Now everybody knows the deadly – Coronavirus, It spreads so quickly and people affected by it are struggling alone and are being isolated. In this problematic period do you think Corona is impacting businesses?
Well, The Answer is a big YES.
Corona has caused the global stock markets to crash, which means as a business you will be definitely affected. Be it a small business or an MNC the Impact is Huge.
What does the Coronavirus mean for Common Man and Business what they can do to cope up with the losses?
To be Honest and impudent, Let’s accept Businesses are going to struggle for a while. Even if the virus slows down fast as the numbers have dropped in China, businesses are going to struggle for well over a year because they will have to make up for their losses.
In spite of the Indian government telling not to cut the salaries and provide full salary without any deduction, no one (no company) is following that in reality, sad but true! So more and more people are struggling with the diminishing economy.
Take a look at most of the industries be it-Entertainment, Travel, hotel, Food, Any industry.every where the layoffs have already started.
And not only are people losing money but they’re losing jobs and their basic necessities of life.
You know Who is making money these days??
The news industry and finance advises about the economy.
Even as advanced economies are discovering the challenges of handling a growing informal workforce, this remains the norm for developing countries, amplifying their difficulties in responding to the crisis.
Some companies will either go bankrupt, get bought out, or get bailed out by the government. Some may be able to cut costs enough to pay their bills, but for most, it will be too late.
“Advanced economies have promised to do ‘whatever it takes’ to stop their firms and households from taking a heavy loss of income,”Richard Kozul-Wright, UNCTAD’s director of globalisation and development strategies.
Let us Hope Coronavirus passes soon with minimal impact on lives. Follow the Corona Dos and Don’ts. Don’t be afraid as this too shall pass. Stay home Stay safe. Think Creative, Look at other sources of income, Spend Less, Be ready for small sacrifices like not eating out shopping etc. Save at least 30% of your earnings as savings. Let’s Face it and Lets do it.