2020 now seems like the year that will make its way into the history books. It’ll be one of the most important years of the twenty-first century. It’s not because of a pandemic spreading its tentacles globally; but how it affected nearly every human living on this planet, emotionally, psychologically and financially. How the impact of COVID 19 on businesses changed the way we know the world.
Starting March, most of the world’s population went under strict lockdowns by country after country. Billions of people faced stringent social distancing-based restrictions grinding all kinds of human activity to a screeching halt.
However, the biggest impact of COVID 19 on businesses is a globally raging pandemic. Every business, big or small, faced suffering from the fallout of the restrictions as a result of this pandemic. Global trade was cut down on drastically, businesses initiated massive layoffs; the concept of “work from home” was introduced among many other significant changes.
To know how most business owners fared during this period, our team outreached to some highly successful entrepreneurs. We talked to some aspiring ones to know what exactly was this all like and how did they endure it.
To know about this in detail, we posed them with a simple question i.e. “What was the impact of COVID 19 on businesses, and what was your strategy to overcome it?”
Here’s how they answered:
“The COVID pandemic didn’t have a negative effect on my business and in fact what has been happening over the last few months has enabled me to grow my business. not by capitalizing on this disaster but by allowing me to continue to work through it and to be less distracted and therefore to find better ways to connect, to communicate, and to teach the ability to A: move or save this paper money that we have all be using and that is diminishing in buying capacity by the day…. and to put it into gold and cryptocurrency where it can be controlled by you as the individual and not by the corrupt money powers.
Show people how they can create a business online from their own homes. People are realizing more and more that our financial institutions are not there to look after their customers as much as to turn a buck for themselves. The time for letting others be responsible for your financial future is at an end. The way to combat what a lot of people have been experiencing is to constantly be learning and developing and looking at what’s next. You can no longer be a dinosaur. If you don’t evolve you die.”
“My experience with the Covid-19 pandemic has been really very intriguing, on the business front at least. At the start of it will, with so much mayhem ensuring all around us, even I was really scared of what this global pandemic led situation lay on hold for my business. I also planned to stop spending money on extra resources in order to secure my cash flow so that I had enough money to ride through this difficult period ahead, but what happened next, really took me by surprise.
I am in the video production business and my firm, Buzzflick.com offers clients all kinds of videos like explainer videos, corporate videos, etc. Marketing videos are a novelty item and I thought that the demand for them will go down, but that didn’t happen at all!
In fact, my business picked up a lot of paces and I experienced beyond average growth in the past quarter.
A major reason that I have come upon for all this happening is that firstly, videos are fast becoming one of the most dominant marketing tools out there and secondly, despite the mayhem, businesses were still trying their best to keep their brands alive through their marketing efforts.
For me, it was a surreal time and through all of this, I have now come to the belief that with the right approach and the right strategy, a business can even weather the most horrible of storms very easily.”
“The COVID-19 pandemic outbreak has forced many businesses to close, leading to an unprecedented disruption of commerce in most industry sectors. I have encountered a tremendous change and shift in my business due to COVID situations. Things are not the worst, but they are definitely not going on as expected. My business is helping people out in overcoming the stressful pandemic situation.
People who are struggling financially are finding it very difficult to pay attention to their health and proper diet thus this situation is affecting my business since the keta coffee and tea that I sell are not really affordable for everyone now.
My strategy to move forward and overcome this entire pandemic is to introduce more pocket-friendly packages and deals so that people who have little cash on hand can at least not hold themselves back from trying them out.
A slight shift in my strategy is to cut the profit margin and striving hard to stay in the market and close to my target audience. I am really hoping this would work and pay me off in the long run.”