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Impact of Corona Virus on Business & how to resolve them

It is no hidden truth that Corona Virus which has originated from China has now gripped the entire world under its web. It has destabilized & paralyzed the entire world economy. Countries which held their head high & kept self-aggrandizement about their supreme power are helpless against the virus. Cases have crossed more than 1.5 millions across the world with death numbers multiplying every single day. The governments are helpless & under the dilemma to manage work completely towards controlling the spread of virus or to stop economy from crumbling to dust. With no cure in sight currently available for the deadly virus, the only preventive measure everyone has adopted is a complete LOCK-DOWN (SOCIAL DISTANCING). Everyone stays at home, maintain social distancing, use face masks, gloves, wash hands regularly & avoids touching their face.

The lock-downs may last for months till either we find a cure or the numbers of cases come down drastically. 

Now, the most important question – How do we survive the lock-down personally as well as professionally?

Personal Effects

We are psychologically drained & getting depressed day by day

We are worried because we are not used to being at home for such longer periods

We are worried as even a minor cough /cold / fever dread us about the infection

We are worried whether we will get our essentials on a day to day basis

We are worried what if a positive is detected in our area / vicinity or worse our own society

We are consuming a lot of negative content every day in form of news & social media.

We tend to worry about stuff which is mostly imaginative in nature (over thinking)

We are losing our patience & want to run away from reality & all the household problems

Solution

  1. Plan your day to ensure you are not overdoing any unnecessary activities

  2. Do Yoga / Exercise to keep our mind and body relaxed & re-freshen 

  3. Include vegetables & fruits in your diet as much as you can

  4. Avoid junk food

  5. Spend quality time with your family, relatives / friends (social distancing a must with people outside your immediate circle)

  6. Create group activities (fun as well as challenging activities) with your family members

  7. Help your spouse with their household activities (I know )

  8. Plan the future on how you would spend time with your family once the lock-down is over, don’t rush into things. Remember that we can go on a lock-down mode again

  9. Stop wasting time on unproductive & negative things by avoiding social media or news. Verify the content, every time. 

  10. Explore yourself & realize your inner strength work on your weaknesses

  11. Up-skill yourself.

Professional Effects

You can be an employee working with a SMB or MNCs working from home or you are a business professional who is running a small, medium or large business unit.

Lets talk about the problems if you are a business owner running a small or medium sized business. What would be your biggest concerns?

Will I be able to sell my products or services during lock-down
Will I get my outstanding payments from my customers
How will I manage to pay my staff salaries, rents, utilities or indirect costs of my business
Will my staff be able to work from home with the same productivity or without any technical glitch
How will I manage my cash flows
Will my business be able to survive the growing unpredictable scenario
What about my future growth plans

We work effortless day & night to ensure we are well fed & our family needs are taken care of. Everyone works towards a sustainable & stable future with a potential growth plan, a focus to tackle any unforeseen or unpredictable emergency. 

Corona virus has created an environment no one even thought of. It didn’t just impact your business or your country’s economy but it has put the entire world on a standstill. None of us had even in worst of their dreams thought that something of this magnitude will happen someday. But now this has happened & we have no other way but to deal with the same.

Solution

  1. PERSEVERANCE – Don’t just give up on your dreams. Remember, THIS TOO SHALL PASS SOON.
  2. CONNECT – with your customers. Understand their problems & create that deep connect with them by providing them solutions.
  3. SUPPORT – your staff. You may not be able to provide them instant support but give them confidence that you have their back.
  4. TEAM WORK Work with your team effectively to ensure they are working from home & supporting your clients without & technical issues. Most importantly, targets given are met.
  5. COMMUNICATE – with your Investors / Bank / Vendors / Landlords. Give them insight of your current business scenario & assure them. Convey any delay if there is any.
  6. INTROSPECT – Do a SWOT Analysis of your business. Work on the improvements.
  7. GROWTH – Analyze ways on how to grow your business. Explore & plan your investments in direct / indirect way of marketing that you may want to adopt for your business.
  8. REVISIT – your old customers & renegotiate terms in case they are still interested to work with you.
  9. REDUCE COSTS Give your business model a complete turnaround but involving expertise freelance service that gives a new dimension to your business. infinzi is one such organization that provides all backend services on freelance & pay per use model that help organizations save cost, have access to expertise services without actually having to hire them. Visit www.infinzi.in for more details.
Last but not the least – STAY SAFE, STAY HEALTHY. EVERYTHING IS GOING TO BE FINE SOON.