Obviously business owners are worried about the prospect of a second wave. Reports show it’s the thing that they fear most.
So what do business owners think might happen? How can you prepare for it?
In this blog we take a look at what businesses are fearful about with coronavirus, and how they are preparing for a second wave.
How Is The Future Looking?
With the country still yet to get back to normal, businesses are suffering from less customers, higher wage bills, and further expenses on ensuring they are meeting guidelines.
It’s also worth remembering that in early 2021 businesses will also have payments due to HMRC, which were delayed in the initial wave of support back in April.
All of these reasons create a bleak end of year picture. If a second wave were to come, it could be crippling.
Fears Of A Second Wave
Sage’s latest report suggests that 86% of owners believe there would be a negative impact on their business if a second wave occurred. A huge 39% believe that the impact would be severe.
All of this is with good reason. If another wave were to hit – there would be no guarantee of a furlough scheme, and supply chains would be hugely disrupted again.
It’s also why a similar figure (39%) of owners are not confident they will return to profitability by the new year, and 15% of owners say that their business would not even survive a second wave.
Finding the balance between boosting the economy (through reopening the country) and ensuring that coronavirus doesn’t spread is clearly a tough call to make at this time.
Businesses are desperate to open up and get ‘back to normal’ but what cost could that bring in the long term?
Dealing With A Second Wave
So what are businesses doing to prepare for a potential second wave?
The report shows that 40% of businesses are working to build stronger relationships with their customers, and 36% are working on making their business more cost-effective.
This is helpful to know, as it can give indications about how your business could start preparing too.
Right now many are considering introducing new measures to enable their business can reopen right now, and meet guidelines. However, 31% of owners are actively introducing new technology in preparation for a potential second wave.
Therefore the most popular strategy seems to be: invest in your customer relationships, and introduce technology to see you through a potential second wave.
All of this information can help you figure out which strategy is best for your business as this time, and for the future.
Fight Through With All You Have Got
Of course, planning for an unknown future is always going to be a risk…
Do you invest in technology to prepare for a second wave that might never come? At what cost does that put your business in right now?
It’s hard to look back at what 2020 has been so far, it’s also scary looking forward into the unknown.
However, by learning from one another, combined with a well thought through strategy, we as businesses can at least give everything they’ve got to make it through this tough economic year.
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