December 14, 2020
Entrepreneurs and small business owners are the ultimate risk takers…I know that first-hand having started Rich Commercial Realty in the recession of 1989, with little knowledge of how to run or grow a business, except for the experience I had as a broker for another firm for almost 5 years. As RCR began our 31st year recently, my partners and I have had much to discuss regarding closing out this year and forecasting for 2021. With sales around half of what we projected at the beginning of 2020, we know we are not the only ones with lost revenue and profit. We anticipate revenues to be equally impacted for 2021 since most of our income is carried over from lease commissions, with half in the year the lease is signed and half upon occupancy. Lease renewals have dramatically impacted our revenue as we have assisted our clients with knowledge on obtaining rent relief and advocating on their behalf with 1-year terms given the uncertainty of where we are as we end this COVID year. However, we are most grateful for the revenue we were able to achieve and appreciative that we were able to meet our expenses and operate in the black. We know there are others less fortunate.
This is truly one year none of us who are in business will forget. As we set about planning for next year, we still feel uncertain – though we still must have targets, plans, and strategy for execution. Contacting clients and prospects has been a challenge for every industry. Every business owner is primarily focused on impact to their own clients and customers and how their needs or lack thereof might be impacting revenue, profit, culture, and safety in doing business in the future. We understand this responsibility and hope to be a resource on how companies may best “right size” from lessons learned as we are continuing to do in the future.
The end of COVID seems to be in sight with the vaccine seemingly on the horizon. We all know 2021 will be another difficult year to navigate, but we have hope in the future and belief in our ability to continue to serve our clients in a way that is most helpful to their business operations.
As hard as it has been, there are certainly lessons to be gained and bright spots that have brought smiles to our faces. Working from home has been challenging especially when children who need attention and dual spouses need to do their own work from home or worse when there is only 1 parent to deal with the mounting stress. Yet working from home has given many parents more time to read to their kids, take walks with them, and be amused by their antics as they grow and change. You often hear parents say, “they grow up in the blink of an eye.” Hopefully, this year has brought some joy to the hearts of many parents despite the downside.
Dealing with schools closing or erratic schedules and on-line learning has been challenging, especially for small children who do not yet know how to read, not to mention for the teachers and administrators who have had to pivot their processes for educating children in a safe environment as well as on-line. Yet kids are learning, as I experience frequently when my 7-year-old great-nephew, Hudson, FaceTimes me to read me a story. A priceless treasure I will cherish forever!!!
Certainly, there has been loss of loved ones through this pandemic, fear, and anxiety have also played devasting roles for children and adults. For the most part we continue to have improved processes daily for taking care of those most in need and we all appreciate those who are on the front lines risking their own lives to save others.
Staying in touch with family who lives afar has been challenging, but social media, phone calls, letters, and packages have made a huge difference with our families as we are able to share our love and concern for all of them. Zoom has become the “new norm” not only for work, but for all of us to reach out to our social networks and communities – such a necessity for those of us who have had to “shelter at home” to be safe! Technology we can add to our list of things for which we are grateful.
As we move into this Holiday season may we all be mindful of those who are less fortunate and ask that you join us in donating to your non-profit of choice who are feeding and sheltering those in need. Our RCR team sends each of you good tidings of comfort and joy and our very warmest wishes for Happiness, Peace, and Health in the coming New Year.