HOW SAVAGE COVID-19 HAS BEEN FOR THE BUSINESS?
Corona virus has had far reaching adverse effects in all spheres of life across the globe. Everyday businesses have been negatively impacted and their regular practices actively hindered due to the pandemic. In a novel situation as this, the global crisis has left people lost amidst confusion and uncertainty and their everyday lives have been drastically changed. The daily practices are halted and people are struggling to manage work from home.
The professional environment for every business thrives on its dealings in person, be it a business lunch, client interaction or a work meeting. Covid-19 has made it impossible to conduct business in person and almost all dealings have resorted to online systems. Although this is not ideal, it is somehow still manageable and a far better outcome compared to some of the other aspects of businesses.Some of the other branches of businesses are suffering in ways which cannot be remedied. The dip in economies worldwide has directly impacted the investors market. Businesses are at the edge of bankruptcy due to a pull out from the investors. And in other cases some businesses are tied into unproductive investments due to prior contracts which they cannot back out from. The interrelationships of businesses in the global market are plummeting as they each struggle to survive working in their own best interests which can sometimes translate to working against one another.
The job market in businesses has declined as the opportunities lessen day by day. A lot of businesses have had to downsize and let their employees go which has created bitterness and dissatisfaction. Some of the branches of business have no method or utility in converting everything online and hence have been temporarily shut down. The cost for business buildings, their rents and maintenance still have to be paid although they are not presently in use. This has burdened the businesses and they have had to take some harsh measures for survival.
The professional life has taken a jolt too. People are made to stay and work from home which compromises the professional code and often there are familial and other interruptions and the focus from work is diverted.
Whatever business that remain open during this difficult time have had to adhere to the standard operating procedures of the pandemic and the implementation and following of these rules has also proven to be problematic. And while the SOPs are mandatory for safety, keeping up with them has prevented the businesses from running in an orderly fashion. The customer demand has decreased as well, corresponding to the cut down in their incomes. This has left businesses static —which is perhaps the worst position for a business to be in.
The Covid-19 has been savage indeed in its impacts upon the global businesses. The uncertainty and the lack of a solution to the pandemic is perhaps the most problematic aspect presently.