In the last 50 years, there has never been a time when life has been so unstable, uncertain and volatile. Daily source of income has been impacted, forcing people to live by surviving through different positive and negative antics.
All these have led to displaced anger and public havoc, which is happening now.
Most people are not sure of their jobs again, economic depression is facing us, people are likely going to downsize and companies will likely lose many of their staffs. Uncertainty can trigger stress, it can trigger depression.
A lot of businesses are losing so much money right now!! And the fact is even if you try to digitalize your business, it is difficult. For instant how do you want to digitalize travel business? You can't travel to the UK virtually.
These are the challenges businesses are facing right now. From the look of things, COVID is something we can't predict when it will end!! Yesterday we had 542 cases in Nigeria and there are still chances that it is increasing.
If you look at the figures, in three days we have increased by 200 people, these are scary numbers. The fact that the lockdown might end on 27th, April is still by God's grace. How will all these businesses cope? How will employees be paid? How will they remain in business even after COVID?
These are the challenges businesses are facing, these are the impact COVID is having on businesses!!!
Here are what some people have to say regarding the Impact of COVID-19 on businesses;
It might lead the country as a whole to recession if it is not sinking in already!!! A lot of organizations will be forced to lay people off because they are not making profits and can't keep paying out.
The risk I perceive is that a lot of companies especially small companies or companies well grounded may have to start afresh especially if there will be a further extension in lockdown. So anyone who has money should make wise use of it now and invest wisely.
Mrs. Mercy Bernard(Realtor).
Businesses have suffered because no free movement to ease the transaction of business. Businesses are now on standstill, Entrepreneurs must think out of the box and develop new business models for transacting businesses. Business owners will have to adopt more in online transactions.
Mr. Razak Kazeem(Entrepreneur).
COVID-19 has affected the way business is done, however, some businesses are thriving exceptionally at the expense of others. Sectors such as food processing and sales, ICT, Cinemas and Malls are not generating much revenue at the moment.
By the time the city opens up again, some of these businesses may not be able to recover again because they are going to be highly indebted in salaries!! Such businesses must deliberately innovate new ways of doing business and keep thinking of ways to survive.
Mr. Olubunmi Jinadu(Entrepreneur).
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Guys, I am sure a lot of us have many things to say regarding the impact of COVID-19 on businesses. Please feel free to drop your comments in the comment section, let us know your sincere thoughts.
Stay Safe, COVID-19 is REAL!!!