I’m pretty much done listening to reports from Governors, the President and others with their prognostications about US Businesses as we deal with the effects of coronavirus.  Why you might ask?  For me it is about what to rely on, to believe, and how to proceed in a way that’s most likely to be positive.

I’m reminded of a certain Mark Twain quote: “Get your facts first, then you can distort them as you please.” I’ve little confidence in what are portrayed as “facts”.  Another quote attributed to Mark Twain, although it was attributed earlier to others, is “Lies, damn lies, and statistics”.  Are we getting accurate information?  And how is it being received, interpreted and applied?  The “applied” part is most concerning to me.

In the world of business, we often hear about projections and forecasts.  A Projection is defined as a prediction or estimate of something in the future, based on present data or trends.  Forecast definition is to calculate or predict some future event or condition usually as a result of study and analysis of available pertinent data.  Note an “estimate” – it could happen – versus a “prediction” – it will happen.

Businesses are dealing with coronavirus in various ways such as closure, changing their way of doing business, sanitizing requirements, social distancing, wearing protective masks and shields, etc.  We are beginning to hopefully head back toward what we previously considered “normal”.  The return for the most part is related to using present and pertinent data to make decisions about how to get back toward normal; virtually no one is saying it will be the normal we previously experienced.  To the best of my knowledge there has never been an event that literally shut down businesses, houses of worship, and sports that dramatically changed things like coronavirus has done.  As a result, there definitely will be a “new normal”.

Business owners are being asked to do things that may or may not bring good results.  Each of us should look at our business and evaluate to the best of our ability how to move forward.  We should be asking ourselves, “Do we have sufficient and reliable information to make informed decisions about moving forward?”  Maybe we already do, but it’s often not what information we have but what we don’t have that could change the decisions we make.  Have ideas and formats to go forward been discussed and various outcomes (projections) evaluated before proceeding?  Let’s hope so.

An outsider’s point of view is always beneficial – no prejudice of the past as it relates to the future.  We have been advising business owners for literally decades, and are available to meet and discuss issues, options, and possible outcomes – all from an outsider’s point of view.  Please contact us – no obligation, just a chance to discuss your specific situation.

Morgan Vaive 859-957-9657

morgan.vaive@zoellnergarten.com         

John Zoellner 513-382-3797

jzoellner@zoellnergarten.com