The Impact of Coronavirus (COVID-19) on Businesses and what to expect

By: Khaled Shehada

During the March-2020, the human history wrote about COVID-19; a new disease that affected all aspects of life, where no one is safe and the only way to save your own life is to get yourself heavily isolated. Concurrently, Governments around the world are strongly launching procedures and policies in an ambition to slowing down the COVID-19, if not containing it completely.

Due to the imposed self-isolation and the policies forced by governments to decelerate the spread of COVID-19, many people lost their jobs permanently or got suspended for an unaffordable amount of time. It is hard for businesses to confront the uncertainty while trying to apply the risk management methods and use different managerial tools to survive.

To adapt in the COVID-19 era, businesses are working hard on controlling the effects of COVID-19 on their operations. Most companies are focusing on maintaining their services as possible, where each company’s staff must assure the continuity of the business plan while working from their homes because of quarantine and self-isolation procedures. On the other hand, some businesses took advantage of COVID-19’s effects and began to utilize them to generate more profit by understanding the needs of people in quarantine, then steering their operations and services to fulfill them.

Businesses must respond promptly and keep working with stakeholders to carry on with their business plans, regardless of the break in the supply chain, in order to achieve what can be achieved based on their contingency plans, where businesses need rapid and agile actions to be taken to overcome the crisis and get back to safety.

At this significant time for all businesses, it is so difficult to foresee how and when this situation will be over and what are the economic consequences that may succeed after the end of this pandemic. As plenty of economy professionals assume that as a result of COVID-19, a severe economic recession will start, a great question remains unanswered: How long will COVID-19 last, and how will governments and people cope with it? 

May 14th, 2020

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