Covid-19 continues to ravage the planet, and its effects have been felt in all continents, and lives are forever changed in different ways. The year 2020 would be best known as the year during which a pandemic struck the world and affected virtually everything, ranging from personal lives to business, to entertainments, sports, etc. in each of the mentioned industries, the impacts have been felt in different ways, and the relevance to business would be dealt with in this expose. The impact coronavirus has had on different businesses, ranging from small to medium, to large scale enterprises. The truth is that virtually all businesses that have been affected by this scourge have had to alter and redefine their approaches to conducting business. One thing is for sure now; it will never be business as usual for a while.
Impact of COVID 19 on the Economy
While we all know that the COVID-19 was initially traced to the Wuhan district of China, its effects on various individual countries’ economies have been felt in leaps and bounds. This means the virus already has various effects on countries differently and as well as the global economy. For instance, stocks have capsized at a rate that can only be explained entirely by expert brokers in the business. Many professionals have also claimed that the economy has become quite volatile due to the effects of the pandemic on the global economy. By the end of March, over 3 million Americans had applied for unemployment. Considering that a few months have passed since then, it is only safe to assume that the number would have doubled or even quadrupled. This is just in the United States, which has been known to have quite a buoyant economy. Consequently, a lot of firms have had to lay off their staff to cut losses of various forms and magnitudes. Even if a cure were to appear soon and the virus curtailed, it is still evident that this pandemic’s effect would be felt years to come.
https://unsplash.com/photos/d-1dT0uY3CY
Photo by Morning Brew on Unsplash
Impact of COVID 19 on Small Businesses
It has been proven that more than 90% of US businesses are termed as small businesses. Instead of this, it is to be expected that small-scale businesses would suffer the most from the impact of COVID-19 on the economy. Millions of workers have lost their jobs within fewer than four months since the total lockdown began. To help release some stress and also make money in the process, you could check this site for example. Consequently, there is no room for new businesses to thrive or develop, as the needed resources and workforce have been forcefully stripped from them by this deadly virus. Hence, remote working, which still feels a lot strange to many, has been adopted, and individuals who cannot meet up with these new demands of working have lost their positions and jobs.
Impact of COVID 19 on Industries
The travel and hospitality industries have been most affected by this pandemic. This is due to the inability to allow travelers into hotels, the inability of bars, and tourist centers to operate. This industry generates revenues from the funds accrued by these travelers and tourists. Unfortunately, remote working cannot work for these kinds of businesses, as people need to be physically present in most places. Most construction firms have held off from producing new equipment, as there has been a sharp drop in the need for those products by customers. Instead, there has been a sharp increase in the demand for food and other related items. People now only care about surviving and coming out of the pandemic with at least fresh and healthy bodies. A major tenet of the COVID-19 is that its ripple effects would be felt long after the virus comes to an end as lives and businesses are forever changed in diverse ways.
