Let’s admit, the pandemic put a pause on most of our business sales since last year. Now not all businesses might be affected because some have flourished and some didn’t. Read this article as I will discuss some bad (and good) news for business owners.
By the end of June, we’re expected to be opened up. And I want to really get an understanding on how businesses are going to react. For the last couple of weeks, the restaurants and pub trade has been open. You’re allowed to eat in now.
Bad News For Business Owners?
My observations are, I don’t think business is going to come back as fast as maybe the government’s predicting it. They’re saying that we’re having this huge recovery. But yeah, we’re having a recovery, but we’re still way off where we initially started.
I think a lot of business owners just think that magically, in the next few months, life’s going to get back to normal. They think that business is going to be back to where it was. I really don’t think that that’s going to be the case. You see, a lot of people are currently on furlough still.
A lot of companies, in fact, I have friends that they know, for a fact that the reason they’ve still got a job is because the government’s paying their wages. Be prepared at the end of this, we may have to make you redundant. When the furlough scheme ends, suddenly a lot of people are going to lose their jobs.
If that furlough scheme ends, and those people are suddenly out of work, that’s going to have impact on that industry, restaurants and bars and stuff. They’re open again, people aren’t going I went to, for my partner, this weekend was her birthday, we went to a nice tap pass restaurant.
How COVID Has Affected UK Businesses
The pandemic has had a significant impact on UK businesses. Despite a significant increase in reported sales from roughly -30 percent in 2020 compared to what they would have been without COVID.
The significant damage industries are those that rely on personal interactions or travel. This covers recreational activities like gyms, as well as lodging and food services (pubs, cafes, and restaurants), when sales were more than 50% lower than normal owing to COVID-19 in the previous year.
Getting good at marketing to help recover from the pandemic
I think businesses are really going to struggle, and it doesn’t have to be that way. If you’re a business owner right now, your number one thing that you should be focused on is how am I going to get more customers. There are going to be people buying whatever product or service you have but there might be less of them. This is why you need to be learning things like Facebook ads, Google, YouTube, TikTok, Instagram.
You don’t have to do this stuff, but you need to learn it. Then you can outsource somebody else to do this stuff for you. You need to be more aggressive in your marketing, you need to make sure more people are aware of you.
Don’t just think that business is going to come back to normal because it’s not. It’s going to go down again then it will recover significantly.
It’s not all doom and gloom. This is a good opportunity. Most successful companies were made in recessions. So there’s going to be a ton of opportunity a business owner like you. Maybe to buy your competitors. Maybe some of your competitors disappear out of the market. It’s less crowded in there. Then you’ve got that opportunity to take that business that they once had.
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