IMPACT OF CORONA VIRUS ON BUSINESSES
Name
Institution
Introduction
Coronavirus pandemic is one of the most significant challenges facing the world today. The virus has spread across the globe within eight months of devastating consequences to the world’s economy (Koshle, Kaur & Basista, 2020). Moreover, the pandemic has affected every economic activity in the world due to various government regulations like lockdowns. The essay seeks to discuss the impact of Corona on business.
Corona has affected business by making them reevaluate the processes on how centers of contact remain leveraged, how the workforce delivers particular customer needs, and where they work (Khan & Faisal, 2020). Such occurrences have cost such organization vast sums of money without generating any income hence forcing business closer. Many businesses have made huge losses due to a lack of sales and government restrictions to close down (Corbeta, Houb, Hub, Luceyc & Oxleyb, 2020). Additionally, businesses have to spend vast sums of money to adjust new customer habits like shopping online.
In conclusion, Corona has harmed each business due to government restrictions. Additionally, companies continue to spend more without profits to adjust to new trends of carrying out transactions under the set government restrictions.
References
Koshle, H., Kaur, R., & Basista, R. (2020). Breakdown of Business and Workers in India: Impact of Corona Virus.
Khan, N., & Faisal, S. (2020). Epidemiology of Coronavirus in the world and its effects on the China economy. Available at SSRN 3548292.
Corbeta, S., Houb, Y. G., Hub, Y., Luceyc, B., & Oxleyb, L. (2020). The contagion effects of being named Corona during the COVID-19 pandemic.