The Corona Shadow hits: What is the next step for your Business?

April 1, 2020
The Corona Shadow hits: What is the next step for your Business?
The new trials that we face with the whole world due to the outbreak of the COVID-19 virus are anything but something anyone of us could have anticipated for. In fact the rage of this pandemic was something otherworldly if we put our sights on its extensive and rapid degree of infesting it world population. That being said, the world may have had a contingency plan set and executed now, since almost all countries have issued total lockdowns with minimal pardons to only the essential subsidiaries that are required for the urban population who don’t really have other ways to procure the same.


Now, as major countries settle themselves into the wake of the deadly effects of the Coronavirus, we can be assured that some of them have taken measures to out wage the effects. Pardons of mortgages & loans have been sanctioned keeping in mind the inability of the payee to go out and do her/his job. Apart from that, WHO has set help centers all across the globe in relief of the Coronavirus infected individuals. In India, some of its states are enabling free lodging for all street-dwellers, providing food & other sanitary essentials.


But if we consider how businesses will fare under these distressing circumstances, things aren’t really looking that great from the government. Infact, to really press on harder things, the entire lifestyle of a whole economic class is at stake because supply chains have no outward submission due to lack of manpower. No product can be sent out to the buyer even though they have made the transaction. That can put a small business in a lot of load.


There are though, some ways to save your business from the effects of this near global lockdown if you have intentions of going through with it.


1. Establish a remote work option if your business allows that. By implementing this remote work policy where each of your employees can directly communicate their availability & course/ status of action regarding things they are responsible for.


In fact, we have seen that remote offices have grown in popularity due to its more sustainable & cost-cutting attributes. To all businesses out there, my advice would be to try this method of working because it really does pay to have more productivity bartered from all your employees.


2. We do recommend the bosses to speak with more relevance & accuracy to make the communication channel more effective. Employers should be thinking now about how they’re going to pass on important office messages & update from the World Health Organization. Also they should regard the US’ Centers for Disease Control or Public Health England and shouldn’t try to second-guess or exceed their message. To make this even more easier, Edelman, the World Economic Forum, WELLCOME and others, in partnership with the WHO, are building a platform that would feed accurate, timely Coronavirus information to employers for dissemination on their intranets. India itself has a COVID 19 dashboard whose link is readily available on social media platforms. Therefore, we can be rest assured that some digital marketing companies in Kolkata are still striving in this.


3. Finally, the biggest employers are the ones who have a greater part to play during these dire times. Global epidemic preparedness and response is dangerously underfunded. While the rich world can afford these tactile Coronavirus interventions, the global spread of the virus in less than three months has demonstrated how international health is as strong as the weakest and poorest health systems that it is comprised of if we were to determine the loopholes in our contingency plan. There are as of no drugs or vaccines against the Novel Coronavirus and research to deliver them requires funding too. I we were being honest; we need sizeable financial contributions/donations from high-income governments, from philanthropy and from global financial institutions like the World Bank, but also from business.


Far-sighted companies should see this as a shrewd investment, we get that. But the tens of billions of dollars the world actually needs to respond to Coronavirus are nothing compared to the trillions wiped from stock exchanges last week. Admit it. Customers & employees alike, both increasingly expect businesses to play a fuller part in supporting global public goods and to look beyond the interests of their respective shareholders and investors alone. There’s no need to invoke biased and privileged concepts of “stakeholders capitalism” or “social purpose here”; this crisis is a threat to shareholders, no less than it is to wider society. Period.


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