Get Ready for the Recovery
The pandemic has been such a long, hard slog for many businesses that they’re now accustomed to operating in a world of lower demand, remote work, and limited capacity – and even finding opportunity in it.
But the new normal 2020 ushered in is about to become the old normal. All indicators show that the economy is ripe for a comeback, it’s just a matter of when.
As Marcum Wealth’s chief investment officer, Michael McKeown, pointed out in a new article, some experts are now predicting a return to regular business activity as soon as mid-2021, as more of the population gets vaccinated. The economy was in great shape before the coronavirus upended life as we know it – and once the public starts coming back out, troubled industries, such as travel, hospitality and events, are going to come back to life quickly. There’s tremendous pent up demand.
Although we’re not at that point yet – and coronavirus cases are still surging in some parts of the country – I agree with him. At Marcum, we’re already hearing that many clients have been seeing an uptick in new business over the last couple of weeks. That trend will likely continue as PPP2 money starts to flow.
Even if you’re not seeing a surge in business yet, it’s a good idea to prepare and start thinking about what you will do if there is a tsunami of new business. Do you have the right strategic partners and resources in place to make the most of the opportunities in front of you? If not, what steps can you take now?
It’s going to be critical to prepare for future staffing needs as the world opens back up. As Michael points out, one-third of employers are already having trouble filling open positions. That situation is only going to get more challenging in the next few months. If you’ve furloughed team members and hope to call them back to work soon, I recommend staying in touch and keeping the lines of communication open, so they are there when you need them. It’s also important to keep building your pipeline of talent. In our more virtual world, it is easier than ever in many industries to tap into talent from all over the country and the world.
Of course, staffing up requires cash. Now is the ideal time to take stock of your financial position. Do you have the funds you need to execute on your strategic plan or to venture into exciting new avenues? Now is the perfect time to address any gaps. Your Marcum professional is here to serve as a sounding board and help you identify solutions you may not have considered.
We’re still a long way from what anyone would call a recovery, but the business environment is about to change. Just as 2020 belonged to companies that were able to pivot successfully, 2021 will belong to those who are ready to seize opportunity. And there is going to be plenty of it.
Stay safe, stay healthy and remember, we’re all in this together!