Coronavirus brought out an absolutely unprecedented scenario as far as regular social collaboration, travel, living, politics and world business is considered. The waves of this critical scenario came along with social and medical emergencies. As the days are crippling forward, saving lives of infected ones, preventing community spread outs and halting further outbreaks are turning out to be the primary aim of everyone at their own stage.
The priority at this stage naturally put any businesses
during covid-19 at a much vulnerable stage. After several months of critical
scenario and cost of millions of lives due to this pandemic, we are again hoping
to rise up from this crisis. Peoples have started thinking of new ways of businesses
and ways of overcoming the downfall. In this article we will tell you how some
businesses are come out from this covid-19 pandemic crisis faster than others.
When the covid-19 is in a pandemic level and the global
crisis is inevitable. Corporate world is in stake and it doesn’t look too good.
Thousands of potential businesses are shutting down overnight, as the nations
are going through months of national emergency and lockdowns. International trade correspondences are at
total halt and nothing seems to be going in favor of global trade and commerce.
Majority businesses during COVID-19 seem to be gasping their last breaths. The
overall business scenario at present instances tells quite devastating story.
According to the current WHO report the virus outbreak has already stuck more than 210 nations all around the world. Countries have locked down their states and provinces, and restricted residents’ movements to prevent disease outbreaks at community level. Although this is a positive initiative as far as personal health is concerned but businesses demands national and international transaction, human interactions and collaborations. This is where current trade and commerce is getting most of the damages.
Affects of COVID-19 on businesses
The pandemic has put some serious pause on global market. Let’s give a brief gaze on affects of coronavirus over the business worldwide:
- Most of the businesses including day care,
business consultation service, maid service, fashion, garment and textile
sector, medical, automobile, electronic, farming manufacturing etc. are passing
the worst time from the beginning of 2020.
- The biggest blow however, falls on tours and
travelling businesses. Travel businesses are seeing their worst time till date.
This is due to the nationwide emergency lockdown policies. All domestic and
international flights have been cancelled and passenger ports are shut down for
indefinite period of time. Most airports and waterways are nowadays mostly
empty and workers involved in these sectors are mostly living their idle time
during this pandemic outbreaks.
- The import export sectors are equally ill
treated during this critical hour. The restrictions in airways waterways and
roadways put major restrictions in this particular business sector. The
exportation and importation of Goods are now put into strict limits.
- The food and restaurant businesses are also
included in this crisis. These businesses mostly rely on tours and travel
sectors. When tourism sector fell apart small businesses related to food
servings, pubs, food carts etc. are falling apart and going out of business.
- Raw material supplies for food processing are
also in shortage. Lack of transportations and supply system eventually
increased the price of raw materials. Many nations rely on imported raw
materials rather than domestic productions. Less availability of local products
in the market means high buying price of those products. Recently raw
consumable product importations are highly restricted due to the pandemic
lockdown and as a result many nations are counting high prices for daily
Ways of overcome this crisis?
There is no single solution to come out from this COVID crisis. It is also a fact that overcoming the processes of the business from COVID-19 pandemic will certainly be not easy. It will always be a try and error method until science finally comes up with a stable remedy for this disease. Nevertheless, that doesn’t restrict human life and living process. Below are some of the possible ways of overcoming COVID-19 crisis for your business:
- Analyze the current condition and try to figure out the damages and downfalls created in this pandemic period
- Find market competitors who have survived the crisis and still doing business. Compare your current business condition with those market competitors. Analyze their business rise up process and their main stronghold even during the crisis period.
- List out the damaged sectors of your business and start repairing those sectors. These might be your business networking, workforce, production or anything else.
- Use resources wisely. You cannot expect abundance of resources during this critical period of time. You have to restart your venture with limited resources you already have or managed. If possible recycle and reuse excess resources you have. This will cut down some cost. However, you should sell unnecessary items which are filling up extra work spaces of your business premises.
- Follow business leaders in your trade sector. You can expect almost all sectors falling apart badly in this crisis, but some must have stood up and continue doing their venture. Observe how they have managed and recovered from this disaster and get going with their business.
- Once you have managed to clean up the mess, its time you to re-establish strong networks, with existing as well as new vendors, suppliers and potential customers.
- The need of customers has changed quite a bit after the pandemic have stuck up on the mankind. Try to understand that new needs of customers, and try to re-explore your business production according to that.
- Try to grab onto government packages your country authority offers. Almost all nations have allocated stimulus packages to support small to mid size businesses. These remunerations can help get rid of some of the losses and can trigger you financially to help accelerate you with your businesses once again.
How to save my business during COVID-19?
COVID-19 affects on small businesses in Malaysia