31 March 2020

As said by Winston Churchill, never waste a good crisis. The current COVID-19 crisis will no doubt have major consequences on all aspects of our lives, our businesses and our economy.

While many businesses are operating at a minimum and others have temporarily ceased their activities, it is important to prepare the recovery now.

A mutating economy

The uncertainty caused by the COVID-19 crisis has provoked a shock with similar potential as the Great Depression in the 1930s. This will bring society closer to collectivist values and enhance the role of governments. The post-COVID-19 world will not be a return to the 2019 reality: attitudes, behaviours, needs and work organisation will change.

Some experts foresee a regionalisation of the supply chains. Inevitably, the economy will become more virtual, thus creating new business opportunities, but also forcing adjustments. We could even see a substantial increase in participation in the work market as many retired people might have to go back to work after their savings melted away and the markets took a nosedive.

During the last few weeks, many economic measures were announced. If your business is temporarily closed or operating at a minimum, maybe this is a good time for you to:

• Analyse your needs in liquid assets for the next six months: call on your financial institution and use the economic measures that have been announced
• Think about your business strategies based on post-COVID-19 premises
• Review and improve internal processes in order to be ready to restart operations after the crisis
• Improve your current services and products
• Do the maintenance of your equipment
• Develop new products and services for your current clients and seize opportunities for future ones
• Resolve issues which have been left aside for lack of time
• Take this opportunity to read in order to step back

One thing is for sure, Sherbrooke Innopole’s team is more mobilized than ever to help you face the issues and impacts of the COVID-19 and plan the recovery phase. Do not hesitate to nous contacter!

Visit our Web page at sherbrooke-innopole.com/covid-19.