How Coronaviruss has affected Businesse

As the new coronavirus continues to spread across the various parts of the world rapidly, its effects on different businesses have been evident. The virus has necessitated the institution of lockdowns, and “stay at home” policies has reduced the usual customer flow to the various businesses (Ivanov, 2020). Lockdowns across the globe have also led to the closure of industries and production facilities that have disrupted the supply chains with the link between companies and their suppliers being mostly severed. The disrupted supply chain has affected all the nodes of the chain (Ivanov, 2020). Therefore, businesses are running out of their supply and lack affordable alternatives to replenish them. Mostly, the ventures that have not evolved to include e-commerce have been affected the most as the number of customers reduces day by day. The lack of technological provisions for shopping and home delivery has had the COVID-19, leading to more profound problems associated with the market flow of products and services (Nakhate & Jain, 2020). The social interactions part of the business culture has rapidly changed due to the need for social distancing. As a result, customer service has reduced in efficiency, which is set to further reduce the number of customers at the ventures (Cortez & Johnston, 2020). Also, the physical interaction between workers, which fostered teamwork in the past, has been severed with many businesses fearing that the turn of events may reduce workplace efficiency. The need to layoff some members of staff have constricted the production and sale of goods and services, which has, in turn, has reduced the profitability of different enterprises, owing to the increase in costs of operations (Nicola et al., 2020). Therefore, the coronavirus has harmed businesses and has necessitated them to look for alternatives to reach their suppliers and customers.