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What has Coronavirus taught the Business World? | COVID-19

The outbreak of COVID-19 turned the world upside down. In terms of job loss, shutting down of businesses, creating unemployment, increasing mental trauma & looming depression almost everywhere because of the deadly Coronavirus. Things were secure a few months back, are highly insecure now. The devastation of Coronavirus impacted all the classes of people in a society. Not only the individuals but the business organizations also learned some lessons from this mighty Corona. It brought havoc to the lives of people mostly who are jobholders. The medium-scaled business organizations with average profit also have affected because of the virus. Business Haunt has showcased here 5 prime lessons that Coronavirus bring with for the business and us,

1. Uncertainty is the only certainty

This attack of Covid-19 or Coronavirus was a cry of another country to many people residing out of China. It spread badly to other countries in different locations within. And, this cry turned into long-lasting suffering for all countries. In this era of global connectivity, it is obvious that just a single business can not get isolated. In some way or another, because of the wave & pattern of international business, all other business has the same effects too. So, when Coronavirus origins in one country spread throughout the world within days; kill people, and people have to stop working and save themselves being locked at home silently. Then life is only uncertain which is the lesson we get. A stable country that depends on foreign trade suddenly faces the stoppage of work that gets longer with time.

2. Diversity of skills is a saver

When you realize that organizations are stopping their core functions, quitting, or shutting down their operations & outlets for COVID-19; you just feel that sustaining through it is a big challenge. Cause, raising family, and living a healthy family life by the only income of the job holders is at the stake Coronavirus curse. Some people just cursed themselves for not being skilled in other areas; as to survive in a tough time, other expertise comes in handy. This pandemic taught us that no job is secure. No matter how rich you are, or how influential you are, if you have involvement with any organization; & that organization ceases to work then it’s all pointless. So the new normalcy today is becoming skilled in more than one area. So that in an emergency if a job is lost, an entrepreneur can be an option.

3. Think the unthinkable

We have observed disasters & survived through it in our lifetime. None of them lasted this long like COVID-19, be it a manmade disaster or natural one. Nobody could imagine the spread of Coronavirus would be so fast. And it will have such a slow poisoning impact on business & people associated with it. The lesson that is apparent is – never underestimate the probability of a disaster. And, the worst-case scenario should be considered with all extreme negative consequences. Today established business houses are out of operations and thousands of people are jobless. People having the deepest frustration in their life about surviving through it with family without a job or stable income. So if we can consider the magnitude of disaster we can prepare accordingly.

4. Being tech-savvy is mandatory for all

Coronavirus made it physically impossible to go to the office. And, risking the life of everyone will not be a good idea for the sake of business; the only option left to continue is online. Employees though are adept in technology today but this advancement & liking for technology is selective among them. For example, not everybody likes to know or happens to work with every kind of software or hardware. This Covid-19 situation makes people selective about learning & working with apps. But Corona taught us that in online operations, we all need to work via different technologies, apps & platforms. Whether someone is skilled or not oriented with, it does not matter. As to survive & to be in the flow; not only you have to learn it but also be handy with it. You need to be pro at working with all different platforms lead by advanced technology.

5. Get used to with less

Natural disasters will not tell you when he will hit. And, you will have no idea when he will go away. You are stuck at home or some shelter center, life gives you a lesson, – ” wish I could save more; wish I could purchase less luxury items, and wish I had not spent my idle money on frivolous shopping”. These thoughts teach us that it is essential to become used to running your life with less than regular expected standards. Tiny savings of today will save big time tomorrow if some disaster consumes us. When income is at stake, saving is the saver.

The lessons learned from Coronavirus will stay with us because; all of us who survived till now will never be able to forget the impact of COVID-19 had on us. When the business world is at risk, thousands of lives feel the tragic consequences. Cause, every business has many stakeholders such as investors, employees, families, and their relatives. The income obtained by the job or business is spent to fulfill the family’s needs. But if we can take the lessons, acts based on that & always keep some provision for an alternative plan to pursue as livelihood, we can hope to survive.

Author:  Abu Md. Abdullah 
Assistant Professor 
Faculty of Business Administration 
Eastern University, Dhaka, Bangladesh.
Email: abdullah@easternuni.edu.bd

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