COVID-19 Quarantine’s Impact on Business Globally

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The COVID-19 outbreak is a powerful reminder that pandemics will continue to happen even in the future despite being rarely occurring catastrophes. Even though we will always be unable to prevent dangerous viruses from getting hold of more than half the world, it is now the goal of every government to dampen its effects on the economy and society in general.

The current COVID-19 outbreak has yielded severe economic consequences for everyone across the world. No country in the world is unaffected by its impact. Furthermore, it has had a dramatic effect on how businesses operate and act, in addition to how consumers behave. In this article, we’ll address some of the most long-lasting impacts of the pandemic and how it may shape the future of many businesses.

Working from Home is Now a Thing

In the past, working from home was never an option businesses would consider for the majority of their employees. Employers wanted to control and micromanage their employees, which is why being in the office on time, being available in the conference room each week, and attending monthly staff briefing was imperative. The pandemic has changed all of that. Now employees need to work from home except for those who absolutely can’t.

The majority of businesses have shuttered their offices, essentially cutting costs and having employees meet up on zoom and work from home. Working from home means that companies bear less financial impact because they no longer need to pay rent, utilities, and janitorial services. The consequence of this move is that there are hundreds of unwanted and unoccupied office buildings in big cities like New York and London.

Takeaway Vs. Dine-in

While we see a slow but certain opening of specific restaurants, bars, and other establishments with SOPs in place, the general public is scared of being at these places. Plus, social distancing measures mean that these places can’t be packed with people like they generally are expected to be, reducing profitability.

In order to counter hesitance by people who are unwilling to risk it at their local restaurant, many restaurant owners have begun focusing on takeaway and delivery options. Once thriving, 50 seat restaurants have now been reduced to a kitchen with a delivery window. Many of these restaurants may not resume normal operations anytime soon, and some are even claiming that this business model is more profitable.

Curtailment of Business Travel

Each year airlines generate billions, if not trillions, from business travelers. The hospitality industry in many cities was driven largely by business travelers. The pandemic has changed all of that, with business travel no longer a possibility for many people. Instead, people have turned to meet virtually, which initially led to webcams being sold out in many cities across the world.

The drawback of curtailing business travel has meant that an entire industry associated with it has gone bust. Furthermore, figures show that business travel isn’t going to recover anytime soon. So, many businessmen are investing in translators and other professionals to help them navigate the language barrier virtually in international markets.