THE EFFECTS OF CORONAVIRUS IN A CHANGING BUSINESS WORLD
OKECHUKWU, CHIDOLUO VITUS
ABSTRACT
The discovery and spread of Coronavirus in Wuhan, China posses a great threat to the growth of business in the business world. The increase spread of the infection leads to the closure of the state and the businesses of the world. The people in the Business World have to wear face mask in other to curb the spread of the virus. The cost of the pandemics is great and needs a suitable solution. This article looks at the effects of Coronavirus in the changing world of business, strategies for combating Coronavirus in the Business World. These strategies includes, put the people first, design work spaces that work, solve in phases, commit to an elastic cost structure, get future ready in case of any resulting pandemic waiting sooner to become a threat to business owners in a business world.
TERMS DISCOURSED: CORONAVIRUS, BUSINESS, AND BUSINESS WORLD.
INTRODUCTION
CORONAVIRUS
Coronavirus is termed; COVID-19 is discovered in China 2019. What nations experienced from the pandemic is unexpected and devastating experiences which affects negatively the world of Business and the way people do business forever, (Ahmed, 2003). Coronaviruses are a big family of different viruses. Some of them cause the common cold. Scientist first identified a human Coronavirus in 1965. It is the cause of common cold. So, in 2019, in Wuhan, China, Coronavirus spread was noticed. Coronavirus affected countries that almost a million people had died from 2019-2021. The growing worldwide of the pandemic transmission is what led to the shut down of the businesses in the business world.
BUSINESS
Business is an organized effort between producers and sellers of goods for profit making. The sole proprietorship is an individual, who produced and sell goods and services in other to make a profit, (Crawford, 2019) Crawford, (2019) posits that business speaks of the people who engage in commercial, industry or professional activities. There are small, medium, and big businesses existing, (Ajayi, and Oguntoye, 2003). A business begins from the concept, and a name which is the most valuable assets of a firm.
BUSINESS WORLD
Business World or World of Business is the place where experience and skills meet first which is then converted into product and profit.
Business does not exist without the business world. The stockbroker is out of business with out the stock exchange market. The producers and the sellers cannot meet outside the given market. The business world sets in motion activities in the business life, (Nakpodia, 2010). The business world deals with the industry, business, trade, branch of trade, finance, financial organizations and accounting. Business world does not only include the producers, whole sellers, retailers, but also the consumers, not forgetting the middlemen and the marketers.
EFFECTS OF CORONAVIRUS TO A BUSINESS WORLD
The rapid out break of Coronavirus present not only an alarming health crisis that the world is grappling with; it had impacted significant economic, business and commercial impact being felt globally.
• From the discovery date of Coronavirus, it had cost the world a total of four million lives and counting.
• Business owners were mandated by the government of different countries in the business world to close down businesses and stay at home to avoid, the spread of Coronavirus.
• The spread of Coronavirus even for the presidents, governments, officials, celebrities and business owners, puts everything at risk.
• Since the onset of Coronavirus disease 2019, (COVID19) in March, 60 million claims have been filled for unemployment insurance. Before COVID19, the greatest number of weekly new unemployment insurance claims based on data from 1967 was 695,000 in the week of October, 1982.
• Coronavirus leads to recession. Workers with out a job have less to spend, and this leads to subsequent business revenues declines.
• With government offset much of the loss owing to shutdown, which has averted what would have been a new great depression.
• With Coronavirus business owners in the business world, noticed that full recovery is not expected until well in the future.
• Coronavirus leads to lower outfit is not the only economic cost COVID19, death and reduced quality of life and can be measured in economic terms, there by reducing workers in the business world.
• Coronavirus leads to both economic and business damage in the business world.
• Coronavirus lead to the closure of much business in business world.
• The pandemic has shown the importance of public private corroboration.
• The business landscape will face greater uncertainty in the post COVID19 period.
• More generally, the immense financial loss from COVID19 suggests a fundamental rethinking of government’s role in the pandemic operation.
• Industries are facing disruption from all sides and leaders meet to closely watch three criteria drivers of risk political, technological, and societal.
• Coroanvirus leads to a disruption that many business owners, did not know if they will eventually recover from.
STRATEGIES OF COMBATING CORONAVIRUS IN A BUSINESS WORLD
Before and after the corona virus after the business world what country can a business owners use to reopen and reinvent a business, (Agabi, 2010). It is hoped that these five strategies will not only help business owners, reopen challenges but also reinvent the business world, (congressional budget office, 2020).
PUT PEOPLE FIRST
Business owners in the business world should see that shared humanity at work that can make all the difference in the pandemic situation. Business owners are expected to understand their employees if they desire creating productive, inclusive and rewarding environments for the long haul. In this way, the business owner will communicate with compassion and confidence, build trust with the employees through determined purpose, address the deeper needs of insecure workers, care about the employee’s work problems, support households, not just employees, (Adebayo,2001, National Open University of Nigeria 2009).
DESIGN SPACES THAT WORK
It is argued the spread off Coronavirus was massive because of the tight spaces that office have. The rule for reduction of Coronavirus is that there shall be at least five foot gap between one person and the other. With this direction offices are working hard to create spaces for every worker. There shall not be any more overcrowded offices there by helping the spread of Coronavirus in the business world. The business owners shall ensure there is a minimum of three foot between the sitting space of one worker and the other.
SOLVE IN PHASES
This strategies helps business owners in the business world appoint a task for every given time. This helps not only the business owners but also the workers that they have employed towards efficiency and reduction of mistakes that should be avoided from overcrowded task. The managers learnt to solve problems one by one as the problems appear.
COMMIT TO AN ELASTIC COST STRUCTURE
Business owners in the business world know the effects of Coronavirus in the business world means a standstill to every activities of man and a nearly stop of buying and selling for those who do not have an online presence to sell their goods and services when the government due to Coronavirus ask for a complete close down of business activities, and money becomes scarce. This prompt business owners and workers to make efficient use of the money at hand during band after the pandemic.
GET-FUTURE READY
Coronavirus took the business world by the feet and no business owner wants to be stopped from doing their business again even for a day not to talk of a month. So, business owners are going online so that when Coronavirus comes, customers can order goods and services online and got served. With this and more owners of business in the business world are seeking ways to avert the cost of future pandemic that may arise.
CONCLUSION
If business owners adhere to the strategies listed in this article, business will never again go into recession or near depression for the economy of the nation, nor will pandemic affect the business world as Coronavirus affected the their business of the world since 2019 and today the vaccine found had made business owners able to go back to the business world.
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