During Pandemic the Corona Virus has not only affected the health of people, but the wealth as well in every possible way. Irrespective of the size of Business, place of business, type, and the management.
The pandemic has affected all businesses somewhere or the other. People working in different companies and at different levels have suffered massive losses. People have lost jobs because of Covid facing a financial crisis.
According to a survey, over 82% of small businesses have experienced a negative impact, and 70% believe it will take them nearly a year to recover demand levels prior to covid-19. Further, the three topmost challenges that might hinder small businesses to scale up their businesses are
- market access (42%)
- improving the overall productivity (37%)
- and having access to more finance (34%)
The pandemic has also increased Digitization in all Businesses and they have reaped advantages like cost reduction and increased productivity. Globally, digital adoption has accelerated by 7 years due to the covid-19 crisis. Small Businesses have digitized their daily operations during this pandemic, which helped them in a reduction in cost (54%) and enhancing competitiveness (51%).
Transition of Businesses
All the Businesses were running in the traditional way. As it was running from the beginning. All the work used to be done by the employees only. People used to go to the Offices on a regular basis. They were paid according to their job responsibilities. They were not treated like slaves at all. Technology was only used where it was considered to be needed.
Kids used to go to the schools, parks, malls, tutions & amusement parks. Kids of all classes had a busy schedule throughout the whole day.
The working environment of the Offices got disturbed to that extent that initially people were staying at home during the first lockdown. And during the lockdown slowly they started working from their places only using their laptops or computers. This was not even an option for those who were doing jobs like delivery men, hospitality sector, auto-rickshaw drivers or businesses at small levels. Not only that employee’s salaries has been reduced on the account of travelling allowances.
As the lockdown extended, a financial crisis took place, followed by screening of employees & leaving the employees that are not much beneficial for them. This whole process ultimately created pressure on all the employees. Consequently they started giving their 200% for their survival. Also the place of employees has been taken over by the technologies; reason being it costs cheaper than humans, much more accurately and time-saving. People became so much active on social media such as YouTube, WhatsApp and instagram as that was the only option to pass their time & stay connected to others at the same time.
Kids are feeling very restricted at home. They can’t go out to meet their friends. They can’t go to school, study or participate in any activity or function. Because of these reasons they have become very irritated as well.
Difference In situations pre & post-covid
|Way of work||Typical- Going to Offices on daily basis||Online working|
|Pressure on employees||As per in the offices||Increased because of difficult situations|
|Time & effort given||As needed to stay in the office||Give 200% for their survival|
|Dependency for work||More on employees & less on Technology||More on technology than employees|
|Digitization||Not much hyped for the business promotions & marketing||Plays most important role in the business for its promotion & marketing|
|Type of marketing||Physically going in shops||Shopping, marketing, promotions & branding via. online|
|Financial status of India||Still better than today’s scenario||GDP growth has declined to its greatest levels|
|Use of Social media||Decently used in the business||Most used & famous option for promotions & marketing|
|Shopping preferences||Traditional shopping with stores or malls||Online shopping is preferred|
We hope that in coming times, situations will be better & the work should be done towards the growth & benefiting manner of each individual and the whole country as a whole.