Charting a New Course | Accelerate Success with Lorraine Moore

As we navigate these uncertain times, one thing is certain. When we emerge from lockdowns, our businesses, our work, and our personal lives will be forever changed.

Here are some of the potentially long-lasting changes. What opportunities do these generate for your business? What new or increased risks will you face?

Even before the pandemic, online sales continued to climb. Many traditional retailers were facing financial crises, e.g. Macy’s, Sears, Bed Bath & Beyond, Pier 1 and more. Amidst the pandemic, Neiman Marcus has announced a potential bankruptcy filing. Large shopping malls were losing favour with consumers and experiencing increasing vacancy rates. While some consumers will excitedly return to retail stores, many will maintain their new habits, purchasing more and more online and utilizing delivery services.
KPMG Canada’s CEO, Elio Luongo, held a virtual town hall with roughly 8,500 invited attendees. This was the first time for the online event, but it was a powerful and successful precedent. How will you lead in the months and years ahead? There is no excuse now for a lack of inspired, transparent communication to your workforce, no matter what the size, scale, or industry.
Many white-collar jobs are being performed from home rather than in corporate offices. Companies fast-tracked technology to enable call centre employees, and others who work in close proximity, to work remotely. After investing in such technology, why would they abandon its use? A yet undetermined percentage of employees will want to maintain the new routine, if not full-time, at least on a part-time basis. Commutes have been reduced or eliminated and, in many instances, employee productivity has been maintained. This will not work for everyone, particularly those with young children, but it will still represent a sizeable portion of the workforce.
Shaw Canada now provides all in-home telecommunications services with contactless and remote service. Their call centre employees can all work remotely. As a consumer, most other things being equal, will you choose the internet provider who requires you to be available between 10 am and 3 pm on Wednesday, or the one that makes your life simple? Call centre work is tough work. Why would employees opt to work in a large centre, among a warren of cubicles, if they could work from home?
Some American cities are considering converting some roadways to pedestrian and bike traffic, for at least part, if not all, of the year. Combined with people working from home, what are the implications on car sales and vehicle maintenance? Insurance premiums?
Companies will face new economic realities in the months and years ahead. By reducing commercial real estate holdings, companies will be able to reduce expenses. This can provide some expense relief, but if you are a landlord, it may be a difficult reality.
Consumers have embraced a return to simplicity, perhaps through necessity, but to at least some degree, by choice. People are preparing more foods at home; increased baking has contributed to shortages in yeast and flour. Jigsaw puzzles are out of stock; trampolines are hard to source. Does your product or service appeal to this trend of cocooning?
Will people return to physical gyms, spin classes and yoga studios at the same rate after developing a new routine at home? Offering a fee for a combination of on-premises and workouts from home might be a viable option.
Finally, there has been an explosion in digital technology. When banks and credit unions can finally accept digital signatures, and physicians can diagnose more quickly through remote means, what are the implications for retail banking branches and how physicians are compensated?

This momentous upheaval will be comparable to the Great Depression and the World Wars. I like to think it could be equal to the Renaissance. What a fascinating future awaits us.

During these challenging times, we need each other to weather the changing tides. Reach out to discuss how I may support your success. Contact me today.