology in education and business, better health care, solutions to prevent climate change, etc. can contribute to the acceleration of our economy. For example, Biden visited a Ford plant recently to introduce a new truck. It generated more excitement, interest, and publicity than many other efforts. Consider how gains in areas like this are a win-win with few losers or dissent.

Another trend we’re seeing is increased stress levels as a result of more shootings, crime, discrimination, and suicides. Even the Supreme Court is experiencing more stress related contentiousness. To make matters worse, for the last year, physical acts that once provided comfort and encouragement (hugs, high-fives, handshakes) were discouraged. As social creatures that crave human connection, it takes a toll on us mentally when we’re unable to find solace in a hug or vent at the water cooler with friends. On the plus side, however, we’re seeing these gestures being reincorporated into our routines as part of the COVID Recovery.

A positive trend that started during the pandemic (and seems to be sticking around) is an increased focus on mental health. Many people started talking with a therapist as quarantine took its toll. And many health insurance companies encouraged this by offering free counseling services. Hopefully, we continue to proactively manage stress and take time to practice mindfulness because pretending problems don’t exist, overextending ourselves, and being too stubborn to ask for help are all surefire ways to make stress worse. You may be able to keep it bottled up for some time, but it will eventually find a way to rear its head.

During the COVID recovery, maintaining mental health is imperative.

The pandemic affected women in a variety of ways. Poor women, in particular, were more likely to experience adverse effects—they suffered more unemployment and were left with more responsibilities (like childcare and homeschooling) than men. These issues also caused an increase in stress, depression, and self-image. COVID Recovery plans need to include more programs and support for women. We must work to empower women, eliminate workplace harassment, improve their healthcare options and the control they have over their own bodies, demand equal pay, and provide equal opportunities.

Another noteworthy area is the Real Estate market, which will remain uncertain for a significant period. This will create some issues, but also provide many opportunities. Restaurant and store closures are causing a massive structural change in retail space. For example, it is estimated that 100,000 to 200,000 (mostly small) restaurants have closed. This will favor larger restaurants by providing greater opportunities for big and more successful restaurants. Residential movement from the city to suburbs is also becoming significant. The return to offices will be slow and probably less than 70-90%. All of these trends are creating huge opportunities for office space design, communication, and recreation.

Travel and entertainment are recovering, but very slowly. While personal travel may resume quickly, business travel and meetings will probably be reduced permanently. Opportunities in these industries will need to support these trends and focus on ways to embrace the slow transition.

[COVID recovery comic]  This is your pilot speaking - I'm working from home today.

Most importantly, no matter where you are in the midst of the COVID Recovery, don’t forget to take care of yourself. Eat healthy meals, exercise, get some fresh air, meditate, try to keep a regular sleep schedule, and be patient (with yourself and others). We’re all going through a lot—cut yourself some slack.

Finally, whenever you identify an opportunity and decide to capitalize on it, make sure to develop and execute solutions. Take comfort in the fact that risk can be reduced greatly with a better understanding of COVID Recovery trends. The Pandemic may have hit us hard, but it won’t keep us down. Keep your head up and stay focused on the possibilities.

Dr. Bert Shlensky, President of StartupConnection.net, has an MBA and PhD from the Sloan School of Management at M.I.T. He served as the President of WestPoint Pepperell’s apparel fabrics business & President and CEO of Sure Fit Products. More than 2,000 clients have benefitted from his business acumen over the course of his long career. He now focuses on working with select startups and small businesses. For more information, please visit our website: https://www.startupconnection.net/