As of September 16, there are nearly 6.7 million cases of coronavirus in the United States, according to The New York Times. The impact this virus is having on the country is devastating and extends far beyond its effect on citizens’ health. The coronavirus pandemic has brought with it a number of other issues including widespread unemployment, breaks in supply chains, and a skyrocketing number of company bankruptcies.
Right now, all of us need to do our part to slow the spread and combat the effects the virus is having on our society. As a business owner, it’s important for you to understand not just how the pandemic is affecting small businesses, but also how to adapt your business to the situation.
From closures to illness, 2020 has been a tough year for business owners. However, this time has also represented an opportunity for some individuals who were able to change their business strategies to accommodate the changing market. Whether your business is struggling or thriving during this pandemic, you will need an effective strategy to weather the storm as the new year begins.
Our hindsight to this year’s problems may be 20/20, but now is the time to focus on 2021. In an effort to assist the businesses in the community that we love so well, Action Coach RGV is gifting a complimentary 2021 strategic business plan to 10 business owners in the area.
Today, we're going to learn how 2020 has impacted three different industries, and how their example shows that an effective plan for 2021 can help you increase profits, cashflow, teamwork, and free time.
While coronavirus itself may last for only a few weeks, it can have lingering effects on the human body. The same is likely to be true for the economy and the industries that shape it. Even if the pandemic ended tomorrow, the effects thereafter are likely to be felt across the globe for years to come.
According to Medecision, the healthcare industry is usually safe from recessions due to the continuous demand for medical services. It turns out that 2020 may prove to be an exception to that rule.
Like every other industry, healthcare providers had to adapt their services to meet new safety requirements. This includes reducing the virus’s spread during the pandemic by keeping offices clear and postponing other medical care. Employees also saw reduced salaries or were put on furlough. Unemployment claims from healthcare workers increased. Insurance companies cut offerings and raised deductibles.
Moving forward, healthcare experts predict that the finances of healthcare will focus more on value and less on volume. This means basing service prices off of value rather than a fee-for-service structure. While the overall effects of COVID-19 on the healthcare sector aren’t known, those in this sector need to be ready for the changes that are likely to occur.
Like most other industries, retail saw a big dip in sales when the shutdown began. However, since then, most types of retailers have been recovering at a steady rate. Exceptions include clothing and accessory stores where consumers may be cutting back due to concerns for their finances and an increased rate of remote work.
Meanwhile, e-commerce has seen a massive boom. With most consumers concerned for their health and the health of their community, in-person traffic was converted into online shopping. With a vaccine unlikely to make its way to the public before summer 2021, it’s probable that this trend will continue.
As the shutdown began, sales at dining and beverage establishments cratered. While retail sales have been recovering steadily, food services and places that sell beverages are still seeing subdued traffic. This is largely due to a lack of social distancing at many food establishments. The restaurants that fared the best, in general, were those that were able to adapt to the safety concerns of their customers.
To adapt, most restaurants converted entirely to takeout and delivery orders. To facilitate this service, many businesses turned to apps like DoorDash, UberEats, and Seamless to help serve their communities. While this trend is likely to decline after the pandemic ends, other adaptations will remain.
There’s no denying that the effects of everything that has happened in 2020 are likely to be felt by each of us for years to come. Each of us has faced significant hardships, and it’s no surprise that such hardships would result in change. The important thing now is harnessing that change for our own success.
Whether your business is struggling to stay afloat in the ocean that is 2020 or you’ve managed to come out ahead, the business consultants at ActionCoach RGV want to offer you the opportunity to be awarded a complimentary strategic business plan for 2021. We can create a plan that will help your business have the best year possible by adapting to a business world that may never be the same.
Sign up for our 1 of the 10 Campaign today for your chance to be one of the few businesses with access to ActionCOACH RGV's complementary business plan for 2021.
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