Every single industry will be feeling the lasting effects of the coronavirus for a long time to come. For the next few weeks, we will look at how the world after the COVID outbreak will impact every part of the business landscape, beginning today with the education industry. The world of education will have a lot to face after COVID’s effects, from face–to–face classes on to tuition problems. We will go through some of the financial issues you might need to be aware of when the world starts back up… whenever that might be.
We’ve gone through this before in a few other posts, but there are a handful of things that you can keep in mind for the whole of recovery from this crisis.
First, make sure that you have the funds that you need to stay afloat and pay your employees. It is still very tough to find the proper help from the government but check with the SBA and SCORE for assistance. Second, if and when you do reopen you will need to make sure that your customers know that you are open. If they do not, no one will know to find you. Finally, prepare for volatility. This is a very strange time. You won’t want to be caught behind the eight-ball if everything goes pear-shaped once again.
Every industry faces their own specific issues and financial stresses. The education industry is no different, especially when it comes to COVID. First, we will talk about some of the stressors. Then we will look at some of the solutions for the education world to think about after the global healing from COVID has begun.
There are two main stress points we want to bring to your attention upfront. First, there is the fact that face-to-face education might be changing forever after COVID. In-person classes or classes with larger amounts of students might not exist in the same way they once did.
Second, the ways that you get money upfront for your small business. If you rely on contracts or on tuition that only happens every so often, you’ll likely be feeling the stress of wondering when you’ll be able to get the funding you need.
Don’t fret, though. There are solutions.
Let’s start with the problem of face-to-face communication. It’s hard to sell a service or product when you don’t have any in-person means of doing so. This is true for every industry, but it can especially true for education where the dynamics between a teacher and student are often a factor. Many businesses are going to remain remote, as they are today. Furthermore, as class size shrinks it will likely build a new dynamic between the teachers and students, allowing for better personal work. It might in the end change hiring standards, leading to many more people that will get a job they might need.
Another thing to think of for after COVID is how your education business will make money. Setting up different forms of payment plans with clients or offering different kinds of programs might be a way to prevent these issues. That said, remember that everyone is going to be attempting to recover after all of this.
Prepare for the worst, but know that things will be changing no matter what.
Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkedIn profile