The impact of COVID 19 has been disastrous for businesses and enterprises across the world. The world is not only aggravated with the rising number of COVID patients worldwide, but is devastated with the social and economic destruction that pandemic has caused worldwide. Another major global recession is imminent, and the business sector is deemed to get hurt and affected in the worst manner than it has in any recent years.
The business world has suffered enormously when it has to deal with multiple ranges of problems, upsets and setbacks. The fact that COVID – 19 has caused some severe damage to the large, medium and small scale businesses worldwide has rather become universal. Hence we find businesses of every kind and nature facing a similar problem as others, the volatilities and challenges of the COVID-19 must attract dire attention of the business worldwide.
Revamping businesses is a top most priority
CEO’s, Directors and other stakeholders of the company have the primary responsibility to ensure that they revamp their business which has struck hard with the lockdowns and slipping consumer demands in the market. With the markets opening globally, and people gradually tending to attend their work and offices, the businesses have to ensure that the misgivings of the pandemic on their business operations are dealt and they gradually recover from the losses. Furthermore, the challenge gets bigger with the rising number of COVID patients in the hospitals which suggests that pandemic continues to prevail and exists, and it continues to evolve making the challenges bigger and stronger.
COVID 19 has caused severe strains on the economies worldwide
We are on the verge of the global recession and that can be supported by the stance of the United Nations which said that pandemic will have a lasting disastrous effect similar to that of World War II. It is a well-established fact that for any business to grow and prosper, it needs suitable economic conditions to maintain its sustenance and growth. The global economic recession will hit the worst the small businesses which are short of resources to handle another recessionary phase after the global economic recession of 2008. The news of the share market going down has already started to fill up the space of the newspapers. Moreover, the challenge gets bigger for developing countries which are short of resources to incentivize this loss by bringing any kind of policies to reform the market. Hence with the crippling economy, businesses big or small are short of suitable market conditions to support their growth and are hence likely to fall.
Worst impacted industries with pandemic
The aviation, hospitality and the tourism sector are the worst-hit industries worldwide with the lockdowns and shutdowns worldwide impacting the daily lives of the individuals. These industries have initially suffered the blow and with the spread of disease and with masses asked to abjure to even go outside their home. In such circumstances, these industries have paid off the most for the disaster caused by the pandemic. Furthermore, the practice of staying at home to save lives will persist even in the future and will not subside unless the circumstances become normal again. Hence the businesses associated with these industries are the worst-hit businesses that cannot be allowed to carry on their operation to ensure the safety and wellbeing of the masses.
Businesses find it hard to operationalize without manpower
Businesses have found it difficult to operationalize in these unusual circumstances. Employers have found it difficult to operationalize their businesses when the employees are refrained from attending the office campuses and asked to better stay at home. In such situations, it is impossible for businesses to carry out their function when the physical absence of the employees have not been able to fill the void in most cases. An effective and efficient man force provides an impetus to the growth and success of the organization. Without the input from the end of the employees, businesses find it hard to survive and grow.
Businesses are hurt with job losses and slipping consumer base
Businesses are struggling hard to keep their consumer base intact. Job crunches have started to affect families throughout the world in the worst possible manner. Companies have found it hard to sustain the difficult times and thus mega employers of the world have started releasing their workforce to cause widespread unemployment in various economies. With this, the families have unable to make their living hard and have tremendously reduced their demand for their various products and services which found the space in the daily lives of such households. Thus with the growing problem of unemployment, businesses have found it hard to keep their consumer base intact and keep generating demand in the market.
The road ahead
While it is a hard truth that the businesses worldwide have paid off severely because of the pandemic that has caused worldwide havoc. It is hence not wrong to say that the challenge that the businesses are facing in the prevailing situation is unlikely like any other than they would have faced in their life of the operation. Businesses deal with the dual challenges of firstly to revamp themselves and deal with such unprecedented nature of the problem in a compelling manner; secondly, they must involve and engage themselves in doing damage control to do away with the challenges that the pandemic has caused to them. This damage controls may take several days, months, and even years to complete, and hence the effective business practices must find their place in the market. The business must start to look for viable alternatives to sustain and grow which is the only solution to undo the major problems of economic damages caused due to COVID19.
The businesses must hence be ready to adopt a holistic approach to deal away with the effects of the pandemic. This can thus be achieved by embracing unconventional methodologies to deal with extraordinary problems. Hence, businesses must be ready to adopt change and embrace innovative means to overcome the disastrous effects of COVID 19 on businesses.