A ROLLING litany of business and industry shutdowns across Australia has left many business owners drowning in a wake of uncertainty.
For most of us it’s about trying to figure out where our livelihood fits in this new world – how long we will be working under these circumstances – and what will our business look like when life returns to a new normal.
The new normal may mean that people are more averse to the splurge on luxury items – the fear of being caught without a nest egg is certain to shock many into finally saving money.
Our restaurants and bars may be restricted to hosting less people, rules and regulations for allied health professionals tightened up and the delivery of education – from primary school to university – could even move towards a new normal with a combination of online, remote and face to face learning.
Shipping and quarantine protocols are bound to change, the demand for home deliveries is set to surge, and we may all be in the market for larger fridges, freezers and pantries.
Should we expect a wave of demands for consulting experts in helping us future proof our homes, families and businesses against pandemics and disasters, specialists in helping us create off the grid living, an exodus from capital cities into regional areas where we have more control of the space around us?
Financial safeguarding gurus, bricks and mortar investments (even that seems shaky), a surge in the value of shares in Coles and Woolworths and investment in the agricultural sector that supplies to them are sure to emerge over the next few months,
However that looks, for most businesses there will be ways to adapt and have a place in our future economy – as long as there is an unmet need that a market of customers value.
What are the businesses that I believe will most likely see a downturn post the Coronavirus crisis?
My guess is:
- Luxury goods
- Clothing stores
- Handbags, makeup and beauty products
- Travel providers
I also anticipate that particular industries will find a new lease on life. Just a few may include:
- Money and financial coaches
- Sustainable property advisors
- Acreage real estate agents (now that we can prove that working remotely is sustainable those who have been stuck in stuffy apartments for three-month stints will be eager to escape to space)!
- Remote learning providers
- The agricultural industry
- Online sales and local delivery providers
- Butchers and fruit and vegetable shop front and delivery providers
- Ready to eat meal delivery.
My question is … what are you doing in this time and place to find out how your industry will be placed into the future?