ESA Assembly: The Economic and Business Environment
The term economic environment refers to all the external economic factors that influence buying habits of consumers and businesses and therefore affect the performance of a company. These factors are often beyond a company's control, and may be either large-scale (macro) or small-scale (micro).
In today’s society these factors that are beyond the control of the company have been exaggerated due to Covid19.
We will all be aware of numerous businesses having to make people redundant or having to close completely...you probably know of people who have been affected by it and even though the ‘lockdown’ was essential in order to bring the rate of infection down, it’s impact on the economy was and still is devastating.
Now, I know that maths is not everyone’s favourite thing, but as I say ‘maths is everywhere’ and you will have seen countless graphs and statistics being displayed and discussed on the news. But I think that the graph that is one of the most shocking is the one that shows how the economy has been impacted in such a short period of time.
As you can see, the impact was instantaneous!
How long will it take to recover?
This is one of the most challenging questions for today’s society. Getting the correct balance between the population's health and kick starting the economy is one of the most controversial debates going on at the moment.
Closer to home, the industry that so many of us want to work in is one of the hardest hit!
London's West End has traditionally drawn people from all over the world to see its shows but theatres have been forced to reinvent themselves because of the coronavirus outbreak.
Fifteen million tickets are sold each year for performances, such as "The Phantom of the Opera" and "Les Miserables". But the pandemic brought the curtain down on venues in March, leaving theatres facing an uncertain future where continued social distancing measures threaten their existence.
Louis Hartshorn and Brian Hook, co-founders of Hartshorn-Hook Productions, are among the first to adapt to the new reality, announcing the reopening of an immersive adaptation of "The Great Gatsby" to open in October. Spectators are invited to wear masks, which they can integrate into their disguise, and gloves if they wish. The audience will also be reduced to 90, down from 240 previously, and the schedule has been changed to allow for thorough clean-ups.
The good news is that tickets are selling and people want to come back. People want to go to the theatre, this is what will ensure their survival!
Is this the look of how things may turn out?
Many highly skilled and specialist technicians are having to look elsewhere to earn a living in the short-term. But some many of the skills that are taught and learnt throughout your time at ESA are transferable to so many different professions...but don’t give up, we will get back to some form of normality; you will be able to fulfil your dreams!