COVID -19 Accelerated Unemployment, It Didn’t Create It

COVID 19 Unemployment Rates

Finally, the engine room of every business is their people – and in many businesses the engine needs urgent maintenance. In March/April 2020 over 3 million Australasian’s either lost their jobs or had their hours and pay reduced. Fewer people are being asked to do more, and this may have negatively impacted quality, customer service and business sales. These employees are now also fatigued and exhausted trying to cope with the changing public health and business environment demands, while also providing for their extended families. The rapid expansion of work from home initiatives has also prompted business owners to experience other ways of making their businesses operate. Good businesses are shutting down, or reducing their headcount – and business and customer IP is walking out the door.

With all three factors now in play, it has never been harder in business. There are however, some unexpected upsides. If you can manage your way out of the chaos in a logical, pragmatic and fiscally sustainable way, you and your business will be well positioned in 2021 to potentially ride the expected wave of growth. You can expect that the competition will also have trimmed down (as business closures and bankruptcies are forecast to be impacted by these extreme market conditions), so margins could also improve.

To see how well prepared you are to build your business for tomorrow, download the White Paper for a simple assessment.

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