“It gets worse before it gets better.”
The economic recession caused by the infamous Coronavirus has crippled UK businesses big and small. No matter the size of the establishment, be it sole propriety or corporation, every business has faced its own set of challenges – and unfortunately, some of them did not come out as victors. This article will be focusing on how businesses can protect themselves from a second COVID19 wave.
Industries that were most heavily affected by the global pandemic include those involved in the trade of non-essential goods. The tourism and aviation industry has also suffered great losses due to flight banning and restrictions. Even age-old brands like TM Lewin and Bertram Books are at risk of closing shops for good due to heavy losses during the lockdown period.
If your business is still thriving to this day, consider yourself very lucky. Not many have been able to survive the financial stresses of the coronavirus and the lockdown period. Is it already time to rejoice, then? Well, not exactly.
The worst may be over, but we’re certainly not in the clear – yet.
How Long Has The UK Been On Lockdown?
March 23rd marked the first day that the entire island nation was declared to be under “full lockdown.” This meant a ton of rules and regulations about going out, doing business, and social engagements. Life, as we know it was put to a halt and families, were confined in their own homes.
During the full lockdown period, people were only allowed to go out for essential reasons (e.g. buying food, meds, do a bit of exercise). Day-to-day conundrums such as wondering where to eat or where to get coffee became a complete thing of the past as people were given no other choice but to stay home.
This meant businesses should remain closed as well to limit human movement and interaction. Aside from essential stores such as supermarkets and pharmacies, businesses were required to temporarily close. Unfortunately for many, this “temporary thing” risked permanency. With no means to generate income, businesses have filed for liquidation one after another – posing an even larger risk to the UK economy.
After approximately 50 days of full lockdown, UK has slowly eased into a “new normal.” Authorities acknowledge the high cost of putting the entire nation’s business sector at rest and thus, allowed some businesses (where it is possible to practice social distancing) to start operating again. Unfortunately for the hospitality industry, they had to wait a couple of months more before they can go back to generating profits as it was not until July 4, Super Saturday, that they were allowed to reopen under certain conditions.
Come September, and many have adjusted to this “new normal” already. People have become accustomed to wearing personal protective gear when going out of their homes. Businesses have been able to innovate their practices so that they can engage in safer and more hygienic trading operations. Still, despite these developments, we are still nowhere near the end of this battle.
We must continue to tread on knowing that any time, another problem may arise. Something bigger or smaller, we don’t know. But what we do know is that this pandemic is a lesson for all of us. It’s not always our winning season. Large scale problems like this one can ultimately cost you your business. Something you’ve built for years can easily be destroyed in a matter of months. This is why it is important that you are always prepared – physically, emotionally, and financially.
Will There Be A Second COVID19 Wave?
Some experts predict that there is a possibility of a second COVID19 wave happening in the fall – or sooner depending on the circumstances involved. However, at this point, it should not be a matter of whether there is a second, third, or fourth wave (heaven forbid); what matters is preparation.
This pandemic is an eye-awakener for many business owners. It should have been able to point out the gray, weak areas in your business that have made you too susceptible to such a crisis. We can never prevent natural disasters – but we can always prepare.
With that said, here are some tips on how you can prepare your business for the second COVID19 wave (which hopefully, does not happen at all!):
Improve Sanitation Practices
If your business has always been lacking in safety and sanitary practices, this pandemic should be a wake-up call for your company to start doing things better. No virus can easily spread when effective sanitation protocols and safety measures are in place. Take a look at Japan, for instance. The country has always been adamant about sanitation, respect for personal space, and not bothering others. Their fundamental values is what kept the spread of the virus to a minimum even when other countries have been scrambling to get their infected numbers down.
Sanitation procedures are not something you stop once the coronavirus pandemic is over; it’s something that you must keep in-place years down the road. Coronavirus or not, a formidable health threat is bound to show up at some point or another, so it is best that you are prepared 100% of the time.
Save, Save, and Save!
Our firm is a strong believer in the Profit First Methodology. See here: By allocating your profits right and limiting expenses that do not (1) help improve the profitability of your business and (2) will not negatively affect your operations with its absence, you can start putting money where it can be most beneficial for the company. Like, an emergency fund for times such as this.
Companies that have managed to survive this pandemic are twice or thrice as likely to have prepared for such crises beforehand. You need to have a separate bank account for crisis management so that it will not affect your profits or your business capital.