We are seeing the economy shape up to be in a place like never before. There are trends happening in the stock market that have never been recorded. The DOW dropped 410 points last quarter and is down 23%. That is the worst stock market quarter ever recorded. There is an opportunity for the right person here. Continue reading and you will see exactly what I mean. Hint, it’s not how to place bets on the upcoming Hunger Games.
Before we dive into the opportunity let’s look at the current COVID-19 situation for what it really is. A crisis that the world has never seen before. In the business world, this pandemic is slaughtering profits. Your business does not have to suffer the same fate. Here are 5 ways COVID-19 is killing businesses and the steps you can take to keep yours alive.
1. The Unemployment Rate
One of the first places to look for a thriving economy is the employment rate. If everyone is working, that means everyone has money to spend. Money being spent means money being circulated and everybody gets a piece. As of today, the unemployment rate in the United States is at 32%. That means that only 68% of the American workforce is being used.
To put things in perspective the Great Depression was around 20% unemployment. This is a bad sign for businesses but there is a solution to make it through something like this. It starts with having the right plan in place specifically for this kind of scenario. But there is another scenario that is playing out which changes everything…
2. The Shipping Industry
Typically even in a bad economy, the shipping industry is okay. Things still need to move from place to place to be sold and traded. Now we are seeing a huge change in how things are shipped. The speed at which products, goods, and necessities arrive is at an extremely slow pace then what the economy has grown accustomed to.
Several shipping businesses have to practice safe handling procedures and ensure there is not a contamination on site. We have already seen several massive warehouses close down to the slightest sign of a COVID-19 outbreak. At this point, only the massive shipping companies can carry the on and they are barely managing. Consumers see how the economy has been influenced by this. Whether they have lost their job or not there is a common fear that is building up that puts businesses in a tough position.
3. Mass Fear of Spending
Weak economies bring out different hysterias in people. The most common trend of hysteria and fear that we see in a weak economy is the “fear of spending”. When someone loses their job or sees their neighbor is out of work a fear builds up. “If it happened to them, I could be next soon.” This sparks a stockpile mentality as they prepare for the worst. Although this is soothing to their primal survival instincts. When this happens on a grand scale it is detrimental to businesses.
The good news for you as a business owner is that “fear of spending” is exactly that. A fear that is open to persuasion. It makes sales much more difficult, but not impossible with the right plan in place.
In order for you to have the right plan in place, it takes a certain kind of foresight. Corporations hire people as PR crisis managers to give them specific plans for a crisis. Adam Lyons, the found of Psychology Hacker, spent years doing this for massive corporations. There are companies that have faced certain death in the face of a crisis. Adam was able to turn those moments around and into opportunities to grow.
How Your Business Can Profit Through COVID-19
If you own a business or want to know how you can seize the opportunity of a crisis, download this FREE guide book called The Crisis Opportunity. We are releasing this for free to help anyone that is struggling financially during the COVID-19 crisis. This guide book was written by Adam Lyons himself and is based on his experience in helping profitable businesses succeed in a crisis.
Put the right steps in place and you will be surprised by the results you get during a crisis. Like the Hunger Games, only the strong businesses will survive in this economy. Here is your chance to have an advantage to ensure your finances survive.