With more than a year of pandemic under our belts, the global picture appears to be clearing somewhat. Vaccines are being distributed and administered, and infection rates are steeply falling. Considering that so many sources seemed concerned about an economic shock even when there was a more worrying question in terms of public health, it’s reasonable now to wonder what the rest of 2021 holds for us in a business sense.
Most specifically, if you had time during quarantine to think about ideas for a business, there will now be the question of when to take the plunge. It’s something a lot of people will be considering, so with a few pieces of information on what is expected in the coming months, we might be able to give some clear guidance on what you should do to get your business up and running – or, if it has been on hold since last year, to get it going again.
Demand is set to explode as cities open up
The latest figures from economists are guardedly positive, suggesting that the US economy will grow by 6.4% in the rest of the year. That means that growth will not only return after a pandemic recession, but will reach a level higher than was achieved in the latter half of 2019. In short, there are going to be customers spending money at a rate all business owners are going to want to see – and this is particularly the case if yours is a public-facing business. Cafes, bars and gyms will see business boom this year.
Jobs are set to increase, but may be tough to fill
As customers pour back into shops and other businesses, there is going to be plenty of need for new employees to serve the rush of renewed interest. So much so, according to experts, that the number of new vacancies will outstrip the number of applicants and businesses will find it hard to restaff quickly enough. Efficiency and nerve will be required from owners. Investing in small business accounting software will allow you to onboard and pay new hires in good time, while it’s a good idea to set salaries high – you’ll get more applicants, and a smoother-running business will take in more in terms of profit.
The “Third Wave” may yet arrive
The longer a pandemic goes on, the longer a “tail” it will inevitably have. Even with vaccinations progressing at pace, there is undeniably a chance that further peaks in infection could occur. While they’re not likely to reach a height anywhere near that which we saw in the second half of 2020, it would be smart to be prepared for further twists and turns, and potentially more restrictions to occur. If your business is designed to be public-facing, it would be smart to consider a contingency for a situation where people are asked to shelter in place – by offering home delivery, or virtual provision if necessary.
2021 has a while still to run, and there are sure to be opportunities for businesses as it goes on. Being ready for a period of growth, with certain caveats, is a smart place to be right now.