Covid-19 has turned the world upside down. The response to the crisis has been unprecedented. Governments across the globe have rightfully taken steps to flatten the curve. Lockdowns, closure of non-essential businesses, suspension of school / colleges, closing of borders have all been done to prevent the virus from spreading.
The economic impact of these steps are difficult to fathom. Goldman Sachs has predicted a 24% shrinkage in US GDP. Businesses and sectors relying on discretionary spends will be severely impacted. Wage cuts, job losses, extended periods of low economic activity are expected. Several industries like tourism, entertainment could get wiped out for a foreseeable future.
We are going through an unchartered territory – No body knows when things will become normal. As predicted by eminent economist the financial impact of Covid-19 would be far more painful, wide-reaching and sustained.
Stay Aware, Stay Proactive, Stay Safe !
P.S : Hard Times are Like a Washing Machine – They twist, turn and knock us around. But In the end we come out cleaner, brighter and better than before.
‘Brick and Mortar’ education businesses (K-12, Playschool, and Colleges) despite being part of non-discretionary spend will also see challenging times because of the broader doom and gloom. Here are some of the challenges that schools and colleges could potentially face in the near future :
In order to successfully tide through this challenging times, school promoters need to be better prepared. Here are some of the ways to plan to overcome the challenges: