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Covid-19 Impacts on Business

All businesses in the world have sensed impacts of this unexpected pandemic, coronavirus Covid-19. The whole world is suffering from the economic crisis and livelihood difficulties. This outbreak has changed the way we eat, we work, we play, we buy, we travel and largely how we live. Basically, it has made us maintain physical distance and avoid public gathering to break the chain of spreading coronavirus. 

Millions of people are jobless now and a number of businesses are being collapsed. Businesses that are still operating are barely surviving. It has the major challenge to overcome financial and operational issues as well as to acknowledge the needs of their stakeholders, especially there is no certainty about how long the current situation is going to last. Every size of businesses is having a hard time to sustain employees, pay the bank’s repayment and rents. Many business plans are on the paper only and entrepreneurs are waiting for the end of this harsh situation. Thousands of most-awaited events also need to be on hold or postponed. Multi-billion dollars Expo 2020 Dubai got postponed to a new date October 1, 2021 – March 31, 2022.

The following business fields are highly affected by coronavirus Covid-19.

  • Tourism and Hospitality
  • Transportation (Airlines / Railways / Road)
  • Restaurants and Bars
  • Fitness centers
  • Entertainments (Cinemas, Disco, Clubs etc.)
  • Sports
  • Financial Markets and Institutions
  • Manufacturing industries
  • Real Estates
  • Retails

Despite thousands of negative impacts, there are few positive results showing their flags in this difficult time. It has developed the culture of working from home which may deduct the operating costs. There are few examples of companies they had announced they will be working from home life long onwards. One of the good impacts is on the environment, nature had a chance to take a break from all kinds of pollution and mess. Businesses which have been promoting a green and clean environment must have benefited with it.

It has been proved as a boon to some IT businesses. Many online businesses got started within this span. Especially, e-commerce sectors got some good milestones over this period. Zoom only has got app downloads increased by 30 times year-over-year and the app has been on the top of the free app in many countries of the world. 

This coronavirus pandemic has provided us the opportunity to make some changes in meaningful ways. Now, it is the journey to recover and re-energize the tracks. Covid-19 impacts on businesses have taught a great lesson to be ready for any kind of uncertain fall. 

Image: Pixabay

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