What Is The Future Of The Economy Post-Pandemic?
With the future of the economy hanging by a thread by a global pandemic, many are uncertain what the future of our economy will be. As time progresses through this year, it is difficult to see it bouncing back up due to 30 million Americans applied for unemployment back in March & April. You would have to think about the small business owners who were unprepared for a recession and how they have to diversify revenue streams, reduce risk, get financing, and retain existing customers. All of these lockdown and social distancing orders are not permanent, however, the ripple effects of this pandemic will last for years or maybe longer than what the recession in 2008 caused. So you would have to ask yourself, “What would a post-pandemic economy look like and how do I plan for it?”
What is currently happening right now will continue to affect everyone’s spending habits; fewer people are going to be less inclined to spend their money. Which means it will be difficult to get new clients, unless you show them that you care. Everyone will be overwhelmed by their bills, rent payments, mortgages, etc. So consider offering discounts or reward programs that will entice them to buy in bulk and save on money. Although you won’t be maximizing your profits since your prices will be reduced, you still will receive the cash flow, which is way better than having none at all! Remember to always focus on your clients and their goals, having a satisfied customer is the best marketing you could have.
Expect to make a lot of changes and adaptations to diversify your revenue stream, most businesses that don’t evolve and adapt will fail. So you would have to be flexible to the ever-changing world, having to prepare to do more work online or on the phone due to social distancing protocols. Many will see this as a convenience as clients won’t need to travel when they can talk to you virtually on the web and engage with you. This will most likely effect seminars, events, conferences, and more as it will be more convenient to just do them virtually than to spend time and money to travel. And while in-person events won’t go away after the social distancing protocols are lifted, there will be a rise of online events.
While all of this looks scary, it is exciting to see these new changes to the norm. If you need assistance or have questions please feel free to call us at (832) 295-3353, or you can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php