Global Markets Recap
Many Americans are probably pretty exhausted as the week draws to a close. Stress is closing in on many people like never before: volatile stock market swings, schedule adjustments, and lockdowns; lest we forget medical scares.
For 3.2 million fellow country-men and -women this week another concern grabbed their attention: joblessness. More U.S. workers filed last week for unemployment benefits than in the history of our country as widespread layoffs decimated the hospitality sector, airlines and manufacturers far and wide. This, of course, is tragic.
For business owners looking ahead, though, this may present a unique opportunity to grow. The simple fact of the matter is the talent looking for new roles across any number of industries will be greater than ever before as the summer months come to fruition. Companies in growth mode will have a sizeable advantage to add talent to their roster if they have the requisite balance sheet strength to acquire top workers in their space as the right situations present themselves.
Money is everywhere, cheap and looking for a home. While many companies are retrenching out of constant fear, you can begin to see savvy businesses go into attack mode planning for a booming second half of the year. Look at your situation and ask yourself: when the virus disappears, as it eventually will, and half your competitors are no longer in the game, isn’t this an ideal time to strengthen your core team and push into overdrive? If you’ve answered yes, consider taking a line of credit now to be in a situation to push the pedal to the floor when the economy hits into overdrive. Hit it.