5 Lasting, Economic Ramifications, From Pandemic
Besides, the health – related, ramifications, of this horrific pandemic, the need, for public health reasons, to close, the economy, to preserve, and save lives, etc, has created, a wide variety of other challenges, etc. One of the most serious of those, is the existing, and potential economic ramifications, short – term, intermediate – term, and longer – term. which will be with us, into the future! While there are many factors, involved, and there is no simple answer/ solution, 5 longer – lasting, economic challenges, and impacts, must be addressed, sooner, rather than later. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these. and why, they need to be considered, and addressed.
1. Which businesses will fail?: We have already witnessed, several of the largest retail companies, in this nation, either, declare bankruptcy, in order to attempt to reorganize, and/ or, go, out – of – business, completely! In the near – term, entertainment venues/ arenas, etc, airlines, hotels, and hospitality – related companies, have taken, a beating! Restaurants, and, especially, bars, have lost significant revenues, and many will probably, not survive! Gyms, health clubs, spas, etc, are economic losers, in these conditions. Mass transit systems, many cities’ economies, etc, are witnessing, significant deficits, which will probably create service – cuts, etc. Business experts predict, more than one – third, of neighborhood, retail businesses, will close, permanently. What will happen, to larger office space, since many companies have discovered, they can get along, at a lower cost, having a percentage of their employees, telecommute?
2. Best chances of survival: While many components, have been harmed, either, temporarily, or permanently, etc, a few, have benefited. Plexiglass manufacturers can’t keep – up, with the demand, Major cleaning, and sanitation – related businesses, are considered, far more important, today! Digital, and web – based companies, have benefited! What, we refer to, as, e-businesses, may be, the greatest beneficiaries. Like, is, so – often, the case, it will be the companies, who evolve, adapt, and think – ahead, who will, probably, come out of, this, in the best condition.
3. Industries to consider: We have learned, the dangers, of being unprepared, in many areas. One of these, is, what is referred to, as, PPE, or personal protective equipment, such as face masks, medical gloves, face shields, etc. It’s easy to envision, the air conditioning, and filtration, of the future, will possess more effective filters, etc. We probably, at least for some time, will pay more attention, to sanitation, including, hand – sanitizers, air cleansers, cleaning/ sanitizing products, ultra – violet lights, etc.
4. Office business model/ layout: Many believe, we will see far fewer larger offices, because of health – related reasons, and fears, but, also, because many companies, have discovered, they can get – along, and save significant monies, from having many employees, work remotely, etc. The open – space model, will probably, be gone, for some – time!
5. Impacts on commercial, office, and retail space: Commercial, and office space, needs, will be impacted, significantly, by changing priorities, fears, and precautions! We can probably expect, smaller offices, office building vacancies, and a, perhaps, permanent change, in how retail business, is performed!
While, the health ramifications, should be the highest priority, we must prepare, also, for the economic impacts, also! Will we be prepared, with well – considered, viable solutions, which address, both, immediate challenges, as well as longer – term ones, or, will we let public officials, continue with, the same – old, same – old, populist ideas?
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, and worked for political campaigns, for 4 decades. Rich has written three books and thousands of articles. Website: http://plan2lead.net and LIKE the Facebook page for common sense: http://facebook.com/commonsense4all
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