The global pandemic known as the Coronavirus has brought the American economy to its knees. Businesses in every sector from manufacturing, distribution, sales, entertainment, service, and more have been affected by the Coronavirus. Layoffs and job loss are growing as the weeks and months progress.
People began panicking once the scare of the Coronavirus hit the airwaves and the threat became imminent.
The Virus Impacted The Global Community
Since the beginning, the viruses impact on the global community has been devastating, it has killed thousands. As time progressed, and it moved out to other countries, it brought devastation with it no matter the community. Many small business owners and midsize companies had to do the unthinkable, and layoff some of their employees due to a lack of business.
People are now filing for unemployment in hopes of keeping some cash flow coming into their homes. The unexpected shift in the American economy has brought about a new look on how businesses will be ran in the future.
The Shift in The Economy has Brought a New Way of Doing Business
Since the virus hit America, companies began to layoff and shift how they do business. Work from home is now becoming the new normal for many employees. School districts, corporate companies, and small businesses have had to restructure how they do business. No longer can these companies just survive off of walk in customers, in class teaching, one product, or service. They now have to think in terms of multiple streams of income.
Many of these small business, educational institutions, and corporate conglomerates can’t survive in a global pandemic. Profits are being lost daily. General Motors, Ford, Chrysler and other manufacturing plants are laying off its workforce do to the pandemic.
How will this affect the financial stability of its workforce? Will most employees end up being laid off for good?
The Coming Automation Crisis
The downsizing of the american workforce leaves the question, how will Americans survive? Many companies are taking a serious look at their workforce and probably saying, “Do we really need this many people on payroll?”
Industries like the trucking industry, and the manufacturing industry have begun to move towards using automated trucks and robots to get the job done faster. Robots, Drones, and self driving cars along with other automated technologies are pushing the economy into automation.
In the past week, we have watched the stock market fall to unprecedented lows, and thousands of workers scramble to look for new employment. Technology has proven that it rules during critical times. Automation will prove to be the kiss of death for most people and businesses.
AI or Artificial Intelligence is rising by the second. Robots are going to replace thousands of jobs in the future. This new technology will leave a lot of people behind the eightball, because they will not be equipped, or able to keep up with the ongoing changes in a data driven digital economy.
The American Business model has changed now that Covid19 has hit the scene.
How Do You Adjust
Learning how to adapt to a new economy is of the most importance. New Opportunities are being created daily and people are making money in the process. You have to keep an open mind, and realize that you may not be working in the same industry you’ve worked in for the past ten years. Job losses are coming, but new opportunities are coming for those who are looking for opportunities.
Businesses are going digital. A digital business is the wave of the future. Ebook publishers, bloggers, podcasters, and dropshippers are making plenty of money in the digital economy.
You need to look for opportunities that allow you to leverage and scale. Don’t feel threatened about the state of America, cause when one door closes another opens.