The Coronavirus outbreak is an important reminder that catastrophes like pandemics have occurred in the past and will continuously happen anytime in the future. Despite the difficulties in preventing the emergence of these dangerous viruses, we need to prepare ourselves to diminish their effects on society. The COVID-19 pandemic affected every society and had severe consequences on the economy. It affected the entire society and dramatically changed the way consumers behave and business work in terms of the aspects related to a business’s leadership and employees, ethical issues, and consumer behavior.
As Coronavirus continuously spread all over the world, many businesses are continuously working to analyze its impact on various areas. Get a better understanding of the economic and business implications that the Coronavirus has on trends such as essential industries like medical, transportation, food, and travel including the global spending on advertising, shopping behavior of consumers, and remote employment. Minimize the effect of COVID-19 on your business with Brandmaximizers so your brand and company can effectively attract your target market and customers.
The effect of COVID-19 on small businesses
In the US, a significant percentage of 99% of the businesses employ approximately half of the whole American workforce. These are mostly small companies that have insufficient cash reserves which may not let them weather this interruption for months. Experts forecasted that the Coronavirus pandemic will allow more than 2 million workers to become jobless in a week. Because of this, the world could be in a state of economic depression as new businesses cannot enter the job market.
The effect of COVID-19 on the economy
Simply checking out the stock market can tell anyone that the Coronavirus made the economy highly volatile. However, there may be numerous factors involved. Global chains of supply got disrupted after the Coronavirus’s initial outbreak in China. More than 3 million Americans have filed for benefits in unemployment because of layoffs that the Coronavirs induced in the US. The economic impact in the long-term may ripple for a long time even if the effects in the short-term end.
Industries highly impacted by COVID-19
Because of the low confidence of consumers, travel cancellations, and closures of bars and restaurants, the two largest industries that the COVID-19 pandemic affected are travel and hospitality. Despite construction and manufacturing holding off on decisions when it comes to laying off their employees, these industries may still suffer because of the drop in consumer demand.
Ways businesses should adapt to the virus
There are various ways businesses can have their operations adjusted to the pandemic. This includes the assessment of your business’ vital functions as well as the other people’s reliance on your products and services.
- Have the workplace assessed for hazards
- Work on conducting health checks every day
- Improve the ventilation system of the building
- Allow for the practices and policies for social distancing implementation in the workplace
- Whenever it’s appropriate, encourage every employee to wear face coverings at work
Maximize your brand with us!
We at Brandmaximizers, aim to help businesses and brands attract, engage, and ultimately win their customers. Allow your business to thrive with our New Normal Essentials that can help in making sure that the workplace is clean and safe for everyone. Our company focuses to provide every business with their needs in display and signs for their needs in visual merchandising and advertising and the latest information on point of purchase.
