Words are cheap. What I mean is that it’s easy to say something, but it’s a heck of a lot harder to actually put those words into action. For example, I’ve been thinking a lot recently about how it’s become commonplace for companies to trumpet their mission, vision, and values. Everyone says they have a higher purpose with their business, something more than just pursuing profit, which is great. The idea is to show your associates, your customers, and the communities you operate in that you have a higher purpose than just making money at their expense.
During March 2020, when the COVID-19 pandemic reached the U.S., it not only impacted the health of many Americans but also quickly resulted in economic instability: thousands of businesses were shuttered, the unemployment rate spiked, there was a significant drop in personal consumption expenditures and GDP plummeted. However, the U.S. government intervened, helping to stem further declines by offering unemployment and stimulus payments to eligible individuals as well as programs such as the Paycheck Protection Program to assist businesses in continuing their operations. As a result, the U.S. economy began to recover; still, it has lost ground since early 2020.