An end to the pandemic may be in sight. With vaccinations rolling out now, there is a chance we could reach a reasonably safe state in just a few months. Yet the promise of the vaccines hasn’t completely solidified. There have been slowdowns and setbacks. Many businesses are barely hanging on, and they may not make it much longer.
Yet ultimately, a rebound is probably inevitable. It may not take us back to pre-pandemic norms, but the business environment is fundamentally sound. As long as the American consumer continues to need food, goods and entertainment, there will be opportunity for those that provide them. Indeed, there may be a surge in consumption once it’s safe to shop again.
There’s no denying that many industries have been hit hard by the pandemic and the lockdowns. The restaurant and hospitality industries are struggling, to say the least. The travel industry continues to struggle despite federal bailouts.
Yet many large companies that have had the capital to change their practices are thriving. Healthcare, technology and manufacturing, among others, have been booming.
There has been some good news, according to the New York Times. Just after the pandemic first struck, nationwide unemployment jumped to 14.8%. In December, it was back down to 6.7%. According to Bank of America, their customers spent about 2.5% more on the holidays than they had in the past.
It could be a hard few months
As businesses wait for things to return to normal — or close to normal, many are having to invest more in infrastructure basics and expect less in revenue. Adaptation in business is always crucial, but seldom has that been more apparent than during the Coronavirus pandemic.
“The days of having a permanent budget or a permanent plan are gone for a while,” the CEO of luxury goods seller Cartier told the Times. “You’ve got to manage through this ambiguity.”
The good news is that, if you can remain operational until normal reappears, your business is likely to be in good shape. The investments you make now are likely to pay off in the long run as well as keep you around in the short run.
Sticking it out could require advice
It may seem like the last thing you can afford right now is advice from a business attorney. You’re sticking to a strict budget without a lot of wiggle room. However, an experienced business lawyer may be able to help you cut costs without cutting corners on things like liability. Someone who has been in the field for a while can help you make choices now that could help you come out stronger on the other end of the pandemic.