COVID-19 has posed a financial threat on big and small business and the economy. Rumors of businesses re-opening circle around. Americans poise, ready to embrace better economic times. Fortunately, the economy typically sees a booming increase in stocks and financial security after a recession. People will gradually get their jobs back. Some will take the opportunity to upgrade their career. Offices will take precaution in allowing a limited number of people to come back into the workplace. To avoid a second wave of the virus, America can look at Europe’s transition to prepare for our own step-by-step re-opening.
Certainly, the pandemic pressed temporary and permanent changes on businesses. Some businesses will bounce back, others will not. Small businesses, considered to be “non-essential” may see permanent closure. Some will have the option to continue working from home. Pay could possibly decrease as companies see loss in funds from lower prices and revenue. Additionally, supply loss and restocking poses an issue as well. Policies have been implemented in light of the virus, and some are here to stay. Conferences have been cancelled, causing missed opportunities for partnerships and exposure. Prices of products and services will be lowered or inflated. It’s likely that some companies may change the norm on prices. Then, this will lead to a new standard on how those particular products and services are priced throughout all companies.
To bounce back smoothly, companies will need to be smart and creative with how they market themselves. It’s crucial to keep prices low initially, then gradually normalize them. Some businesses have used this time to evolve and adapt their practices. It is advised to not use COVID-19 to market. People will be tired of hearing and reading about it. Consequently, summer will be a time for more traditional advertising. Think inspirational messaging and billboards, as people begin to venture outdoors. Partnerships will be helpful for companies to rely on one another to get back on their feet.
Now, while schools will be closed for the remainder of 2020, businesses could open back up as soon as next week. According to the Texas Tribune, Governor Abbott has declared a “statewide strike force devoted to getting the economy going again.” Part of the first phase is “retail-to-go”. Stores will then open for delivery or pick-up. Starting with baby steps, businesses and offices will eventually see more people going back to work. This will generate state and federal revenue again.
Finally, it’s vital that businesses are financially stimulated by their customers when it comes time for re-opening. Most of us have become self-sustaining and we’ll need professional stylists to fix our quarantined-induced haircuts. Start with small business, they need financial help the most. Encourage friends and family to financially support businesses that have experienced setbacks. Lastly, give the mom and pop shops a shout-out on social media to boost their exposure.