The Covid-19 Pandamic is expected to cost the world economy a Trillion Dollars loss
The Pandamic Covid-19 has changed the course of history and now the world will never be the same again. Currently we all are facing the challenge of being quarantined in our own homes.
This is time where we all need to ride over this situation by focusing on increasing our immune system by adopting best practices like beginning the day with Yoga, breathing exercises, drinking warm water with lemon juice and having proper balanced and healthy diet etc.
The Pandemic will officially end when a vaccine has been discovered and majority of the people have been vaccinated this may be a few months to a year away. There is also a possibility of virus mutation which may delay the eradication of the pandemic.
Meanwhile a new normal is emerging – ‘Work From Home’. Many people will adopt this way of working because it is economical and reduces travel time and energy.
Meetings can be held online through videoconferencing and minimum workers can be working on sites. Monitoring can be via video cameras. Technology will play a bigger role in enabling businesses from now on. Digital payments and online sales will increase. Online education, consulting including medical consulting will also keep going up. Some businesses will die out and some new businesses will prosper.
So we need to deep dive into our business processes and think ahead to see how to leverage technology to add value to our business and also be ready to change the line of business if it appears to be dying out.
The business risks today looming large on businesses are rents. The other issues are rodents or termites or other creatures who may have found a safe haven in your premises with no human beings to disturb them and they can multiply fast.
The businesses that are in the highest risk are Travel, Airlines, Hotels, Restaurants, Entertainment sector and even real estate sector. So unless you can come up with an innovative and disruptive idea in these sectors you are at a high risk.
The Government is doing its best but it is also in deep trouble with loss of tax collection and a fall in GDP numbers coupled with expenses to tackle the Pandemic. So let us not expect much from the Government except loans at reduced interest rates.
The positive side is that manufacturing business will increase as most people have lost faith in China and will prefer Indian goods but will not compromise on quality.
Tier 2 and tier 3 cities will grow more than the Tier 1 cities, reverse migration has already started and many migrants are in no mood to return for at least a year or two. So businesses dependant on migrants will need to evolve.
So ‘When the going gets tough, the tough get going’
The writer Lokesh Shastri is available for sharing ideas and even validating and nurturing ideas and connect with people who are willing to support businesses.