It’s no secret that businesses thrive on a certain level of consistency and stability.
Knowing what to expect allows business owners and managers to plan and invest for the future. That same logic applies to plans for next weekend as well as five years down the road. It impacts how many staff to bring in and how much product to order as well as investments in expansion, renewal, and succession.
Unpredictability has become one of the few constants for many businesses. Being able to accurately predict economic and social trends has always been a key part of running a business, but not to this level.
Pressure is mounting on our federal and provincial governments to release their plans for moving into
recovery from this pandemic.
The current stay-at-home order expires May 20. While there is an expectation that some form of lockdown will continue, especially in certain regions, there are insights that could be shared that would help businesses figure out staffing, product/supplies, and promotions for the
coming weeks and months.
Federally, the Canadian Chamber of Commerce is adding some pressure by calling on the government to release a roadmap for the restart of domestic and international travel. At this point, air travel isn’t expected to fully recover until 2024. This impacts tourism, international business, and cargo capacity.
As per the Canadian Chamber of Commerce: “Canada cannot afford to wait until after the pademic is over to develop the travel restart plan given, the lead-time required for implementation. In executing a roadmap,
government needs to present a plan that is underpinned by three traits: clarity in its intent and objectives rather than based around outlier
issues; trustworthiness that is it based on solid evidence that it will protect the health of Canadians; and
predictability that the plan is durable and will only be changed under well
telegraphed circumstances.” (see full letter at chamber.ca)
I would emphasize that we can’t afford to wait until the pandemic is over to
develop recovery plans for any economic or business sector. Knowing the “how” without a firm date on the “when” will still add a significant level of certainty for some sectors. Not only how are we going to roll back restrictions, but what is the path forward. The future of business is going to be different from where we left off in 2019 — rolling back restrictions doesn’t roll back the clock.
We know our governments can’t predict every zig and zag of this health crisis. Many of the public health and economic experts the
governments have been relying on have made their assessments and best-guesses public. We know they’re hard at work on getting us through this and into better times. That has been the focus of the recent federal and provincial budgets.
Sharing their plans for recovery will give businesses assurance that there is indeed a plan ready to go, provide expectations of how things will roll out, and hopefully give a bit of stability and certainty to our business community.