Businesses facing an uncertain future after the pandemic
Despite what Yogi Berra said, sometimes it isn't over even when it's over.
There may be an air of optimism that we will soon emerge from the pandemic in Ottawa. Infection rates have dropped and the ranks of the double-vaccinated have increased. Local businesses are welcoming greater numbers of customers. Workplaces are reopening. People are once again meeting in person. (Last week, for the first time in almost a year-and-a-half, someone offered to shake my hand. I was caught off guard, so after an awkward pause, we bumped elbows.)
But even after things appear to be back to normal, the impact of the pandemic will persist for a long time. It will be like the aftermath of a hurricane: the initial relief to have made it through is soon overtaken by the difficult task of surveying and repairing the damage. For many Ottawa businesses, the losses have been significant. And instead of going back to normal, they will be faced with a different and sometimes uncertain future.
The greatest challenge for many leaders will be to confront the lingering effects of the pandemic on their employees. Through almost 18 months of operating in crisis mode, juggling work and family challenges at home, dealing with stress and anxiety, risk and uncertainty, many people have accumulated a significant toll. Many employers responded to the pandemic with compassion and empathy, ensuring their workers were safe and their unique needs were accommodated. That requirement will continue even after people return to work. We still have no idea what the true impact of the coronavirus has been on our mental health. Employers will have to be watchful and sensitive.
Many other health issues are also likely to surface. The rate of diagnosis of major illnesses such as cancer has declined significantly during the last year. Tragically, that almost certainly means there will be a disproportionately high rate of illness once people start seeing their doctors again.
Outside of health considerations, the mindset of many employees will have changed in the past year. Priorities have been reordered. For some workers, but not all, the desire to work from home has increased. And career horizons may have expanded as well. The job market has exploded to include any company in the world that will hire remotely. The relationship between Ottawa businesses and their employees has been irrevocably altered. They'll have to consider new human resources policies, such as whether to require vaccinations to return to the workplace, and innovative recruitment strategies.
Entrepreneurs and business owners will also have to look closely at the health of their own companies. Some businesses have sustained their revenue or even thrived during the pandemic. But many have faced significant losses and borrowed money to pay the bills. For companies in Ottawa's tourism and hospitality sector, in particular, the setbacks have been enormous. As demand returns to previous levels, managing cash flow and debt will be a big challenge.
Once the recovery is in full swing, every company will also have to do an assessment of the new, unfamiliar environment in which they will now be operating. The marketplace is always changing, but the pandemic is a rare transformative event with much faster and more sweeping impact. The world of 2019 is gone forever, and nobody knows what will replace it. Many leaders will be asking: Have the needs of our customers permanently changed? Can we count on getting the products and services we need in the same way we did in the past? Are we even in the same business as we were before?
The end of the pandemic will be a moment of enormous relief and celebration. But for most local businesses, the hard work is only just beginning. The health of their employees and their companies will be a challenge for many months to come.
Mark Sutcliffe is a longtime Ottawa entrepreneur, writer, broadcaster, and podcaster. He hosts the Digging Deep podcast, is a business coach and adviser, and is a chair with TEC Canada. He writes a business column for the Citizen every two weeks.