Business Advice in the Pandemic Economy
People are concerned about their financial futures, many, looking for business advice in the pandemic economy. Businesses either improved from the demands enhanced by the pandemic or worsened as buying patterns changed. According to Financial Advisor magazine 51 percent of Americans feel the pandemic economy is worse than the 2008 recession. In thirty nine percent of households earning over $100,000 a year, people have been withdrawing money from savings and retirement to pay bills or help friends and family pay bills, and it may take more than five years to recover the withdrawals made during 2020.
Since health professionals warned of a second Corona victim wave in the fall of 2020, concerns about further pandemic financial impact are reasonable. The fall 2020 COVID-19 wave is here, and countries and states are responding with eminent curfews and shutdowns. If you are trying to make crucial financial decisions, here are some of the top business advice for the pandemic economy that Business Support Professionals are offering clients.
Wait for Markets to Calm…
Wait for market volatility to subside before making major financial decisions. People are beginning to come to terms with the impact of Covid-19, and as cooler heads prevail, the markets will begin to reflect more stability. You will be able to assess what real direction your holdings are going and what changes you should make.
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Update Your Goals…
Another frequent advisory recommendation is to take the time now to update your short and long term goals. When you created your business plan – and probably several times since then – you developed and revised your short and long term goals. Because of the challenges created by the pandemic, if you have not already done so, it is vital that you revisit those goals and determine whether they match the direction your company is going.
Perhaps you need to take your firm another direction, developing goals for the short term may help you figure out the best way to meet your immediate goals as well as your long term plans. Americore helps clients envision the future they want, and then facilitates materialization methods to reach that future.
Borrowing by businesses, already high compared to gross domestic product, has spiked during as businesses borrowed to weather the weakened pandemic earnings. The NY Times reports a “growing mountain of corporate debt”. As people around the world brace for continued economic struggles, optimism blooms with news of a vaccine that is 90% effective. Hope for a quicker pace of economic recovery is blooming but planning for success is not always enough. Today, quick, correct responses can create a totally different future for you.
Get Professional Help…
And the third top piece of advice is a reminder to get professional help, whether through Americore’s Advisory Services or other professionals. You do not have to deal with the Pandemic Americore has built its business on guiding business leaders to rare blue apple programs and benefits that can enhance the future of your company. We have seen economic turmoil before and have suggestions that can help your business not only weather the storm, but actually become stronger from it. The initial discussion costs you nothing, and could change your future. We should have a conversation. You’ll be glad we did.