The outbreak of COVID-19 is right now the most serious issue of concern worldwide. WHO declared it a ‘Pandemic’ after the rapid eruption of CoronaVirus among 158 countries within just 3 months. It seems like an emergency situation has been declared & the world is taking a pause. But the outcome of this situation is much more dangerous.

The eruption of Novel CoronaVirus not only disrupts people’s health but also it is highly affecting the global economy & business. From small businesses to large business giants, every sector is going to suffer.

Here comes the question of how big industries & small businesses will fight against this downfall caused by COVID-19.

Take a Look into the Numbers & Stats

Be it Newspapers, Television or Social media, this is the only burning topic which is somehow creating a situation of concern and panic all over the world. And this fear & panic is creating more disruption in the global economy than ever.

Now, before digging further into this topic, we must check on the current statistics of the outbreak of CoronaVirus.

This is the current graph of the total confirmed cases of COVID-19 worldwide. The total amount is 244,933 till march 20,2020.

Source: worldometers.info

Though it is true that the contamination process is happening really fast, another fact is that people are recovering too. Take a look into the number of total recovered & discharged cases till date. 88,138 person has been cured till now.

Now, here is how the stock market daily closing price is going down in the last one month according to the Dow Jones Industrial Average (DJIA) market index:

Source: https://www.macrotrends.net/

The recent downturn in the stock market raises the question about the inevitable recession that has been triggered by the outbreak of the COVID-19, the epicenter of which is China & the global economy is highly dependent on the Chinese manufacturing sectors.

How Businesses Will Fight Against This Global Crisis:

We have now entered the second phase of COVID-19 & the prominent solution of protecting this disease is self-quarantine & this has some direct effects on the global market.

This is the high time that every industry should rethink their working policy to cope up with the upcoming economic storm.

Here are some basic steps that can be taken which are beneficial for both the employees & the employers:

1. Work From Home-  As almost the whole world is locked down it is important to keep the workflow intact in most of the industries. The only solution to this is work from home process & currently, the highest number of people are working from home in world history. This is safe and with fast internet & up-gradation of technologies remote work is much more convenient now.

Most of the companies who are involved in desk work can easily give the relaxation of work from home while communicating with the team through software like Skype, Google Hangout, Zoom, etc.

2. Communicate With Your Clients- Client communication is the key factor to retain any business. Mainly those who have small businesses or direct physical communication with their clients must keep connected through calls, mail or online messaging apps. Share your concern with them & try to find out if you can provide them your service any other way.

As an example, if you have a grocery store then try to process online order & delivery service. If you have a gym then you must share tips of healthy living & safety measures with your clients & if possible try to give some fitness training sessions at their home as per the client’s need.

3. Focus on Online Business-  Online business will grow on a large scale right now. So if you are a service-based company or product based company then this is the time to focus on online business more than ever. 

It is true that fighting against COVID-19 will give the whole world a very hard time but surviving the crisis smartly is also important. Each industry or organization must act in a very responsible way to protect the eruption of CoronaVirus. It’s the responsibility of an organization to keep it’s employees’ life safe as well as maintain their business. In this process, if needed leave policies & HR policies should be reconsidered.

The HR department should spread more correct information among the employees about COVID-19 because there are many myths that are going air about CoronaVirus & these things are creating panic & misconceptions.
Check out our story on the Myths & Facts of CoronaVirus to stay away from rumors.

Stay well informed, fight against CoronaVirus, survive the outbreak of CoronaVirus & economic downturn with strength.