Is there such a thing as winners and losers from this pandemic? Simple answer, yes. This article is about the losers, and some are obvious.

International travel, for tourism or business, is fast re-shaping itself with airlines such as Easyjet, British Airways and Virgin all announcing major staff loses and Virgin seeking a massive bailout. Also obvious sports and events such as festivals are likely to be impacted significantly. Retail (non-food) have already seen a sizeable impact with several weeks of closure. With their re-opening over June having to incorporate social distancing trading difficulties are likely to last.

Slightly less obvious is the commercial property market. I am predicting new working habits including working remotely, such as from home, will lead to businesses seeking savings by reducing their property sizes and costs. Other businesses that rely on volumes of people being in the same place at the same time for example hospitality and gyms, are also likely to continue to struggle longer term.

Screenshot 2020-05-29 at 13.34.20But there will be ‘winners’ amongst these losers. People will be keen to enjoy socialising where they used to. Businesses, within these sectors that adapt quickly and get their marketing on point, will be able to maximise opportunities where safety can be demonstrated and there is a demand present.

Screenshot 2020-05-29 at 13.49.30These are some of the sectors that are likely to suffer the most, but if your business is not operating in one of these that doesn’t mean your not going to be impacted.

Businesses that are dependant on either these markets, or high social contact to operate, will also likely suffer. I’ve amended this survey from The Boardroom Innovation to help you complete. Be honest in your assessment and, if your business is highly dependant on a small number of other organisations, I would suggest you work with their management team to complete it with them as well. Make a note of your score for each question.

 

Screenshot 2020-05-29 at 13.57.43

Once you have completed the survey total all of your scores so ass well as having a number for each question. you have an overall. You will fit into one of five scenarios with each outlined opposite.

Once you have decided your scenario you need to decide appropriate action to take. I would suggest planning this as early as possible. If you see viability issues with you business the sooner you acknowledge this and respond the better. This is Aldo where I come in. For support in this process get in touch as below.

 

Authors Position

A&S Business Consultants Ashley Hutchinson commercial shoot taken July 2018 Images for PR, advertising, social media and all on the line general use.

A&S Business Consultants Ashley Hutchinson

It is important these principles are taken as a “general rule.” There will always be exceptions and smart business operators will already be looking to flex their business adapting or even pivoting their offer to address potential risks and capitalise on identified opportunities.

The reality of planning and executing your return is more complex than my writing it. I’ve many years of experience of supporting businesses in doing this. If you are unsure of your next steps I would suggest dropping me a line a we can put in place a structure that works for your business for me to support you in a tough time.

Get in touch on mail@asbusinessconsultants.uk now.