The Misconception of a New Normal
The New Normal. The term has become a bit of a catchphrase since the early months of 2020. So much so, in fact, that the concept feels to many almost cliché. “New Normal” implies that current business dynamics are stationary, but business owners know that is far from accurate. Nearly every aspect of today’s marketplace looks and feels different than it did just a few short years ago. And it will look and feel even more different tomorrow than it does today. Yes, the rate of change in the post-pandemic business world is simply astonishing.
There are so many innovations that are altering the way businesses do business. November 2022 saw the release of ChatGPT by OpenAI. The artificial intelligence chatbot is already shaking things up throughout the business and education sectors and is expected to wield widespread impact for years to come. Maybe even forever.
Many businesses are still struggling with a sluggish supply chain. For some, it is probably better than it was a year ago, but a Gartner survey found that 76% of supply chain executives say their company is facing more frequent disruptions than three years ago. The slow supply chain recovery is due in part to continuing global political unrest and issues in China. The causes are almost irrelevant for most business owners; what is important to them are the continuous ups and downs in their ability to secure the raw materials and goods to run and grow their businesses. Look at lumber. It has been on a crazy rollercoaster ride since 2020, propelled by the pandemic, but also exacerbated by weather and other factors out of the Pacific Northwest and Canada. Lumber costs soared then plummeted (then soared and plummeted again). And there is nothing normal about that.
The point is that the explosion of innovation and the impact of ongoing market stressors will continue to thwart any semblance of a New Normal. And in a way, that’s okay. Business owners who survived pandemic slowdowns, lockdowns, and shutdowns have learned firsthand how to accept – and almost embrace – change.
What Should Business Owners Expect?
Again, business owners are perpetually in the midst of significant change right now. However, there are evolving trends that appear to be establishing their footing in most businesses today.
- Artificial Intelligence. As we mentioned above, ChatGPT is poised to change the way we run our operations. Business owners can easily apply the technology to enhance their customer service capabilities, incorporate it into their recruiting and hiring processes, and leverage it throughout their marketing.
- A Focus on Hiring & Retention. Employee acquisition and retention are very challenging. Added to the mix is an influx of workers due to mass layoffs in big tech. By concentrating on your people and your company culture, your business will be better equipped to find and keep the people you need to successfully run and grow your organization.
- Commitment to Cybersecurity. The current threat environment in technology is expanding, even for small businesses. Data breaches, malware, ransomware attacks, and other cybercrimes are expected to cost $8 trillion in 2023. Small businesses are a hacker’s favorite target. Make sure to carve out money in your budget to secure a strong cybersecurity posture.
So much is in flux in today’s world, so let’s not call it the New Normal. Let’s just call it progress.
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Gary Brunson
gary@myclearfocus.com
Debra Rider
debra@myclearfocus.com
574.361.2674
Sustainable Growth & Profit Consultant, Coach, Mentor and Counselor/Therapist for Business Owners and Professionals.