How to effectively use post COVID-19 resumption in other industries to improve your business?

Certain instances, we hear news about the resumption of normalcy in different business segments. Gradual rise in one industry category creates a positive impact to the other industries. Because business transactions are integrated with many other services and products. This is the time you should be on top of the business news on a daily basis!

You can be an entrepreneur, start-up company or an industry leader. Stay up-to-date on what’s happening in the business environment. Some business owners tend to ignore certain updates if its is not about their industry.

If you know very well about the strengths and weaknesses of your organisation; this is the right time to explore hidden opportunities resulted by resumption in other industries. For you to take this decision, your organisation should have a clear vision and goal. This will support you to make most viable business decisions after analysing prevailing business news.

Few examples are quoted below to understand how the changes in one industry can impact the other business segments.

1. Rise in international and local tourism/travel

Travel industry attracts both local and foreign tourists. Travel industry depends on facility management, hospitality management, entertainment, communication, education and mind refreshing activities ( Ex: Yoga, meditation), medical tourism related business, rent /renovation/ accommodation etc. More importantly this has a positive impact to those who engage in essential supplies such as Agro and farming industries. Thus when there is a gradual increase in tourism industry, it has a positive impact to the inter-related industries we have explained above.

2. Rise in Education industry ( Resuming class-room lectures)

This will attract both local and foreign students. Connected businesses that has a positive impact will be accommodation, communication, transportation, ready-to-cook products, home made food and delivery etc. There will also be opportunity for you to hire interns on a contract basis if you have part time/vocational jobs that you need to get done. This might eliminate the burden on relying on full time employment.

3. Rise in Care Homes / Care Workers Industry

Many research documents have indicated that there will be a significant demand for care workers post pandemic. Certain countries have already declared government funding to improve infrastructure facilities in this area. This will be a positive news for the community service providers, job agencies/consultants, training and development consultants, construction and related service industries to be prepared for the forthcoming demand.

We are currently assisting one of our clients in the telecommunication industry to grab potential opportunities indicated by trustworthy industrial statistics. We expect this to be a yielding business growth to our client company.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA (ICFAI University). Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.