Adapting to Economic and Business Changes Post COVID-19
The world will never be the same again. This string of heart-racing, anxiety-intensifying buzzwords has been repeated endlessly in the news and spread across social media. Are they true? Most likely. Does it mean that businesses will not be able to survive and adapt? Not in the slightest.
The "new normal" is coming - but that doesn't mean that you won't be able to see your business through it. You can survive and perhaps even thrive. Businesses can take the lessons learned during these difficult times and use them to succeed going forward. Ultimately, up and coming companies can not only adapt to, but also benefit from, the economic and business changes of a post-coronavirus world.
Economic Changes and Opportunities
Several key trends have already been observed that will - despite the fact that they initially emerged due to the COVID-19 situation - likely persist following the reopening of businesses. These include:
- Digital and remote workplace services, such as Zoom and WebEx, are seeing more frequent use as a replacement for physical office space.
- The amount of people who use e-commerce web sites to do their shopping is increasing, including among people over 40, which was previously not a profitable demographic for e-commerce businesses.
- Demand is increasing for apps and technology, enabling people to go about their life - including working, eating, exercising, and entertaining themselves - while remaining socially distant.
- Sales of certain health and sanitation related items have spiked, ranging from toilet paper and sanitary masks to more substantial barriers and guards to be installed in restaurants and stores.
- There is a great need for home delivery of consumer products, as people wish to avoid gathering in large, crowded spaces.
- Manufacturing, storage, and shipping facilities on US soil are becoming preferred as companies are moving out of China due to the greater risk of virus transmission during international travel.
Businesses that are successfully able to incorporate these new trends into their business models will have the greatest chance of coming out unscathed on the other side of the global crisis. In particular, startups and up and coming small businesses that adopt a distancing-friendly growth plan will attract the attention of post-COVID-19 customers.
Starting and Growing a Business After COVID-19
Concerns are widespread regarding a potential lack of funding available for startups and small businesses even after the state of emergency concludes. Larger businesses, investors, and financial institutions will be suffering from a lack of capital, with smaller, less financially liquid companies even more so. There may be less money available to invest, at least in the short term.
Preparing and readying your business to profit in a post-pandemic marketplace will alleviate these concerns. Focus on potentially profitable investment opportunities such as the health and sanitation industries, distancing-friendly technologies, and domestic manufacturing, and delivery of essential goods. A good first step is to consult with a business attorney. They can help you answer key questions such as:
- What is the best type of corporate entity (LLC, etc.) to establish yourself as in a post-pandemic world?
- What technologies and software, such as VPNs and remote meeting platforms, will be important investments in a social distancing focused workplace?
- How should the hiring of employees be handled? Should you expand your team to include freelancers, contractors, and/or full-time remote employees?
- If your business requires financial relief, where and how should it be sought out? Is it time to sell?
- How can you protect yourself from potential legal issues relating to the spread of infection among employees and customers?
It is possible that economic growth and success will not come to you immediately. You may be plagued with issues such as lack of resources, lack of capital, and lack of financial security. Navigating a post-pandemic national and global marketplace may be quite a tricky task. This is why working together with a business law firm is an excellent choice as you move forwards into an uncertain future.
Calkins Law Firm is the Right Choice
Calkins Law is the business law firm of choice for business owners and entrepreneurs in the Cleveland, Buffalo, and Chagrin Falls areas. Our highly trained, professional staff members are ready to answer any questions you may have and help you plan to adapt to a new and different future.
Things may be changing permanently, but that doesn't mean they have to change for the worst. We're ready to help you move forward with confidence and a plan that leads to success
Contact a Calkins Law Firm business attorney today to set up an appointment - and don't worry, remote and virtual meeting options are definitely available!