“We are not all in the same boat. We are in the same storm. Some of us are on superyachts. Some of us have just the one oar.”- Damian Barr. What if every neighborhood across the globe were to be affected by the coronavirus pandemic? How would different businesses cope with the situation? The impact of the pandemic on business ventures has ranged from interrupting supply chains, reduced number of employees, and the constricted customer base. Therefore, the coronavirus pandemic is responsible for the many disadvantages that have affected businesses around the world. Today, I would like us to look at how the coronavirus affects businesses worldwide by reflecting on a comprehensive report that the BBC gave on this topic.
Effects of the Coronavirus on Business
As the new coronavirus continues to spread rapidly across the various parts of the world, its effects on different businesses have been evident. According to Jones, Palumbo, and Brown in April 2020, courtesy of the BBC, the virus has necessitated the institution of lockdowns, and “stay at home” policies have reduced the usual customer flow to the various businesses. Ivanov in 2020 echoed the reports of the newspaper that 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, according to Ivanov (2020). The nodes include manufacturing plants, warehouses, and distribution centers. 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, as Nakhate and Jain have further explained on the virus in 2020. The most affected parts of the supply chain are the links, with the situation corresponding to the instituted lockdowns in different countries. Therefore, the situation has affected businesses negatively.
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, according to the BBC report that has been supported by Cortez and Johnston in 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. That has, in turn, has reduced the profitability of different enterprises, owing to the increase in costs of operations as Jones, Palumbo and Brown report in the BBC analysis of the pandemic. Therefore, the coronavirus has harmed businesses and has necessitated them to look for alternatives to reach their suppliers and customers.
Conclusion
in retrospect, The coronavirus pandemic is indeed the cause of numerous impacts that have affected businesses around the world. As the globe, we are being faced with challenges on businesses emanating from the spread of the coronavirus in the different areas as the BBC report echoes. Most of the problems have come from the institution of lockdowns and “stay at home” advice. They have cut the links in the supply chain, thus creating difficulties in the transfer of supplies to the production facilities as well as between retailers and their customers. Social distancing is also set to change the interactions that employees have amongst themselves and with the customers. The advancement of the problem associated with COVID-19 will bring about more issues that businesses have to solve. I hope that we traverse the economic effects of the pandemic, regardless of our financial capabilities. Thank you.