Effect Of Covid 19 On Global Business

Published by Ashish Gupta on May 22, 2020May 22, 2020

For running a country, a state, a person’s life a few things are very much important and business is one of them. Yes, a business goes lots of things t people connected with it like a reason to live, a method to become successful, a platform for getting jobs for lots of people, and most importantly it directly affects the economy at a global level. In this article, we are going to tell you the effects of COVID 19 pandemics on business at a global level.

Negative Effects Of Covid-19 Pandemics:-

Effect Of COVID 19 On Global Business

1. Loss Of Business:- Cause of Covid-19 most of the countries are under lockdown and cause of that workers are not able to reach their offices for working and complete their assigned tasks. This is happening in business belongs to supply and distribution, Manufacturing, Service Providers, etc. As the government has banned the movement of citizens and one more reason is that customers are afraid that they can come in contact with any Covid-19 carriers while, buying the product, using it, or taking service. This is affecting badly and the biggest reason behind the loss of business.

2. Loss Of Jobs:- CEOs of the company are not able to utilize the services of there associates that’s why they have to ask them for quitting their job or have to fire them. Already lots of companies had done this on a local level or on a global level. Cause of this thing lots of workers and associates are losing their job and from now onwards they are going to become a liability on the economy. It is also bad for business companies. The reason behind they had to fire their well trained and experienced team and when things become normal and when again they need staff then companies had to spend extra time and money for training newly hired staff.

3. Startup Shutdown:- 90% of a startup starts with two things one dream and a low budget of money. The major challenges in most of the startup – ‘they had to bring the result in a very short period of time’. Most of the startups have clients from different countries and these startups are affected badly. As their whole investment is been stuck in operations and cause of Covid-19 they are not able to get a return or make business as end results of those operations. Now, CEOs of such startups are facing a very bad time as the money they had is already been invested and now they are getting nothing from it. This results in failure and loss to startup owners and vendors connected to it.

4. Business Is On Backfoot:- Business runs on planning and planning can only show it’s the result after it’s execution. That requires lots of things and making updation and launching news products is one of them. Every business owner keeps planning of increasing its business capital and the business cycle. All such operations are not been able to complete the cause of this Covid-19. Result: Businesses are going onto backfoot. All the CEOs have to do wait and pass this time while waiting until things become normal.

Positive Effects Of Covid-19 On Business:-

1. Work From Home:- A new culture is been accepted in most of the organization especially into the IT sector. Companies are allowing it’s associates for working from home. That saves travel time, the money of the employe. Although it provides a kind of freedom to work in a comfortable atmosphere. They can eat at any time, start working as per the demand of work or operations and finish the shift asap work finish. It does not have to spend complete office hours except you have to maintain your status active on your system for attendance purposes.

2. Online Business Getting Benefits From Covid-19:- Now when people are afraid of going to crowded places such as cinema theaters and this thought going to take a lot of time in changing. Now, one of the biggest profit-making industry Entertainment industries does not have any choice except to release their movies on online platforms like Netflix, Amazon, etc. This will be going to become good for the CEOs of such online platforms. There are other industries similar to this like online education platforms, online training sessions, etc.

3. Rethink & Planning Of New Strategies:- Usually, CEOs are too busy with their daily basis operations and they do not get chances to rethink a few important processes and factors. So, they can prepare better and strategies. Now in this Covid-19, they have lots of time to think about their upcoming actions and how they have to work after Covid-19 to survive their business and achieve new milestones.

4. Learn and Improve Your Self:- One common habit you will get from every successful person and that is he will always love to learn new things. Now, in this Covid-19 we would like to suggest all the CEOs for improving their skills and learn all the things required for improving the decision-making skills and keeping them healthy. So, that they can perform well in their tough time.

We hope that you would like the above-given suggestions. In case you have any questions or suggestions then please feel free to contact us. We would love to respond to your query.