Business Sustainability and Growth System in Covid-19 Pandemic Years
There is a globally recognized new normal in the daily living of the global population and by extension the business operations of organizations of all types and sizes.
The March 11, 2020 declaration of the present Coronavirus crisis as a global pandemic by the World Health Organization (WHO), the wild rate of infection from the disease, and the regrettable fatality rate have significantly affected the parameters of business processes and has severely shrunk the economies of nations.
In Perspective, Statista established the following:
- Forecasted global GDP loss due to Covid-19 in 2020 —- -4.5%
- Forecasted 2020 global Monetary GDP in best case Covid-19 Scenario—- 76.69bn USD
- Forecasted global economic growth for 2021 by the International Monetary Fund IMF reviewed down from 3.0% to 2.6%
- On March 16, 2020, the Dow Jones reported its largest single-day fall yet of almost 3600 points.
- In Nigeria, in a report jointly published by FATE FOUNDATION and Budgets Nigeria on a survey of Small and Medium Enterprises SMEs in the 36 states and the Federal Capital Territory (FCT) in 2020, 30% of SMEs surveyed said they will not survive the pandemic.
- 3% reported a negative impact of the pandemic in cash flow, sales, and revenue.
While efforts in producing a vaccine are stepped up on all sides, McKinsey and Company have established that the pandemic is not likely to disappear just yet. As a number of countries report a second wave of the disease and health and related institutions to talk about a new strain of the virus, McKinsey and Company submit that the containment of the virus will engender a situation where its incident curve will gradually flatten up in a few years. This presents a mandatory task of evolving measures to keep life on the platform of continuity on the part of the government, and the strategies for the sustenance of revenue inflow on the part of businesses. As we lay out this failure-proof Business Sustainability and Growth System in Coronavirus Pandemic years, this post would afford readers the opportunity of understanding the following;
- Smart strategies for sustaining business and growth in the period of coronavirus pandemic.
- Technology that has defied all social restrictions and the attendant fall in revenue and profit to keep organizations on the cutting-edge of profit maximization systems in the face of coronavirus global pandemic.
