A Vaccine Is On The Horizon But Your Business Is Still Vulnerable
Over the past few weeks, we have heard substantial reports that a vaccine is now a real possibility. Indeed, reports suggest that the latest vaccines being tested are expected to be 95% effective. It’s fair to say that the coronavirus has brought a lot of issues for business owners. Companies were forced to shut their doors and lost massive amounts of profit. Many of the businesses that closed also never reopened and ultimately went bankrupt.
Other businesses struggled to maintain effective social distancing and were forced to greatly cut down on staff numbers to keep these measures in place and maintain low costs. Does a vaccine mean that issues for businesses are now in the past? The answer is more complicated than you would probably like to imagine.
Will The Vaccine Be Available Immediately?
Even if a vaccine is approved to be distributed on a massive level, it’s important to be aware that there will still be months until it takes effect. Experts suggest that things won’t fully return to normal until next winter. Some experts also suggest that masks and social distancing are here to stay. This is because the vaccine does not work for 5% of people. While this might seem like a low number, internationally this means there are millions of people who are not safe from the effects of COVID-19. As such, until a better vaccine is available, social distancing measures will need to remain.
How Long Will A Vaccine Provide Immunity?
This hasn’t been confirmed. As such, it’s possible that the vaccine could wear off after several months. We have already heard reports where patients have been reinfected with COVID-19. This is another reason why a vaccine will not lead to the end of our troubles.
Will There Be More lockdowns?
Researchers and governments tend to agree that lockdowns are the best way to prevent the spread of the virus. Even as a temporary solution, this can help ensure that people can avoid contact with others and protect themselves in the process. As such, you do need to think about the financial impact of another lockdown and how to protect your business from damage here.
How Can You Continue To Protect Your Company?
There are numerous options that you can consider to protect your business. For instance, you can think about ensuring that you do have the right insurance coverage. General liability insurance could be relevant to COVID-19 related claims in some cases. You should also work to improve the efficiency of your business model, working to save money where possible. In doing so, you can guarantee that your company is prepared for any economic turmoil as this pandemic continues.
While there is now hope for a return to normalcy, it’s important for business owners to understand and be aware that we are not out of the woods just yet. There is still a long way to go before we will be able to safely say that the coronavirus and the threats it has caused to businesses are safely behind us.
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Running a successful business can feel like walking on a tightrope while juggling multiple swords at once, both high adrenaline and exhausting. Success requires knowing when and what aspects of business require precision planning versus those you can leave to chance, whether that be startup superstardom or veteran CEOship.