The unexpected onset of the novel corona virus has disrupted the way of life for many people. It has even brought a new set of rules in the communities, and has affected everyone’s behavior and social relationships. Apart from the so called “new normal”, the business sector is greatly affected. Many business establishments suffer losses and have temporarily closed down; and while others have closed for good.
In Las Vegas alone, the state’s Gaming Control Board has estimated a loss of $700,000 per day per establishment on the Strip since the pandemic lockdown has started. This amount is just on the gambling revenues, and has not yet included the revenues from room accommodations, food, and shopping. Virgin Atlantic airlines had to lay off 3,000 employees in July because of the unbearable losses from its end; and, has filed a bankruptcy protection in New York, in order to avail of the 1.2 billion British pounds private refinancing package. These are just a few; there are certainly more companies suffering from great losses, and the global economy is on the verge of crashing down. According to CESA country managing partner, Panos Papazaglou (2020), “it has been estimated that, if the coronavirus spreads uncontrollably, it could very well cost the global economy somewhere around $2,7 trillion”. Papazaglou further explained…
EY’s Global Risk Survey 2020, found that the majority of businesses do not posses the capabilities required to effectively and safely navigate crisis periods, as 79% of board members state that their organizations are not very well prepared to deal with a crisis- event. Thus, each of the visible – or unseen – threats that the coronavirus brings, requires instant and proactive action today, as well as continuous monitoring of the situation’s development.
With the alarming situation, many businesses have thought hard on how they can survive the pandemic. Business-solutions-companies have offered their services to aid enterprises in this most trying time, especially those that are struggling hard to stay afloat. Here are the most common tips shared by many business-solutions-experts.
1. Turn Challenges into Opportunities
If the challenge is the corona virus, as a business owner, you need to market your business solutions with the corona virus in mind. Understand how can your products or services be essential to everyone during the pandemic.
Filipino fashion designer, Jun Escario, has introduced a new line of clothing that people may wear in order to stay protected from the virus; yet, without compromising the aesthetics of fashion. Because of his unique designs that are both fashion-forward and compliant to the requirements of a protective garment, Cebu Pacific airlines has commissioned him to design their cabin crews’ PPE uniforms to be worn during flights. While other fashion brands are shortening their operation hours and are laying off staff to cope with the effects of the pandemic, the Escario fashion house is operating 24 hours a day and 7 days a week to meet the order requirement of Cebu Pacific airlines.
Jun Escario PPE design
2. Find and Maximize Resources
If you think that resources are scarce because of the virus, think again. There are so many private and government refinancing agencies that will provide loans to struggling businesses. Most of the countries have allocated funding to the business sectors to provide financial assistance, especially to small and medium enterprises. As a businessman, take advantage of all the help that the government provides. Make sure to fill out the forms and meet the deadlines.
Marcelo Ouano received the help of the government to refinance his bakery. He came up with the new name for his bakery, “PANdemic”. Pan is the Japanese/Spanish/Portuguese word for bread. The refinance also provided his bakery additional funding for motorbikes. Now, with the use of the motorbikes, Mr. Ouano hired 2 more staff; and, offers delivery services of his bread and pastries.
Because of the demand for healthier options for food, PANdemic bakery has also joined the movement with more healthful bread selections. This is meeting the demand of the market.
Photo courtesy from PANdemic Bakery Healthy Bread Series
3. Innovate and take advantage of technology.
A lot of businesses, nowadays, are using technology. The use of technology provides options for lesser physical contact among clients and business staff; thus, lowering the risk of contracting the virus. As a business owner, take advantage of technology; improve and update your company’s website, make it friendlier to your customers and easier for them to order and pay online, and widen your selections of products and services.
Laundry Services and Dry Cleaners in Australia have maximized the use of technology to still operate during the lockdown and in the “new normal”. With the help of a contactless technology through HIEMAC Industries, laundry services can now operate 24 hours a day and 7 days a week without a person-to-person contact. The technology provides dirty laundry drop off, an online booking and payment, and even a conveyor pick up.
Photos courtesy of HIEMAC Industries
These are just a few of the many business solutions during this most challenging time. Some business solutions experts have more ideas to help your businesses grow even with the “new normal”. As the cliché goes, “give in or give out, but never, never give up”. Together, we can surpass this pandemic and everything will be better.