A pandemic and its impact on business
Businesses, big and small of all kinds, have been affected so badly due to the prevailing Coronavirus. It didn’t matter whether it was a taxi driver, a porter or a fat cat. Lockdowns,the world over, have brought travel to a standstill so has tourism. Due to this, a huge number of people have been made redundant and unemployed. People have been pushed to a plight where they have to undergo untold hardships in life in order to make ends meet. As many businesses were not prepared to face such a pandemic, the damage caused is unfathomable. The hospitality industry was one of the hardest-hit ones. It is so unclear when it could bounce back to normalcy because it has been one such industry that has been predominantly depended on foreigners who patronize it to a great extent. Another sector that has been hit is education. Schools, universities, and other educational institutions remain shut indefinitely. This particular sector is not only a thriving and important one but one that is the potential of making an indirect impact on all others if it is not taken care of.
How to survive
Survival is a daunting task for many due to the fact that an end to all this still doesn’t seem to be on the horizon. Although major businesses have some funds in their coffers to revive, smaller ones are struggling to be buoyant. As a result, many are on the verge of collapse. However, collaborating as groups can be conducive for such businesses to keep going, at least, until the situation comes back to normalcy. In a situation like this, technology could come in handy, which has been proved by the education sector as many schools, universities and colleges have already embarked on online courses and teaching.
It is seen that countries that are agriculturally self-sufficient tend to do well in spite of the fact that other industries have incurred losses. One such example is Vietnam that claims a population of over 95 million. They are recovering well while adhering to lockdown protocol. Another country that even boomed its economy at these trying times is Taiwan by reaching out to many other countries that have been hit the hardest.
The future may not be the same
As a vaccine against the virus is yet to come out. the finishing line for the virus is not in the offing. What does that mean? People continue to work from home. It is likewise now obvious that a substantial number of people have adapted to the concept of ‘stay home’. Moreover, people tend to experience the value of being around their families and loved ones. Hence, workplaces will definitely witness metamorphoses in the future when more and more people get accustomed to staying home. Due to this, businesses related to technology may flourish as the demand for technological devices go into stratosphere.
On educational aspect, more emphasis will be put on areas such as information technology, computer science and language learning. Furthermore, subsistence farming will be popular among a host of households as people spend more time at home. This could be taken as a positive development because healthier citizenry will be in the making.
On the other hand, caseloads for doctors may see a decline as people tend to avoid being in places such as hospitals where infections could be extremely high. Consequently, homemade remedies that were used by our forebears could make a comeback and be used in households galore.
Hence, the future definitely belongs to those who are willing to adapt.