From layoffs to furloughs and from temporary closings to permanent shutdowns, COVID-19 has impacted virtually every single industry under the sun. It’s no secret that economic growth worldwide has plunged significantly. In the United States, business owners have had to pull rabbits out of their hats left and right in order to keep their businesses afloat and their employees employed. Unfortunately, as the weeks of quarantine turn into months, more and more entrepreneurs are met with the harsh reality that closure may be imminent.
Looking at the pandemic from a business owner perspective means adapting and evolving to meet the new and different needs of consumers. For B2B companies, it may mean adjusting internal operations to meet demands. For B2C companies, it may mean opening up new product lines to fulfill shifting needs. In any case, the ability to remain dynamic in these uncertain times is paramount to staying open for business. With the economy near-frozen, industries of all kinds are being hit hard.
The phrase “misery loves company” comes to mind when thinking about industries who are suffering the most. And while some would say to focus on the positive, it seems that candor is particularly important during these times. On a small scale, it is interesting to think about specific jobs that are suffering. For instance, tattoo artists, notaries, and auto mechanics are all but out of a job. On a larger scale, the following industries have been hit the hardest by the pandemic:
- Travel and Tourism
- Oil and Gas
Sure, videoconferencing platforms and streaming services are thriving, but those types of industries are few and far between. Any industry that services large groups of people is having a major issue staying afloat. The COVID-19 pandemic has forced countless business owners to reevaluate their business model, their staff, and their finances as a whole. In the United States, more than 30 million people have filed for unemployment benefits. This record high number points to the ever-growing risk that a recession is looming.
With these industries all suffering and millions upon millions of individuals out of a job, it can be easy to go to a dark place. Unfortunately, most business owners do not have the luxury to wallow, as they are responsible for their companies and their staff. Moving forward, entrepreneurs can use this as an opportunity to expand product lines, target new audiences, and adjust marketing to meet the current needs of society. Those best able to do so will be able to not only survive this pandemic, but they are poised to thrive well into the future.
At Ellrich, Neal, Smith & Stohlman, P.A., we understand that new, growing, and mature businesses face financial and operating challenges daily – during both a stable economy and an unpredictable one. Our expertise in this area includes business plan development and operational reviews. We also provide services in market assessment and analysis, financial projections and forecasts, cash management, succession planning, budget analysis and trend analysis such as sales, expenses and cash flow.
Could your business use a hand? Contact our Miami or Palm Beach Gardens office today to learn more!