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Business

The Impact of COVID-19 on Business

The spread of the pandemic has caused a global impact across the world and has taken a severe toll on business around the globe. From small scale business to marketing to the products of big companies, all the companies and businesses across the world has been a significant shift of wave in 2020. A survey conducted to study these impacts resulted in 93% of the businesses talking about the ill-effects and the negative impacts. However, some of the businesses also declared that the negative impacts are short term and will gain momentum once the situation settles in. According to the survey, 28% of the small and large scale businesses responded with a long term negative impact, and 65% of them were positive about the short term negative impacts.

Fall of world revenue in 2020

Apart from the large companies, many industries have also taken a major hit, right at the beginning of 2020. The rapid spread of the virus has resulted in 86% of them which are expecting a significant fall as a direct impact of the outbreak.  Out of 86%, 33% of them expect a fall in revenue of 10%-15%. As many companies are struggling to take cope up with the loss and struggle, there is a significant drop in the world economy that will take years to get them back to normal.

world revenue

Economic Downturn

Since the spread of the virus has resulted in a drastic impact, 77% of the businesses believe that an economic downturn is almost inevitable, especially the small scale businesses in major urban areas and cities. Majority of the developed and developing countries like Italy, China and India are expected to witness a significant setback in finance and economy as the social distancing and travel ban continues.

12% of the businesses believe that it will take a minimum of six months to a year to bounce back to the original business state and to reach optimal levels. In contrast, the rest of the small scale industries and other businesses expect to get back on their foot in less than six months and almost 32% of the businesses expected to be back in less than a month. Among which another 32% of them are expected to return to their normal businesses in three months. Almost 88% of the businesses around the world are on the hope of recovering from the pandemic as early as possible.

Remote working environments

With government restrictions, the lockdown, social distancing and the fear of another outbreak, many businesses and companies have shifted towards remote working conditions so that it doesn’t spread across the organizations. 73% of the businesses have also decided to shift their business in fully remote working conditions.

environments

The pandemic has significantly impacted how businesses and other organizations grow across the world. Among all businesses in the world, including the small scale ones, 51% of them are focusing on BCP – Business Community Planning to overcome and manage a second or third wave of Coronavirus. The only way to deal with the situation is to take precautions in terms of health as well as business. Most of the businesses are showing major signs of growth and development despite the ill-effects caused due to the virus.

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