I have a client whose business was decimated by the Coronavirus. Their whole revenue stream not only went to zero, refunds were becoming necessary so there was negative revenue. They work hand in hand with the live entertainment industry.
But the client was not yet completely out for the count. He has a number of ideas that will transform his business into new areas with all new revenue streams that will supplement old, once they reappear. With his PPP funds he has rehired some of the old staff that will be able to assist in the development of the new ideas. There have been some new hires to also assist. While some of the furloughed employees remain on unemployment. There duties were tied directly to the live entertainment business and don’t cross over skill sets yet.
A number of businesses are in the same position, their old world is dead or is still suspended. But entrepreneurs are a creative lot and constantly have to adapt to changes in their environment to survive, this client is doing just that.
Change or die, morph with the times or become old news and disappear.