When asked how long I have lived in New England, my standard answer is “21 WINTERS”. We learn to live with and accept snow as an expected “pleasure”, but this year, as I look out of my kitchen windows and see a snow drift that goes over my window I think enough is enough and we are truly blanketed in fifty shades (and at least 50 inches) of the white stuff.
In late January, the 1st major storm (Juno), brought snow and gale force winds and caused severe disruption due to two or more feet of snow. In February, we had broken all records for the most snow by the 8th of the month, with more in the forecast. The snow has caused considerable logistics challenges for schools, individuals and businesses alike, as airports and ports have closed, trains services suspended and even the famous Boston Trolley had to admit defeat earlier this week and suspended service for a day (or more).
The cost of a major snow storm is astronomical and a 2014 study by research firm IHS Global Insight estimated the cost of a major one day snowstorm in Massachusetts to be $265-million. This takes into account lost wages, lost sales and lost taxes as well as the snow removal costs for local governments, residents and businesses.
Businesses large and small are feeling the effects both in a negative and positive way. Airlines are cancelling thousands of flights, car dealers have been closed for days and shopping malls simply have nowhere for customers to park. On the other hand, the lines in my local supermarket were ridicules as the shelves were cleared of bread, water, milk and other necessities. It’s always surprises me to hear that some of the top selling items in supermarkets as a storm looms are beer, pizza and (of all things) toothbrushes. And if you were in the market for salt, shovels or snow rakes, you would have been out of luck in many hardware stores as demand far exceeded supply in the North East.
So how can businesses prepare for the enviable?
The challenge is not IF we get a major snowstorm, it is WHEN it will arrive and WHAT business processes are in place to mitigate the risk or maximize the opportunity? Here are a few suggestions:
As we approach Valentine’s Day tomorrow, the forecast is again bleak and the Boston area is expecting another foot of snow. Let’s hope businesses and individuals alike are ready for the next winter blast.
Stay warm.
Follow me on twitter @howellsrichard
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