Even when we get through this you have to believe that this crisis will likely permanently alter the way many businesses and education function. Another virus is something that can easily happen again. One of the ways I think is businesses having more employees who work from home for at least portions of their time. In other words why have big permanent office space when you can get the same productivity by having smaller and/or temporary office space and time.
So what do you all think, what do you believe will be some of the possible changes on business and education going forward?
Let’s see how long this thing goes and how long so many businesses have to go without revenue, before going bankrupt? The businesses that are left, will either have been lucky or have shown more resilience? Those that were lucky, I don’t believe will change much. The resilient businesses will apply what they’ve learned going forward but…I don’t think that represents much? Most small businesses in part…are the people business. That isn’t going to change IMO.
I have nothing to base this on. But I’m betting that by mid to late May, we will start seeing some restrictions being loosened. Especially if hospital cases have not overwhelmed us.
I agree with this. Companies and businesses are going to have to access the cost/benefit of paying for additional real estate vs just warehousing inventory.
Are colleges going to refund students a portion of their tuition since they are not benefiting from the “full” learning experience of actually being on campus and in the classroom?
Why pay for a large amount of office space if you can find ways of being productive with a much smaller amount of office space? I have to think that some businesses must be considering or will be considering that question?
Movie Theaters will begin dying faster. Universal already experimenting with release movies straight to streaming services for $20.00 to rent. Once they see that it works, they will have to re-evaluate whether it’s worth the added cost to physically distribute movies to theaters.
Big chain Restaurants that were already struggling will go away. But the good ones won’t be impacted that bad.
Schooling will change but I just think they will have more contingency planning for this by have the online infrastructure in place just in case.
“In a statement, Minnesota-based 3M said most of the masks it made at its factory in Shanghai had been sold within China even before the outbreak. It declined to comment on when exports from China might resume.”
I hope so as well, but I am not optimistic. With the economy potentially crashed now, not sure Americans have an appetite for paying MORE for products right now.
We are still beholden to the corps to make the decision based on their bottomline. Without government intervention, they won’t transition voluntarily.
Theaters, restaurants and sporting events will rebound within a year or two. Remember, American’s memories are short.
Businesses will likely change to include more on-line employees because of the economics.
Hospitals and other medical facilities will evolve to make patient rooms more adaptable by including isolation/negative pressure capabilities. And the need for universal availability of preventative healthcare will be even more evident.
Schools are unlikely to change much, as face to face learning can’t be replaced.
Hopefully there will be greater emphasis on sanitation and cleaning of all public spaces.
I didn’t think of that…and I believe you’re spot on.