Build Confidence, Optimism Now for Payday Later (Sponsor Letter)

Richard Ollis, CEO, Ollis/Akers/Arney

The COVID-19 pandemic and the resulting governmental action has certainly shaken business confidence. Some industries have been devastated by recent events, and resulting changes in consumer behavior have impacted all of us.

In contrast, many businesses have adjusted and pivoted into new areas, expanding their ability to serve customers. Entrepreneurs have innovated and positioned companies for the future.

In both experiencing the impacts of COVID-19 and observing other businesses during this time, one thing became clear: Businesses that had the ability to execute a plan developed more confidence by the success of their actions. However, large or small the plan, the action of planning, execution and ultimately, results, develop confidence.

Most successful post-COVID-19 plans capitalized on several existing assets: A quality team, use of technology and access to capital.

Good teams always perform better than average ones, but it can be especially evident in a crisis. Many businesses got a firsthand experience to test the strength of their teams. A crisis typically doesn’t change people, it reveals them. Great leaders and teams developed plans – executed them and achieved results. A team that accomplished this boosted confidence and optimism.

The effective use and expansion of technology in our post-COVID-19 world has been unparalleled. Virtual meetings, remote work, online ordering, online payments, digital marketing and the use of the internet have exploded. Fortunately, many companies already were positioned to implement or expand their use of technology. But those that weren’t are playing catch-up.

The most important asset all businesses had to rely on was cash and their access to capital. Strong balance sheets and relationships with financial advisers were, and continue to be, exceptionally important. Companies that had developed reserves have staying power and were able to capitalize on opportunities, such as attracting talent.

Being in business is difficult in normal times. COVID-19 has challenged all of us, especially the hospitality, travel and tourism industries. Building a strong cohesive team, effectively using technology and developing a solid financial base have risen on the list of priorities in establishing firm footing in an uncertain world. These three areas cannot only help businesses survive, but also help bolster their confidence and optimism for the future.
As many states begin to lift restrictions and consumers develop more confidence, our recovery is likely full of peaks and valleys. Building confidence and optimism will be critical as we move forward. Actions that result in successes, however small, will lead businesses to recovery.