05 May How Will the Business Landscape Change Post COVID-19?
Business owners will be impacted by the COVID-19 pandemic and its aftermath for months, maybe even years, to come. But what happens once the virus is under control? How can businesses move from economic hardship to renewal and growth?
Experts predict that as we work to recover from the pandemic, the business landscape won’t be what we’re accustomed to. There will still be major changes, whether we anticipate them or not. During this time, innovation and flexibility will be of paramount importance.
Getting back to work
One way to predict what a post COVID-19 business landscape might look like is to analyze a country that’s already navigated its first outbreak: China. The China Aviation Authority has restricted all airlines flying to and in China to no more than 75% of capacity and movie theaters and bars remain closed. Many states are following trajectories like China’s, with plans to re-open in phases and with limitations. It’s important to remember that some businesses opening does not mean the pandemic is over and everything will go back to “normal.” If you’re heading back to work, make sure you know what restrictions, if any, your state still has in place.
Another obstacle business owners might encounter is hiring employees back after lay-offs. Some associates may have found other jobs, but another issue has cropped up that many didn’t foresee: $600 stretches a lot further in rural Kentucky than it does in New York City. The additional $600 the federal government is paying out on top state unemployment benefits is far above many states’ minimum wage amounts. This additional funding lasts through July, and some employers will have difficulty luring back employees before then, because—for now—they might be able to make more staying at home.
A shift to domestic supply chains
COVID-19 has unveiled just how fragile international supply chains are. Moving forward, many businesses will shift to sourcing supplies domestically in a bid to protect themselves and consumers. We’ve already seen this in action with a shortage of personal protective equipment (PPE). In the U.S., enterprising companies shifted to fill that need. Anheuser Busch has pivoted to manufacturing hand sanitizer and Ford has partnered with GE to boost production of medical-grade ventilators.
Post COVID-19, this could even lead to a shift in pulling manufacturing back to the United States and the creation of more domestic jobs.
The economy WILL recover. But a recession, even if it’s a short one, is inevitable. In the most optimistic scenario, which is still very possible, the economy will begin to see growth in June, and in the most pessimistic, growth wouldn’t occur until 2021. Either way, businesses will need to carefully monitor and control expenses.
During this time, use your credit wisely and look at all discretionary expenses you can cut. Consider how you can pivot sales and marketing efforts to low or no-cost strategies (i.e. social selling and content marketing). But don’t throw your other plans out the window! Think about the longer term, how you’ll survive this, and when the turnaround comes, make sure you’re all set to capture leads and increase sales.
Review fixed expenses and whether you can reduce them. If you’re keeping employees on the payroll, consider supplementing cash flow with a Paycheck Protection Program loan. If your business rents a brick-and-mortar location, attempt to renegotiate your lease. Finally, contact your vendors to revisit agreements, rates, etc. If you’re not a current BASYS customer, give us a call or send us a statement to see if we can find savings for you!
Ingenuity and innovation will be what solves medical and health issues, and the problem of getting back to work in a safe way. A positive attitude is perhaps the most important thing as we move forward. Here’s a statistic that we should all keep in mind: the U.S economy grows nine out of ten quarters. Persist through these difficult times, and your business will return to a profitable median again. If your organization is experiencing hardship, make sure to bookmark our COVID-19 Business Resources page, and reach out to us for more information on reducing your credit card processing expenses.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and excellent customer service? Are they offering solutions to grow your business and being pro-active about helping you reduce risk and increase your savings? Contact BASYS today to learn more about innovative payment solutions that will save you time and money. We make accepting debit cards and credit cards convenient, safe & affordable.
BASYS Processing features:
– Live operator when you call support – no automated voice systems
– Dedicated Relationship Manager for questions and concerns
– Quick response time for your questions and concerns; you are a priority
– Family owned since our founding in 2002
– A+ BBB rating
– 90% + Customer Retention Rate
– Proactive contact with every merchant to walk through the annual PCI process
– In-house PCI Team to assist with questions and concerns
– Solutions including terminals, virtual terminals, e-commerce, mobile, and point of sale
– EMV compliant products
– Reporting for customer, sales, and inventory management
– Gift and loyalty card programs
– Easy-to-read statements
– Transparent pricing
– Tremendous savings
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.
Learn more at basyspro.com, and connect with us online at: