How is COVID-19 Impacting Businesses Globally?

covid-19 and coronavirus
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With the COVID-19 pandemic affecting most (if not all) of the world’s nations, the coronavirus has also changed the way we spend our everyday lives. Remote work has been on the rise, and businesses have been coming up with more unique methods to stay afloat in their respective industries.

The fact remains, though, that the International Monetary Fund has declared a global recession over the COVID-19 crisis, the worst one we’ve had since the Great Depression. And if you’re looking into working from home or establishing web design and web development services, now’s a good time to assess the level of impact COVID-19 has on various industries.

What businesses are affected by COVID-19?

man working from home during covid-19 crisis

With the coronavirus affecting many parts of the world, businesses may want to consider transitioning into remote setups. After all, the coronavirus also disrupted the way different sectors depend on each other for technology, workforce, and supplies.

For a more in-depth look at how COVID-19 has affected industries, the International Labor Organization has a list of sectors affected by the pandemic:

  • Tech companies face changes in online operations, supply chains. Tech industries will experience more or less a mixed bag of effects due to the COVID-19 situation. It’s thanks to tech such as digital marketing services, as well as advancements in web design and development, that we’re able to do many our businesses online. Online companies, e-commerce, and remote work-reliant services have seen a boom in client usage given the lockdown situation.

  • E-commerce experiences a boom thanks to renewed dependence on online shopping. Since most stores outside have close down, more people and other businesses have relied on e-commerce and online shopping for their needs. Delivery services and even delivery features in ride-sharing apps have made it possible for us people to get food and other supplies despite the lockdown.

  • Educators and students have to adapt to continue learning. Lockdowns around the world had schools shift their education systems to online setups. While some schools ended or froze their terms, some have transitioned to online classroom settings such as Zoom and even Discord. While not all students have good internet access to these platforms, these remain great ways for students to continue their education.

  • Health and public emergency services use social media and the internet to spread relevant news. Of all the industries we’ve mentioned, it’s perhaps health and civil emergency services that see the brunt of the impact of COVID-19. It’s thanks to the advancement in health services that we’re able to see quick action from medical front liners and companies to develop testing kits and virus trials. Information on health concerns amid the pandemic also spread thanks to digital marketing services and strategies (e.g., social media, blog posts, news) quickly.

The above points give a quick overview of some of the most-affected industries because of the pandemic. As the COVID-19 situation snowballed in just a few weeks, we don’t have an accurate assessment as to when we’ll see a “return” to the way we’ve done things before.

As such, it may be an excellent move to transition into conducting business online. However, it also helps to consider a few risk factors before looking into this transition.

What are the pandemic risk factors for businesses?

coronavirus business risk

Reading the above points may have left you a bit overwhelmed. What risk factor should your business prioritize? You can make an advanced assessment of the challenges your business might be facing if we observe common problems our industries above are facing right now:

  • Lack of online transition may mean lower sales. It may not be effortless for physical stores to get sales as lockdowns mean fewer customers are going outside. See if you can switch toonline platform such as e-commerce to balance the lack of physical activity in your stores.

  • The global market has an uncertain status due to the recession. With the IMF declaring a global recession, it’s challenging to determine the current state of the market. As we form plans on dealing with the coronavirus adequately, stocks may fluctuate.

  • Relying on physical stores may result in lay-offs. If you rely on physical sales, it may spell bad news for your company in terms of conversions and returns. To avoid laying off essential employees, you may want to consider transitioning into online work setups to maximize your staff.

  • Lack of a remote work setup may be bad for operations. If your company depends on the physical presence of your employees, this pandemic may be bad for business. You should consider transitioning into a remote work setup to make sure operations don’t get affected despite lockdowns.

  • Online activities translate to a reliance on online and digital services. Transitioning to an online workplace means relying on more digital services. Companies that aren’t used to this mode of working means having to rely on online communications tools, workflow apps, and documentation services for their operations. They also have to rely on digital marketing services, web design, and development teams, and brand specialists for their online presence and branding.

COVID-19: How are businesses responding to the coronavirus?

business response to covid-19

If you’re a business owner looking for methods to cope despite the threat of the coronavirus to your company, now’s a perfect time to be inspired by how other companies managed to avert (so far) the risk factors COVID-19 has been presenting.

Here are some of the most effective responses other companies have been implementing to cope with the virus:

  • Convert physical operations to remote work, and avail more online services. One of the essential adjustments businesses have made in response to COVID-19 is the conversion of physical work done in the workplace into remote work. Companies have begun to be more reliant on online services such as communication apps, workflow programs, and even documentation software.

  • Businesses have “transformed” office duties into tasks that you can do at home. These include data entry, client communications, and even sales. Only work that can be done in person (e.g., deliveries, etc.) remain in-office. If you’re thinking of having part of your business operations remain in the office, you may want to coordinate with your local government.

  • Businesses also cooperate with transportation services and other online services to ensure their operations. Companies, especially those in the food industry, have relied on delivery services to transport their products to customers. Meanwhile, other companies (especially smaller businesses) have also started to rely more on digital marketing services, as well as web design and development teams for their branding.

Provide updates and reports on their COVID-19 response. Businesses should be more active in updating their audiences and customers on their COVID-19 response. Business reports for viewers will let them know of your company’s current situation. These reports will also inform clients of opportunities they can do with your business.

  • From a digital marketing standpoint, this is important in letting audiences (and even search engines) know that the brand is still active, and is making an effort to make itself relevant to recent events.

  • Make it an effort to make COVID-19-themed posts. These include awareness posts and sharing relevant information relevant to your industry. You may also do this via emails and announcements on your website.

  • If possible, make updates regarding the status of your business on your blog and social media accounts. Indicate in your pieces and content if you have special initiatives to help with coronavirus efforts. You should also let viewers know if you’ve made adjustments to your operations.

Make sure business information is regularly updated online. Google has advised businesses to make sure their online data is updated amid the pandemic to make sure customers and audiences are aware of their current operations.

  • Firms registered in Google My Business will find it very easy to update and add essential business information, such as a website link, business hours, contact information, and even location on the map. Even outside the pandemic, businesses can take advantage of this Google feature as it will act as a directory.

  • Companies should take the time to add if they have temporary closures or particular changes to their business hours, contacts, and even business description. This information can help digital marketing efforts and to keep audiences updated.

Getting Past COVID-19: It’s About Adaptation, Forward-Thinking

The current COVID-19 pandemic has proved to be quite a grave threat for businesses worldwide, especially with how it has affected various industries in similar ways. With the IMF having declared a global recession, companies seem to be on the brink of collapse. When it comes to coping against such a significant threat as COVID-19, success depends on our ability to understand the risk factors this coronavirus presents and the many methods we can use to cope. Meeting this balance can give us an edge and almost certainly assure our survival in the long term.