Go and buy something to keep businesses alive

Consumers can play a key role in keeping the wheels of commerce turning. How can this be done?

Few businesses and consumers alike could have predicted that a newly discovered virus would spread widely beyond China’s borders earlier this year, morph into a pandemic, lead to a recession and change the trajectory of many businesses.

The coronavirus pandemic has altered not only businesses’ financial outlook for the year but also their long-term direction. Retailers, particularly those with physical footprints, are rethinking their current cash positions and trying to assess how they will continue to pay the bills and maintain their workforce while businesses go through the recovery process.

In particular, retailers are taking a close look at their current and predicted liquidity profile and assessing any changes in their working capital dynamics or short-term cash forecasts. Financial and business experts have pointed to consumers as key in keeping businesses operational. With the last quarter of the year in full steam, consumers are being encouraged to make conscious decisions and proactively begin purchasing goods and services.

Financial experts have emphasised that the last quarter of the year is peak shopping season where a good chunk of profits especially for retailers are made. This presents a perfect opportunity for businesses and retailers alike to make some recovery and build cash reserves.

So, for consumers out there, your purchasing power is not just for personal or household consumption but also a way to keep businesses and retailers in particular alive.

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