Coronavirus pandemic (COVID-19) has still continuing to spread around the world. The pandemic not only seriously affects human health, but it also affects all sectors, including economic, tourism, transportation, service, trade, civil aviation, technology, … Especially, with supply chain disruptions and slowed consumer spending, the pandemic is inflicting a severe blow on businesses, seriously affecting the global economy.
So what businesses need to do during the Coronavirus pandemic? In the following article, we will discuss how coronavirus is affecting businesses and give some solutions to cope with COVID-19.
Ready? Let’s explore.
Impacts of Coronavirus On Businesses
It is easy to see that the sectors most affected by the Corona epidemic will be tourism, restaurants, hotels, performing arts, transportation, education, and their suppliers. Labor-intensive businesses, regardless of their industry, will be seriously affected.
1.Business Failure In Tourism
Tourism is one of the industries most easily affected by coronavirus pandemic. With the coronavirus outbreak is still spreading increasingly, people also restrict travel abroad. Currently, many countries across the world have taken drastic measures, including border closures, temporarily stop suspending visas.
When the pandemic outbreak, tourists traveling abroad also decreased, especially Chinese visitors. The tourism industry suffered serious losses.
2. Coronavirus Impacts On Global Technology Business
The technology giants are the victim of coronavirus. According to the statistics on March 12, 5 the world’s largest technology companies such as Amazon, Apple, Alphabet, Facebook, and Microsoft, lost a total of $416.63 billion due to coronavirus pandemic.
Many offices, shops, and factories must be closed in China. The companies that have closed their offices in China so far are Apple, Samsung, Microsoft, Tesla, and Google.
While many technology products are made in China, experts have warned users that there will be a shortage in some phones and VR devices, cars and other technology accessories. Foxconn and Pegatron are closed in China and will be the cause of iPhone and AirPod shortages until employees return after the Covid-19 pandemic.
3. Enterprises Transporting Goods, Logistics Service
Businesses that transport goods, logistics services will thus reduce orders and revenue. Even, they also double damage because the cost of personnel per unit of goods will rise.
4. Enterprises Employ A Lot Of Labor
Labor-intensive businesses will be seriously affected due to coronavirus pandemic. If only one case was found suspected of infection, the workshop, the factory and the people in contact would be quarantined, causing disruption of production and business.
Units that use suppliers, materials, etc. from localities with high infections will also be interrupted. Especially businesses operating under the model LEAN, JIT.
Solutions To Help Businesses Cope With The Coronavirus Pandemic
1. Measures To Prevent COVID-19 Infection
Measures to prevent COVID-19 infection in enterprises include:
- Internal communication rules: Maintain a distance of 2m from the opposite person, sneeze must use a tissue or elbow cover and bend down to avoid sneezing to the next person, do not touch the face…
- Requires 100% of staff to wear face masks.
- Provide sanitary equipment such as masks, hand towels for employees.
- Encourage everyone to regularly wash hands using soap and water.
- Perform hygiene, disinfect the workplace.
- Postpone unnecessary, unimportant meetings, training courses.
- Convert meetings to online meetings via phone and the internet.
- Internal communication: instructing officials and employees to voluntarily prevent virus infection, use masks, and hygiene tools properly.
- It is recommended that cadres and employees not participate in festivals and crowded places.
2. There Is A Timely Solution When Employees Are Sick At The Company
In order to avoid spreading the disease, people who show signs of flu, fever, and illness, the Human Resources Administration and enterprise health group must follow up daily to request go medical facilities for medical examination or treatment at home.
If there is an unexpectedly ill employee at the company, the business representative should report to the hotline, government agency for timely solution advice.
3. Maintain Important Jobs
Maintaining important tasks is essential to maintain the operation of the business. To maintain important jobs, businesses need to do the following:
- Ensure replacement capacity, consider the transfer of rights, replacement production, replacement work, …
- Review inventory to devise an appropriate strategy
- Confirm adjustments to related parties on the maintenance of production and business activities.
- Flexible work locations, allowing employees to work from home. In fact, working at home can quite challenging in the first days, but there are some tech tools to manage the business at home effectively. You can hold a meeting online, track your project’s progress easily.
4. Conversion Of Executive Organization Capacity
Enterprises need to review and re-analyze the operating process system and business model, drastically improve and apply technology to the organization and operation of production and business activities to minimize dependence on personnel, the amount of personnel employed, the delivery time and the performance of the business.
Currently, there are many technology products that allow managers to run businesses anytime and anywhere, managing all operations from accounting, sales, human resources, jobs, etc.
The Coronavirus outbreak is both a challenge and an opportunity for businesses. The important thing is that business needs to focus aggressively on the action and conversion fast. Businesses need to plan, coordinate and implement measures to prevent COVID-19. In addition, try to maintain business activities with suitable strategies in the reality of coronavirus pandemic now.