Business

Changes in Business Cycle Post Pandemic

Pandemic has been really stressful for everyone specially the bread earners of the family. There has been huge drop in people’s income during the pandemic phase. Also, after the pandemic things are reviving but at a slow parameter. This was something that we all expected as no miracle can pick up the falling economy. Things will get on point but with time. Talking about the GDP drop, the government of US saw this coming. There was a sharp decline in GDP approximately 9.5% in the second quarter says Gaurav Mohindra. Many if the businesses closed their doors due to inability to sustain in those conditions. Nothing unexpected came as people were quite a lot mentally prepared for this change.

However, there were several federal relief legislations that has been given by the government which kept households afloat, thereby preventing the economic activity from declining. On the other hand, there was a slight upward trend seen in the personal income during the shutdown, but due to the closure of the factories and businesses, output fall.

Talking about the recovery during the summer the business cycle recovered showcasing a positive energy. As during the end of June, retail sales had recovered to 97% which indirectly gave rose household saving rate. All these were the sign of rising demand among consumers as things started to fall in place, so does the business cycle says Gaurav Mohindra.

There was a partial improvement that was seen in the labour markets. But unfortunately, the major problem stands still, unemployment remained high. Economy had opportunities but not much to feed this big population, only one-third of the workers got back their jobs. The summer after pandemic witnessed opening of the factories manufacturing activity climbed rapidly through the summer as factories reopened, recovering the losses of last year.

Still in many parts of world, Businesses are adapting to these new changes but still regional outbreaks are causing disruptions. This may be due to the spike of covid cases in different parts of the world which is making the market sentiments more adverse. However, the hospitals appear to be handling the situation in a better way this is the effect of vaccine drive that this surge in patients are handled well says Gaurav Mohindra.  Also, this shows the better understanding of current scenario.

In conclusion what can be seen is all the sectors are recovering but what tops the list is the retail sales and residential real estate. Industries like travel, hospitality and dining, are still not full recovery but are doing well bridging the gap of revenue shortfalls. What has surprised everyone is the not changing and uprising stock market, which was seen major recoveries than past from the second quarters. Indirectly this has given an upsurge to the real estate industry as the investors are gaining well, so they are parking there funds to a safer sector that is the real estate sector.

Pandemic Covid
Business

Recovering Small Business After Pandemic

The COVID-19 pandemic has been stretched for a long span of two years and it has affected all in diverse ways. Talking about the business community be it large or small has been drastically stuck by its adversities. Large business houses still have recovered well from the pandemic situation but the ones who have been hard stuck are the small business houses. Although this situation has not lasted forever, but the impact is quite much to recover from says Gaurav Mohindra. The “new normal” of the business community I survival of the fittest, no doubt the situation is recovering at its pace but still who can’t cope up with the race have lost their bread and butter.

A lot has been seen during the pandemic many people lost their Lives, their jobs, companies got bankrupted and so on. These pieces will take time to recover. But the situation has quite lot changed, demands have increased and is the perspective of people which are willing to help the small business retain themselves. 

With certain strategy small business still can rebuild and come out stronger than ever.  There are many businesses along in the race.

Below mentioned are few of the steps which can help in recovery of small business back on track. All you have to start from is to redo your business plan according to the situation

  • Analysing Your Business’s present Situation: This would be your key point. Look for what is most impacted and which require fixing. Also check the key infliction points that are running well to make them stronger. For such thing you need to do certain analysis like SWOT analysis says Gaurav Mohindra.
  • Determine the business Goals: According to the present situation you should not set up the same goal as the previous ones. As these goals might not be attainable. Go smooth, don’t be that harsh on your goals. Set your new 12-month, 3-year, and 5-year goals. Moreover, you need to set a recovery plan and get your business back on track.
  • Three sixty overviews of Your Industry and Customers: Try and find all the loopholes that have raised during this pandemic gap. Analyse the space that your customer requires, their demands require urgent attention. Empathy is again a factor which is quite a lot required in these times for your clients.
  • Check for new competitors that have arrived: All the Indirect and Direct Competitors should be looked for. See what strategies they are implementing in this post pandemic era. Also moving along in this competitive era can be the key to keep everyone going strong.
  • Put all your knowledge into working: Whatever you have been researched or doing for the industry needs to be put in place right now. All the tactics, and knowledge needs to kept on plat in these difficult times say Gaurav Mohindra.  As they will altogether make a formalized plan executive summary to your financial strategy. This whole process requires team work and support from the entire team.

So, this was your entire revised business plan for rebuilding your company.