impact of covid-19

The Impact of Covid-19 on businesses

‘The Rona,’ as people some call it, has changed how we conduct business forever. It has brought up new strategies to carry out daily tasks without us having to be physically present. 

Indeed we are being introduced to measuring output based on work carried out and not merely being at the office all day long. Working from home is the new normal. Several businesses have permanently shut down their physical offices and have gone entirely virtual upon realising that productivity is in no way affected.  

Some companies have witnessed a productivity surge since adopting this new work-from-home method. Also, many could not and have had to shut down as a result, sadly. The cost of running a business is at an all-time high, so people are looking for better ways to cut costs to extend their profit margins. Fair, if you ask me. 

It seems that small businesses have been the worst hit as most of them have had to shut down entirely or cease operation majorly. They are the ones who have suffered the inability to withstand the harsh reality of the pandemic. Not everyone can afford to go virtual as it is. 

Operations are resuming around the world. Businesses who can pick up the pieces and bounce back are doing so, and in what ways can your small business weather the storm? In what ways can you mitigate the negative impacts the Rona has on your business?

Positive impacts   

Work from Home

One of the positive impacts Covid-19 has had on businesses is the ability for workers to do their best work from any part of the world. 

As earlier stated, this mitigates on-site operational costs and focuses solely on the output of employees. It is true that physical communication amongst people has its benefits and even especially in the work setting. Workers get the opportunity to socialize and even develop more meaningful relationships outside of the workplace. However, these relationships can also go south. When this happens, productivity levels drop, and the business is affected. So it’s a win for these types of incidents to be averted through the new work-from-home method. 

One Global Economy

Since location has become almost unnecessary in carrying out daily work activities, any person can work for any company worldwide, and there are no limits. One global economy increases any person’s employment rate and a significant win for the workforce bracket worldwide.  

Social media 

More businesses utilised the power of social media as a result of the pandemic. Although the Corona Virus has led to significant incidences of fake news due to the panic surrounding the virus, it is also true that more businesses have had to take their social media presence more seriously and connect with customers. 

We are also witnessing the highest boom in the social media influencing era. More brands are realising the power of social media and are putting it to good use.

Negative impacts

Shutting down of businesses 

Work from home has proven a better method for many companies; however, smaller companies who do not have the same budgets or operational ability to adapt have had to throw in the towel. 

Unemployment 

It seems the whole world witnessed one of the most significant periods of unemployment in its history due to the pandemic. The time came that you needed more than how good you were at your job to stay employed. The company may not withstand the financial implications of keeping you around, and therefore, many employees just had to go. Sadly. 

Weathering the storm

Many businesses looking to survive the Covid-19 depression must now work twice as hard to stand on both feet. To withstand a hard time, you must prepare for it. A significant way to prepare for a global pandemic is to be ready for it. Prioritise the health of your workers or colleagues. To reduce the impact of the Covid on your business, put health structures in place. Put financial structures in place. Organise Covid testing for your workers. It can be done at home or work and quickly too. Encourage vaccination. 

Showing that you care about your workers by prioritising their health is the best way to motivate them to do their best job. They get the momentum and energy to work twice as hard, and your business needs this to stay above water to reduce the impact of the Covid-19.

Conclusion  

Tough times don’t last, but tough businesses do. Your business can weather the storm of a global pandemic by putting structures in place to reduce the impact of the Covid.

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