As Tacoma business leaders begin to navigate uncharted waters in the face of economic factors related to COVID-19, many sought to connect with peers experiencing the same uncertainty.
These individuals held a recent conclave to discuss sales, cash flow, and how best to support the community through this time.
Attendees included leaders from the Greater Tacoma Community Foundation, South Sound Business magazine, Chuckals Office Products, 7 Seas Brewing Co., Olympic Landscape, Travel Tacoma – Mt. Rainier Tourism & Sports, and more.
Concerns regarding the blow to the travel and tourism industry, how to support labor when funds begin to dry up, and possible dwindling international supply chain were introduced by members. However, the group used the bulk of its time discussing ways businesses can pivot or lessen financial burdens.
Ideas discussed included:
- Looking at gaps in local production to help support the community
- Examining all recurring expenses and subscriptions and see what can be suspended or cut
- Utilizing resources online like makeittacoma.org
- Considering SharedWork or placing employees on temporary 8-week standby if needed
The group also identified many positive aspects that have come out of the COVID-19 crisis, including more time to spend with family, finding a purpose bigger than oneself, repurposing skills and talent, and the opportunity to evaluate long-term goals.