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Friday, 24 April 2020 19:06

Riding the Emotional Roller Coaster of COVID-19 as a Shop Owner

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Maslow’s Hierarchy is a psychological theory identifying the five basic needs of humans: physiological, safety, belonging/love, esteem and self-actualization. Maslow’s Hierarchy is a psychological theory identifying the five basic needs of humans: physiological, safety, belonging/love, esteem and self-actualization.

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“We learn things when we look in the rearview mirror,” Taylor said. “Every recession or depression is followed by an economic improvement. After each macroeconomic trough, there will be a peak---it will rise again. This is a normal, anticipated cycle. We all have to exhale at some point.”

 

There have been 22 million new unemployment claims since this crisis began, Taylor said.

 

“The labor pool change will be advantageous to employers," he said. "We’ve been experiencing a tech shortage so many shops hire who is available, but with more candidates available, attitudes will improve and shops will be able to be more selective about who is the right fit for their business.”

Macroeconomics is concerned with large scale factors, while microeconomics focuses on the impact of individual decisions and factors.

 

Macroeconomic impacts will be seen in a decrease of new car sales, since consumer confidence will be shaken, Taylor said.

 

“Dealers will employ creative tactics to survive, including aggressive service offers," he said. "There will be work force reductions and both temporary and permanent closures. There will be failures in the marketplace; some of our peers and competitors will fail in the next weeks and months, unfortunately.”

 

On the microeconomic scale, according to a recent survey by the Washington Examiner, 49% of employees live paycheck to paycheck, and 31% of Americans missed their April rent payment. The survey indicated it will take this segment of the economy considerably longer to recover, compared to other segments.

 

Throughout all these catastrophic changes, it’s important to search for the positive.

 

“There will be a void in the market for our services. Car sales, public transportation and Uber are all on the decline, which means the use of personal vehicles will rise, and that’s where we shine,” Taylor noted. “There are great opportunities for you to pick up clientele and expand your business. Failures will allow us to adjust labor rates, compensation levels, margin expectations and profit levels. You deserve to make healthy returns on your investment; I want you to make money.”

 

Taylor emphasized the importance of being proactive and focusing on things that can be controlled.

 

“Pour energy and focus into the future. Determine what steps you can take now to position yourself for future success,” he said. “Self-talk is the bulk of conversations you have, and you need to be positive. Spend time with positive people, and limit your exposure to the news.

 

"Find something to look forward to---pick a date for when you plan to move forward, knowing that it will need to be flexible based on what happens with this pandemic, and focus on what you can do now to get ready for when the economy starts to reopen.”


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