COVID has made paradigm shifters out of all of us. We have had to rethink how we do business, and, unfortunately for some, rethink whether they should be in business. It has been a paradigm shift for individuals, for governments, for large corporations, and for small businesses. It has been a paradigm shifter even for whole economies.
The end is perhaps not yet in sight, but there is a sense that one needs to start thinking about “The New Reality”. “New Reality” thinking encompasses an exercise in being a visionary. It involves trying to ascertain which of the COVID related paradigm shifts are going to remain and become permanent, which are going to go back to the normal that existed before COVID, and which are going to morph into some form of hybrid between the two.
We are not clairvoyant. However, we believe there is a distinct possibility that the end of COVID will bring a new set of paradigm shifts. Just as the onset of COVID created chaos – not only business related – the true end of COVID is also likely to create chaos and its own unique paradigm shifts. By definition, one cannot predict a paradigm shift. However, one can have an open mindset, be prepared to be flexible, and be prepared to try, learn and adapt.
The “New Reality” might not be just a paradigm shift, but a paradigm squared. By the way, this is not a threat, but an opportunity. That is the nature of paradigm shifts. Have fun with it!
Rick Nason and Dan Nordqvist are co-authors of the book Small Business Finance and Valuation published by Business Expert Press. You can buy it here