A lot has been said about the rate of infection and death concerning the COVID-19 outbreak. In as much as it is sad to note the thousands of people that have died as a result of this pandemic, we cannot overlook the economic impact of this outbreak on people the world over. However it must be noted that while millions of people have either lost their jobs or have been furloughed, we should not forget businesses that have had to groan under heavy losses, debt rescheduling and dwindling profits.
About the growth outlook for businesses, it just looks absolutely bleak and gloomy, there are no guarantees as to when business will start booming again. Please note that a lot of businesses now have online platforms and those that already have are expanding their operations more. That is why it is important for businesses to grow and be profitable so that it can have positive trickle effects on individuals to be able to find work.
Many individual lives have been upended, families torn apart and people’s livelihood is disappearing fast before their very own eyes. While it is safe to say that governments all over the world have rolled out comprehensive economic stimulus package to rescue hard hit economies, it is however a short term relief package which will have no long term effects on individuals around the world,(simply put people want to work).
Some economic models and forecast out there is not looking good for businesses to survive this pandemic that it is why it all too important for businesses to start exploring the idea of migrating their business model to online platforms. It is important to know that not all businesses will online, but each businesses will have to reinvent itself to survive this extra ordinary times.
Finally, one can only hope and believe that businesses will emerge from this pandemic to become more resourceful, innovative and purposeful as they chart a new way in establishing a suitable business model for their companies. As they say in the business world, it is all about the bottom line