Have you noticed? Something is definitely going on.
As business owners, we’re trained to keep an eye on the market, and adjust as needed. But we don’t always get to see or know what others are experiencing, so sometimes when the market is doing something (expanding, retracting, etc.,) we wonder if it’s just us.
I’m lucky in that every week I work with business owners in many different industries, often across the US.
And in the last two weeks, I have definitely noticed something, and I’m wondering if you’re seeing it too?
In a weird case of multiple similar conversations, one after another, business owners are telling me that clients or customers are halting their work, or putting things on hold. Not for cause, but rather just delaying things. In the case of those with clients who are large companies, these companies are drawing out the budget spend process, taking longer to evaluate companies for money that has already been allocated for a project. Even banks are seeing people push back closing dates. But, why?
At first I thought: perhaps this is tied to the election? Are people waiting to see what the outcomes will be, and how that may affect their industry?
Certainly in a place like Washington DC, that may be the case.
But what about the businesses in other parts of the country?
My instincts are telling me that it’s not only about the election. But rather people are weary.
They are worried that if the predictions of a significant increase in Covid cases do come true, that businesses may come, once again, to a screeching halt. Schools may close. People may stay home. Businesses and companies are worried we may be facing another March or April 2020.
And … no one is quite sure how to project for 2021.
So people and businesses are slowing down their spending, just a touch. But enough so, that the small business owners that we work with are already feeling it.