In the years to come, when we will talk about a pandemic we would have different output. The Covid 19 pandemic, has changed the way we work, we dine, and more importantly the way we live. The impact of the Covid 19 pandemic can be seen and are here for the long run especially when it comes to businesses. Businesses are suffering, which directly impacts the population. As per a report by 16 organizations, at least 155 million people faced acute hunger in 2020, including 133,000 who needed urgent food to prevent widespread death from starvation. The major factor that leads to this situation was the worsening of business or we can say the closure of business. According to a survey by Dun & Bradstreet, a provider of commercial data, analytics, and insights for companies, over 82 percent of small businesses have experienced a negative effect, and 70% believe it will take them nearly a year to recover demand levels prior to covid-19. The current COVID situation has huge economic implications all over the world, and it does not seem that any nation will be spared. Due to the COVID-19 impact, small businesses are facing the worst economic scenario. In this article, we will further discuss the impact of Covid-19 on business.
The GDP, which fell by 23.9 percent in the second quarter of 2020, is the most obvious macroeconomic and microeconomic element that has been impacted. India is improving, but it is still struggling. As a result, the question remains whether Covid-19 has a positive or negative effect. According to a recent GoDaddy Entrepreneurship Survey, 83% of Indian small businesses registered a decrease in sales, with nearly half of them having to close their doors. On the parallel side, big companies are doing amazing by saving money but at the root level, there is a big challenge when it comes to surviving the pandemic. Evidently, India is the second most affected country due to Covid-19 and it won’t be news that it is targeting the first position. Finance, manufacturing, real estate, utilities, mining and quarrying, hotel and transportation, and other sectors have all been affected. Exports and imports also decreased.
Across the entire study, 43% of businesses had temporarily closed, with COVID-19 accounting for almost all of these closures. Reduced demand and employee health issues were the main factors for temporary closures, with supply chain disruptions playing a smaller role. The world's second-largest Covid-19 outbreak occurred in India, resulting in back-to-back lockdowns and local shutdowns that disrupted trade. Fashion was one of the hardest-hit industries. Despite the subsequent easing of curbs, retailers continue to struggle with low footfall in high-street shops and malls. Although several companies have begun to prepare how to navigate the crisis in order to get back on track, many are also grappling with the pandemic's immediate effects and expecting potential consequences. The pandemic has clearly caused unprecedented disruption and confusion, especially among small businesses in the country but how do we come around it that should be the question.
According to the Accenture Technology Vision 2021 study, technology was a lifeline during the coronavirus pandemic and has forever changed perceptions and attitudes by producing completely new realities across industries. When lockdowns and restrictions were implemented around the world a year ago in an attempt to halt the spread of the novel coronavirus, there were several assumptions about how this slamming of the brakes will affect the way we function, live, and love. It was hailed as a once-in-a-lifetime chance for those with a stable income and ample living room to pause and reconsider their choices. But we aren’t in the initial stage anymore, in fact, we are in the survival stage.
Today businesses will be judged by how they approach the issue, their attitude, and their strategic decisions. A thoughtful response can foster confidence and goodwill, while poor decisions can jeopardize a company's image. Maintaining a positive attitude as well as embracing and adjusting to the new normal world will help companies weather the storm. Businesses have reaped benefits such as cost savings and improved efficiency as a result of the pandemic has accelerated the speed of digitization across industries. Because of the Covid-19 crisis, global digital adoption has accelerated by 7 years. The best approach is to use the backbone that is technology. The internet has provided with the opportunity to not curb due to Covid pandemic but to shift with the pandemic and the rest can be laid on Akestech. Akestech Infotech is the best software development company in Lucknow after all the business isn’t shut, it is just online.