What are the top 3 challenges that all business faces during COVID-19?

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The Impact of COVID-19 on business

The COVID-19 pandemic has impaired the economy and life of the business. To stop the spread of the COVID-19 crisis, Government worldwide has taken the steps to shut down economic activities, lock down measure to stop and contain the pandemic. The COVID-19 has exposed major vulnerabilities of company operations and supply chain linked to the conditions of work and disaster planning. What is new model of economy, click here!

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The negative impacts of COVID-19 on companies worldwide can be seen in economically, socially, and environmentally.

What are the top 3 challenges that all business faces during COVID-19 pandemic?

1. Financial crisis

The most direct impact of COVID-19 to the business worldwide is the financial crisis. The COVID-19 has caused financial distress and liquidity problems for many businesses worldwide due to the reduction or cancellation of businesses. This has caused a lot of job cut and job loss. Some companies that impacted financially chose to retain employees, but also implement measures such as salary reduction or pay cut. The termination of job has increased the unemployment figures emerging from impacted countries. Check out 3 ways to achieve sustainable development.

2. Heath and safety of employees

On the other hand, for companies that can continue business activities in the midst of COVID-19 pandemic, protecting the health and safety of the employees is becoming the top priority. However, many business struggles to identify the right balance of measures and safeguards to protect the workers from being exposed to the risk of the virus, including limit physical interaction at work, enhanced sanitary measure or encourage teleworking.

As a result of that, there are many COVID-19 cases that spread from the workplace. The continued circulation of goods and workers create the potential vector of contamination and may lead to negative environmental impacts. Increase dependent on digital communication technologies also create new risks to privacy and misuse of personal and proprietary data.

3. Disruption on supply chain

Besides the impacts on the business operation, business also faced major disruptions in the supply chain. Both demand and supply side disruptions has intensified the socio-economic impact. Suppliers may face the difficult situation to continue their activities and honor contract due to order cancellation or delay in payment. 

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