IMPACT OF COVID 19 ON BUSINESS ENVIRONMENT
Normal life of a people has come to stop. Almost the entire
country is in the lockdown. Restaurant, school, colleges, shop,
offices almost every establishment shutdown to contain the
Corona Virus pandemic.
The government has prevented workers from working and
consumers for spending, Other than essentials things slowdown
in the economy is intentional and unavoidable. It has been
brought about by a public health emergency.
It is like putting a halt on the production, consumption and
investment and these are damaging the economy. Production of
goods services are crash & workers are staying away from work.
Many service tasks can be done remotely but most production of
goods required social proximity.
In the short run company may have inventory to meet demand
for there goods but what about month and so when stock and
inventory runs slow, prices could rise. High prices for essential
goods will strike citizen as unfair and unacceptable.
If the containment process is so long it could result in price
controls and rationing.
Now government, Business, People would be hoping that the
situation will improve and containment policies are lifted in a
couple of weeks.
Restriction on public mobility and impact on many sectors of
the economy will affect gross domestic product (GDP),
disposable incomes, consumer sentiment and also the auto
industry, it added.
More than 70% of start-ups have had to terminate full-time
employee contracts since the start of the COVID-19 pandemic.
Many entrepreneurial businesses have pivoted to meet new
needs for goods or services borne out of the crisis;
The way entrepreneurial business models and approaches are
affected by the pandemic will have an impact on how
entrepreneurship is perceived as a job choice in the future.
The onset and spread of COVID-19 have left few people, if any,
unaffected. Governments the world over have been repeatedly tested
and stretched. They have set new rules and norms to try to re-establish
confidence and give economies a chance of survival.
Less noticed and discussed, however, is the impact of the pandemic
on entrepreneurial businesses. As sources of finance dry up, more
than 40% of new ventures will fall into the so-called “red zone” with
only enough cash for three months or less of normal operations.
Since the beginning of the crisis, more than 70% of start-ups have had
to terminate contracts of full-time employees.
Yet, while a large number of start-ups have suffered during the
pandemic, COVID-19 has also led to an increase in entrepreneurial
activity. Companies and individuals across the world have rallied to
respond to, and where possible, tackle this crisis. From organizers of
music festivals overseeing pop-up morgues to automotive companies
pivoting manufacturing to much-needed ventilators, there has been a
surge in creativity. People and companies have devised new ideas to
respond to existing or emerging needs insufficiently addressed by
governments and incumbent institutions.
HOW COVID-19 EFFECTED THE BUSINESS IN MY
COVID-19 (Coronavirus) has affected day to day life and is slowing
down the financial ability of people. This pandemic has affected
thousands of peoples, who are either sick or are being killed due to
the spread of this disease. The most common symptoms of this viral
infection are fever, cold, cough, bone pain and breathing problems,
and ultimately leading to pneumonia. This, being a new viral disease
affecting humans for the first time, vaccines are not yet available.
Thus, the emphasis is on taking extensive precautions such as
extensive hygiene protocol (e.g., regularly washing of hands,
avoidance of face to face interaction etc.), social distancing, and
wearing of masks, and so on. This virus is spreading exponentially
region wise. Here authorities are banning gatherings of people to the
spread and break the exponential curve.
COVID-19 has rapidly affected our day to day life, businesses,
disrupted the world trade and movements. Identification of the disease
at an early stage is vital to control the spread of the virus because it
very rapidly spreads from person to person. Presently the impacts of
COVID-19 in daily life are extensive and have far reaching
consequences. Such as:
o • Challenges in the diagnosis, quarantine and treatment of
suspected or confirmed cases
o • High burden of the functioning of the existing medical
o • Patients with other disease and health problems are getting
o • Overload on doctors and other healthcare professionals,
who are at a very high risk
o • Overloading of medical shops
o • Requirement for high protection
o • Disruption of medical supply chain
o • Slowing of the manufacturing of essential goods
o • Disrupt the supply chain of products
o • Losses in national and international business
o • Poor cash flow in the market
o • Significant slowing down in the revenue growth
o • Service sector is not being able to provide their proper
o • Cancellation or postponement of sports and tournaments
o • Avoiding the travelling and cancellation of services
o • Disruption of celebration of cultural, religious and festive
o • Undue stress among the population
o • Social distancing with our peers and family members
o • Closure of the hotels, restaurants and religious places
o • Closure of places for entertainment such as movie and play
theatres, sports clubs, gymnasiums, swimming pools, and so
o • Postponement of examinations
DETAILS OF SMALL BUSINESS IN MY AREA – THEIR
PROBLEMS AND EFFORTS
The Event Industry Faces Serious Challenges from Coronavirus. The
event industry? As major corporate and social events continued to be
cancelled around the world, many wonder – is this from a few
seemingly innocuous news stories into a growing global concern,
Novel Coronavirus (COVID-19) has captured the world’s attention.
Delhi: Managing and organizing events in Meerut on a large scale of
something unheard of until few years back. But in the last few years
when Delhi was developing to be one of the 'Most Vibrant city’ there
are several small and big companies’ businesses coming in Delhi who
are entering the business of Managing and hosting the events.
But due to the situation of covid-19 these events organizing
businesses were shut down as no gathering is allowed during covid-19
pandemic and this caused huge loss to the companies.
But as the situations like marriage can’t be cancelled it’s
declared that maximum number of people that are allowed in
any function can be 50 not more than that so it was something
good news for these organizations as it is better to have
something than nothing.