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How Should Businesses Prepare for the Brighter Days Ahead?
by flblaw
by Colin J. Keefe | ckeefe@flblaw.com
A bright dawn approaches for the economy of the Lehigh Valley, and the country as a whole. As the first quarter of 2021 ends, economists are nearly universally predicting a very strong third quarter for the U.S. economy. Three main factors are expected to combine to get the economy roaring by mid-summer:
• A successful and intensifying vaccine rollout, projected to reach a large portion of American adults by the Fourth of July, per President Biden.
• The realization of pent-up demand from the pandemic. While some demand for goods, services, etc. destroyed by the pandemic will never return, much demand was merely deferred, and will be realized once daily economic life returns to near-normal.
• Federal stimulus, including the recently enacted American Rescue Plan Act, has added fuel to the fire by giving individuals and businesses greater spending power in the coming months.
Lehigh Valley businesses would be wise to use the second quarter to get their house in order in expectation of busy times ahead. While some sectors and businesses weathered the storm better than others, the pandemic has affected nearly every business in ways that will take planning to unwind and restore.
• Supply chains have been disrupted or permanently altered. Alternate sources of supply need to be located, or capacity reserved from existing sources.
• Personnel has been lost. Many businesses need to hire to meet increased demand, and in many sectors, there may be a shortage of qualified personnel.
• Capital improvements have been deferred. Equipment and resources may need to be improved to meet increased demand.
• Contracts and relationships with customers have expired or grown stale. As the economy comes back online, existing relationships may need to be reinforced and contracts may need to be extended or renewed.
A common theme to the above is that they often require the assistance of legal advisors, which is where FLB enters the picture. We anticipate the brighter times ahead, and stand ready to assist with all your contractual, transactional, employment, and other legal needs as you prepare to take advantage of them.
