The global pandemic situation caused by the coronavirus outbreak has brought the global economy to a sudden halt. Businesses all around the world is getting dramatically effected due to this outbreak. This is the worst tragic incident happened in the world after a decade. Everyday new cases are being detected in each part of the world.
None knows when the scenario will stop and how much people will die due to this. Meanwhile, the business world is suffering poorly. The pandemic has caused the stock market to crash. People are panicking, businesses are getting closed down, employees are being forced to take unpaid leave for an uncertain period of time. Moreover, the scenario is critical at the moment.
Each company is experiencing this negative financial hit due to this epidemic scenario. If you are a business owner, you have probably got the tip-off of this financial crisis slowly invading the lives of millions to billions of people.
On march 11, 2020 WHO the world health organization declared corona virus a pandemic as the rate at which it has been spreading around the world and killing people. The worst scenario here is that coronavirus affecting businesses all around the world.
For example, Brandy Brown started noticing the impact of the virus in his business in the early January of 2020. All his shipments were delayed due to the outbreak panicky and people not wanting to work. The host country of this virus, China have already halted many businesses like clothing production, toys production, etc.
The small businesses are struggling the most. You know why?
- Well, first of all small businesses don’t have that much backup bank balance to recover a huge loss.
- The productivity is hurting as people are panicking and not able to work at their full capacity.
- Many businesses are struggling to make sales; they are providing high discount rate to sale their services.
- The clients are unable to pay as it’s a crisis situation going all over the world. So, companies are already suffering due to the late payment of their clients.
- Countries are imposing social distancing law to their citizen to prevent the outbreak. But, the shops are almost loosing 70% of their revenue.
So, all-in-on the scenario is dire. People are not able to pay their rent and for some it has been a struggle to make their days meet as some companies are forcing their employees to take unpaid leaves.
Let’s look at the challenges you will likely facing at the moment due to the impact of coronavirus on business. But before that, let’s quickly discuss the thing which you should refrain from doing right now.
Things Businesses Should Not Do at the Moment:
Now that the outbreak has been pandemic, it’s more important to be aware of the things that you should not do. This might not spread the outbreak but it will definitely lower the level of panics in people.
- Don’t Make Up Stories
The situation is already worse so don’t try to make it worse by making up stories in your mind. Some marketers also making money out of people’s misery. They are stock piling the basic necessities like toilet paper, hand sanitizer, masks, and reselling them on other online sites for 10-50x the price.
This is the most disgusting situation. So, stop exploiting the situation in trying to make quick bucks. This is the time you should stay unite and fight for your survival.
- Don’t Ignore the Struggle Part
Unlike China, if every country can control the scenario at present, still businesses are not going to recover this soon. It may take up to 6 months to a year to recover all the loses they have bared.
So, rather than being afraid, you can accept the fact and start working hard on driving sales. Companies like Apple have shut down their stores due to this outbreak. This definitely signals less profit and income. May be they will be able to pay their employees during the shutdown but not the small businesses have that amount as their bank balance bear the cost for upcoming months.
How Many Ways People Have Been Suffering from The Impact of Coronavirus on Business?
- Organic Traffic is Getting Affected
The research says that organic traffic is getting affected in hundreds of different industries except the finance, healthcare and news channels. It’s not for a single country but in each places the scenario is quite the same.
2. Conversions Rate Has Slowed Down
Conversion rate has dropped massively due to the outbreak. In most industries except for a few like media and finance sector, people have been experiencing huge downfall in conversion rate. Whereas the media websites have been receiving huge upsurge of traffic as people don’t want to miss out any information regarding coronavirus.
3. The Economy is Going Down
Well, the global economy is predicted to bear a loss of 2.7 trillion dollars. Experts are predicting a recession. This time the crash is worse than the previous two crashes in 2000 and 2008. So, businesses are shutting down.
The impact of coronavirus on business is surely notable for everyone. However, we can still take proper measures to prevent spreading the virus and the rumors pertaining to this. The businesses will surely recover in coming days. All we need is hope and courage to stand up again firmly. In this scenario, when you are getting zero visibility, an online reputation management agency can help you enhancing it.