Since the start of the pandemic in March of 2020, everyone has been trying to get back to “normal”. Three years later, do we even remember what “normal” was in 2019?
Businesses are back open – many businesses disappeared under financial strain and government mandates. Many people who lost or hated their jobs have decided to start over “doing their own thing”. “Work from home” (WFH) is now a legitimate option for many. Many people moved from big cities to rural America for a change of pace, fresh air, and no masks. Housing prices jumped everywhere.
Some in corporate America (i.e., Elon Musk, Tesla) are demanding workers come back to the office. I never understood the labor shortage. I think many people decided to leave the workplace and not return. Labor costs are at an all-time high and employees have been driving up inflation unknowingly. If McDonald’s is paying $20/hour, you can bet your burger is going up in price. Inflation is here to stay. Does anyone want a pay cut? No way! So how will prices ever go back down? Costs are not dropping for businesses.
Our insurance premiums are up, gasoline is up, food costs are up, so restaurants must raise their prices. $30 for a plate of pasta? Sure, all the employees are being paid far more than in the past.
Just Solutions has increased wages, our medical contribution, mileage, insurance, and services too. We raised our prices just to maintain the status quo. What is driving our business growth? Cybersecurity. Regulations, compliance, and good old cyber thieves hacking our clients are forcing businesses to protect their assets. It’s hard enough to make a profit these days let alone be tricked into paying a fake invoice, ACH fraud, ransomware, or other sinister crime.
I am not an economist, but interest rates may never be as low as we saw last decade. We are teetering on moving into a recession or are we already in one? A recession with inflation? Is that possible? Sure, they gave it a name: stagflation. Google it 🙂 I, for one, can’t wait until we get back to “normal”.
About the Author
As the Vice President, David Wolf is a technology visionary and serial entrepreneur with over 30 years of experience in the IT industry. David has achieved the highest industry security certifications of CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), and CCISO (Certified Chief Information Security Officer). He enjoys using his technical expertise to help fellow business owners get the most out of their IT.