Easy answer – who knows? Not an easy answer – who knows? The election will take a course depending on which party wins. The epidemic will take a second course. Perhaps the most unknown thing about the election is whether there will be an immediate stimulus package that includes some sort of immediate payment such as a final package and / or renewal of unemployment assistance. The economy grew at a record pace in the third quarter, but is already without steam. A new renewal stimulus package will now help mitigate the effects of the new quaid restrictions now in place in some parts of the country. But there is a long time between the election results and the opening day. It’s “Who knows?” – What could happen between the election and the inauguration would cure all caps.
Regarding the epidemic, the state of the economy is less optimistic. Even third-quarter GDP jumped dramatically to 7.4%. But on the other hand, picture envelopes are on the rise in some industries. Several states are already beginning to impose restrictions, and if infections and hospitalizations continue (the average daily cases in 13 Midwestern states have increased by 45% over the past two weeks). Further restrictions may be imposed. How much of an impact can this have on Christmas shopping? Most likely, online shopping will increase even more. This could mean that fewer people in the retail sector are forced to go to stores again.
For a small business owner, if consumers start to cut costs at all because the virus is causing too much damage or too much shutdown, you need to be more careful about your cash. Unless workers and consumers feel healthier and healthier, costs are likely to be contained. Do you have expenses that can be deducted? Are there possible new sources of revenue? Can you reduce the variety of items you sell? Do you have enough money to go this spring when daylight is high and hopefully a large number of vaccines will be introduced? If there is a real improvement in the spring, one scene I can see (my tongue is firmly planted in my cheek) is that consumers will be anxious to spend all their money and they Will be leaving People who wave their credit cards in their homes and run to the shops throw cash in the air to celebrate. Make sure you are still there to open the door and get out of the way. Cash is king.