History suggests that any epidemic, pandemic, endemic or outbreak of contiguous disease slows down businesses and economy. When such critical scenario passes by, saving lives turn out to be the primary aim rather than saving businesses. Currently, COVID-19 affects on businesses all around the world are going through similar crisis.
When the world was on the verge of technological, commercial and global progressions, one virus breakdown from the state of Wuhan, China seems to put the whole world scenario into jeopardy. COVID-19, or SARS-COV19, popularly known as Corona virus is spreading throughout the world rapidly. This virus outbreak is not epidemic anymore, it is now pandemic.
When the condition is this critical, and the world is going through a global crisis, businesses all around the world are in stake too. Thousands of businesses are shutting down every day, as the countries are following national lockdowns and international trades as well as travels are in pause now. COVID-19 affects on businesses therefore are obvious now among all of us and the affects seem to be absolutely devastating.
In this piece of content, we will discuss some of the adverse corona virus outbreak affects on businesses. Through this article we will also try to figure out the convenient processes of overcoming aftermath crisis and set a foot on the regular stream of business to minimize commercial losses.
Current Business Scenario
As suggested above, businesses are not seeing good times, as the virus spread out is taking over most of the world attentions. Sustaining and living healthy is the key focus during this global emergency moment. The businesses on the other hand are seeing their darkest hours in current time. Especially, businesses with limited capital are several more steps closer to bankruptcy and shutdown.
The virus outbreak has stuck about 204 nations all around the world according to the current report found at the beginning of April 2020. Countries have locked down their states and provinces, and isolated residents to prevent further disease outbreaks. This sounds positive as far as personal health and safety is considered.
However, most businesses ask for international trades and transaction, human gather as well as regular interactions with clients and customers. This is where current business world is getting the maximum shortage. Many small to medium size trades are seeing hard times due to isolation and national lockdowns in their respective countries.
The adverse effects of COVID-19 on businesses
COVID-19 put some serious adverse results on global businesses. The businesses that have been affected the most during the crises are those related to tours and travelling. Travel agencies are seeing their darkest hours due to the restrictions in domestic and international passenger ports. Most airports and waterways are locked down to restrict pandemic outbreaks.
Next comes the food, restaurant and pub businesses. As the public gathering is a big no in most nations. Restaurant or street food businesses are seeing serious downfall. On the other hand, Raw material supplies for food processing are also in shortage. Less availability in the market means high price raw products, whereas, the customers are very less to none. The result is total collapse of restaurant and street food business in many nations.
The import export businesses in many countries are in red alert. The waterways, roadways and airways are in major restrictions. Goods import and exports are now very limited. This as a result put export, import sectors in serious turmoil.
Almost all businesses including consulting, day care, house maid, fashion, apparel and textile, medical, automobile, electronic, manufacturing etc. are seeing their worst time from the beginning of 2019, right after Corona virus pandemic stuck the earth.
What could be the aftermath scenario?
The pandemic affect of COVID-19 forecasted to be even tougher for mankind. Recovering from such global disaster is certainly not an easy task. Every nation should have their own strategy to tackle the aftermath scenario of Corona virus.
But at this moment, according to several economists and experts, it can be estimated that, millions will go jobless by the time COVID-19 outbreak ends. So far nearly 70,000 individuals died of this SARS- COV19. This number may go double or even triple if full concentration and individual conscience is not put on it. The death of millions means a huge loss on skill, intelligence, designations and experiences. Knowledge and experience gap may follow up for the big companies.
The pattern of business, workplace and international transaction might see a huge change after this disease spread out. Airports, international port ways and borders might be more restrictive. The fear for unexpected or unknown disease outbreak from different casts, tribes or climates and nations might be the new concern in parts after this pandemic.
The aftermath however put a great dependency on virtual words. Internet business, home office, virtual office, virtualized businesses will be more preferred from here forward. People will be introduced with more online based commercial activities. Internet activities will increase; not only for socializations but also for conducting businesses and doing regular office activities.
Food companies might consider virtual supply chain process. Logistics and delivery services might be even more popular and may see more busy times after this critical global condition. Agriculture and research sectors might choose more sterile and environment friendly process of food manufacturing. This may supply higher nutrient variants to the consumers.
How to overcome the business downfall?
The overcome processes of the business after COVID crisis will certainly not be easy. There is no single process, rather would be a try and error method to beat the downfall. Following are some processes which might be useful to overcome COVID-19 affects on business:
- When considering business, the first thing will be a thorough analyzing of the business. The damaged sectors need to be compared with the regular scenarios to find out the rate of damage.
- Next, Use the remaining useful resources wisely, Recycle other products if possible. Try to get rid of resources which are burden at the moment or wasting premises spaces without any true usage. Selling such components may bring in some extra revenue.
- Compare the current condition of the business with market competitors. Analyze their business rise up patterns.
- If necessary follow business leaders. Even leading businesses will face damages after this crisis. Observe how they recover themselves from this pitfall.
- Don’t just throw money on new office items; rather use resources and capitals on sources that give long-term business sustainability.
- Rebuilt strong networks, and try to reconnect with already existed vendors and clients.
- Understand the aftermath needs among customers, and try to come up with products that makes up some of your losses in short time.
- Finally, almost all nations have allocated stimulus packages to support businesses in their country. Apply for financial supports. Such fund can be a kick start for your business.
The hope and pray is to get rid of such world-wide disastrous scenario, that is causing lives of many each days. However, this COVID-19 crisis will leave a big global impact. Whether the venture is big, medium or small, COVID-19 affects on businesses is inevitable. The good suggestion during such crisis period is to keep the workplace safe and sanitized. Keep in mind the government procedures and safety measures to prevent contaminations and disease outbreaks. Equip the business online so that home office can be conducted. In this process business activities remain live and business losses can be minimized.
Finally cooperate with the government, support and help other small businesses which otherwise might not survive during this crisis period. At the end it must be remembered that, we live in an ecosystem. Even the business world follows its own ecosystem; where one business is depend upon other. After all, no single business can run individually in the market.