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Effects of COVID-19 on Businesses:
Oct
A global pandemic broke out in March 2020. This necessitated the cessation of all activities and businesses. From March onwards strict lockdown was administered, no business was predisposed to work in such isolation. COVID-19 was an unprecedented challenge. As the pandemic prevailed, the death toll rose, the business started losing great revenue.
The USA experienced an all-time high deficit in its history with a sumptuous amount of 3.1 trillion dollars. In 2009 the USA had, now a second greatest deficit of 1.4 trillion dollars, comparing both sums provide a noticeable influence of COVID-19. Some businesses took the necessary steps to minimize the deficit. New policies were devised to make-up for the loss that was being caused by the halt. Some businesses that could work remotely, started operating remotely. It was some consolation in catastrophic decline, yet on the other hand, some businesses suffered more devastating losses because they simply cannot run remotely and lockdown meant their services halted for good. One such example is Boeing the aerospace company. Boeing suffered a 2.4-billion-dollar loss which was considerably greater than expected loss; they then announced that they will trim their plane production. It is understandable that when a corporation faces such problems consequences are far-reaching; so, Boeing’s Chief Executive warned employees of potential downsizing, which means unemployment for hundreds of employees.
Businesses that run on the physical presence of customers are still suffering. Though that doesn’t necessarily mean that “all is lost”. This stagnation also means a potential boom; as soon as Corona restrictions are lifted, all stagnant activities will resume with a significantly larger workload. Let’s expand on the aforementioned example; once the activities resume there will be a sumptuous increase in travels that are stalled for some time. Capitalist credo is relying on that sudden inflation.
As far as other businesses that don’t require much of the physical presence of customers have somewhat grown accustomed to new circumstances. They are not soaring but their yields are run-of-the-mill, to say the least.
This dismal year was not so dismal for online businesses though. A lot of online businesses fared well. Amazon leading the chart, it became the emergency port of call ranging from basic household goods to luxury goods. Businesses that shifted to remote work brought traffic to apps and platforms that allow online communication among the employees, teams, and companies.
A record of 90 million players started Xbox live gaming this April. Microsoft stats are insane, 75 million people utilized communication app in April, and the previous highest number was 20 million in 2019. Facebook, Netflix, and similar services also received a lot of business.
Conclusion:
Conclusion:
reputable
This pandemic was unprecedented, it spawned new obligations from businesses. Now that corporations have faced novel situation they have devised new policies, these new policies will aid to combat any such unforeseen challenges. Some businesses have shifted their services from entirely manual to online services; such measures will also aid in boosting their business. In some sense, this pandemic has necessitated scaling up as well. Still, it is not to take away from the fact this pandemic has been detrimental to a great deal of business and continues to do so. The businesses that cannot function without free mobility of clients still can take sufficient measures to minimize loss as much as they can and they need to do that because who is to say that there will be no such challenges in the future.
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