The covid-19 pandemic has been a disaster for the economies of the world. Not only hs it resulted in the loss of millions of precious lives but also caused irreparable damage to businesses of all shapes and sizes around the globe. It is in this context that it becomes important to see how various businesses have responded to the newfound challenges posed by the Covid-19 pandemic.
Prompt and Decisive Action in the Nick of Time
Many businesses have shown how decisive action in time has helped them to survive and even grow in these tough times. ‘’Our team was able to react quickly to the challenges of the pandemic. We’ve managed to reorganize our work and production in a way as to both help the community and keep our staff employed”, says Gevorg Hambardzumyan, CEO of Front Signs, a B2B sign manufacturing company based in Burbank, California. The company continued with its products but only highlighted their need to raise strong awareness about the pandemic to save lives and to prevent the spread of the virus.
Different Ways in Which Companies Are Adapting to Coronavirus
Prolonged shutdowns and restrictions imposed by the authorities on account of fears of the spread of this dreadful virus have wreaked havoc on the business of companies of all hues. Compulsions of social distancing and stay-at-home orders in many places have forced companies to move most of their workers to work from home. But this method applies to only those companies and employees who can perform their duties remotely. Working remotely and holding meetings virtually through virtual conferencing are methods adopted by tech companies and those providing specific services to clients such as lawyers, chartered accountants, and teachers.
Educational institutions have discontinued classroom teaching and carrying on with online teaching to complete their courses. Less importance is being attached to in-person meetings and important deals are being signed over virtual meetings and conferences.
Retail Businesses are Limping Back to Normalcy
The worst-hit among the businesses are those belonging to the entertainment, hospitality, and retail industries. Shopping malls, restaurants, hotels, airlines, and industries based on tourism have been shattered because of continued shutdowns. Most of these businesses are still experiencing very little footfall on their premises. But they are trying to survive by making their customers feel safe through the adoption of safety measures. Many restaurants have switched to delivery mode to survive as they are still not receiving patrons and guests in the same numbers as before. Retail businesses have been forced to offer heavy discounts to catch the attention of their customers.
Coronavirus has taught important lessons to business owners, employees, and customers. They have now realized that they are all highly dependent on each other. The Health and safety of all three are important and the pandemic has made them very helpful to each other. Forward-looking business leaders have realized that their survival is linked with how safe and comfortable they can make their customers feel while utilizing their services.
Taking Help of Technology
There is no doubt that the last year was horrific for most of the businesses. A large number of small and big businesses collapsed as they could not innovate or think of creative ways to continue with their business model. However, many businesses that have kept their focus upon their customers and leveraged technology to their advantage have survived the onslaught of Coronavirus. It is a fact that not all business models are suited to the online mode or the delivery mode. However, there is no dearth of small businesses that have reinvented themselves by taking a new direction or by identifying new opportunities in the wake of challenges posed by Covid-19.
Keeping the Health of Employees as Topmost Priority
One way in which businesses are managing to mitigate the negative impacts of Covid-19 is to show their concern for the health and well-being of their employees. Many companies have given salaries to their workers for months during the lockdown period. Now that they have reopened, they are making sure that their employees remain safe at the workplace by sanitizing the surfaces and equipment. They are also providing protective gear to their employees to keep them protected from the dreadful virus. Most companies are observing rules of social distancing and providing separate workstations or benches to their employees.
Coronavirus has proved to be disastrous for the economy as well as most businesses. It is only the business owners with a forward-looking and customer-centric approach that have adapted to the challenges posed by this pandemic. Remote working and leveraging technology are the two of the best ways in which businesses have mitigated the negative effects of Coronavirus.