What are the questions business owners should ask during the Coronavirus crisis?
WWC - Coping with Coronavirus
IN THIS SERIES OF ARTICLES TO HELP EXPATS DEAL WITH CORONAVIRUS, PROACT SAM EXPLORES HOW EXPATS CAN PROTECT THEMSELVES AND EXPLOIT OPPORTUNITIES PRESENTED BY THE PANDEMIC.
Part 9 - What are the questions business owners should be asking during the Coronovirus crisis?
ProACT Sam with a first world perspective of the impact of the economic shutdown on Business and Employees.
BUSINESS BOUNCE: WHAT QUESTIONS DO BUSINESSES NEED TO ASK NOW?
Yesterday we considered the global impact of the Coronavirus on the economy.
The virus will pass. Humans will develop immunity, doctors develop vaccines and treatments. While Corona is a new virus to humans, being along the lines of a common cold, it is likely to become a part of the seasonal cold and flu season.
The speed and intensity that coronavirus is able to bring on severe pneumonia will rightly extract a cautious approach by government towards easing the lockdown, and restoring order. Governments have to balance the health of the nation from the perspective of the coronavirus against financial economic and social collapse.
At some point we have to move on. What then for your business?
Consumers and economies will come back.
Weak, sick, ailing and old businesses and industry will likely not recover.
Will you ever go to a cinema again? Will you want to work from home more often? Do you want to continue to commute for 2 hours a day?
These are the questions Expat business must ask themselves.
How could they adapt their strategy and approach going forward.
How long will an Overseas Property Rental business take to get back to a full season of revenue?
Will people still buy from overseas? Can stock be delivered effectively?
How will the demographics change of the people in your target markets? How will consumer behaviour change?
These are big questions to consider. Not only has the global economy got to recover from a recession or depression, to rebuild consumer confidence and spending, but also there will be massive structural changes in behaviours, regulations or businesses.
How should a business adjust its cost base?
Should it Furlough or release staff?
What costs should be cut from the business?
Can remote working from home be done effectively, reducing transport and office costs and increasing staff morale and wellbeing?
Every family and business should consider and review their approach to business and employment. The social and structural changes ahead are likely to be as radical those brought about by WW1 and WW2, only quicker.
Starting now.
Review your strategy, costs, outlook.
What is your vision of your Expat business for the future?
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