TMCnet Feature
May 28, 2020

How Businesses Are Surviving the Covid-19 Economic Hit



Almost all businesses around the world have been greatly affected by Covid-19 in the last few months. For some businesses, this came as a complete shock to the system and has forced many business owners and companies to reassess how they conduct business. Businesses have had to adapt to the changing times with little to no preparation, causing a great economic hit to a wide majority of industries worldwide. In today’s article, we have a look at how businesses are surviving the Covid-19 economic hit and the steps they are taking to ensure that their business continues to thrive even in these unprecedented times. Read on to find out more!



1.Remote Working

For businesses that run out of an office or firm, remote working has truly saved the day. Many businesses are now running their operations online, with employees working from home and utilising tools such as Zoom and Skype (News - Alert) to keep in touch with one another or hold important meetings that would otherwise be impossible during this pandemic.

Thanks to tools such as timesheet software from Deputy, businesses are able to easily track employee hours and schedules in order to ensure that everyone is clocking in their hours even if working remotely. Without the ability to run a remote workforce, hundreds of businesses would have to cease operations which would prove to be a fatal move for many companies around the globe. 

2.The Rise Of Online Business

Online shopping and online business have exponentially grown in popularity over the last decade. Wherever possible, consumers are looking for the ability to purchase their favourite goods and services online. Thankfully, many businesses have now been pushed to offer their goods and services online during the Covid-19 pandemic. More and more people now have to source items online due to heavy social distancing restrictions. Thankfully, even businesses that haven’t dipped their toes in the online shopping pond have quickly adapted. From healthcare industries offering telehealth services to retail outlets operating solely online, the world of online business has boomed in the last few months, allowing many to continue with their business operations with minimal detriment to business finances.

3.The Contactless Approach

Covid-19 has seen thousands of businesses having to adapt and embrace a contactless approach to business. This is most evident in the restaurant and food delivery industries that have been hit relatively hard by the economic crisis. Not being allowed to operate restaurants and cafes has pushed business owners into offering food delivery via popular platforms such as Uber Eats, Deliveroo and DoorDash. Contactless food and grocery deliveries see delivery drivers leaving both groceries and food at the doors of consumers, without having to come into contact with anyone during the process. Thanks to this innovative idea, many grocery stores, cafes and restaurants have been able to sustain their business during the Covid-19 economic hit.

4.Adaptation Is Key

Many businesses have had to adapt their products and services in the last few months in order to meet the changing needs of the public. Some examples include alcohol distilleries ceasing the production of beverages and instead, using their resources to produce products such as hand sanitiser that are in high demand. Bakeries and cafes have also started providing “make at home” kits for items such as Bread, Pastries, Cakes and Cookies that customers can have delivered to their homes. The quick adaptation to what the public is demanding for in this particular moment in time is a crucial deciding factor on whether or not a business is able to survive through the Covid-19 pandemic.

5.Discounts and Promotions

Lastly, offering discounts, promotions and bundles is another way that many businesses are pulling through these unprecedented times. As many around the world have lost their jobs and experienced a reduction in income, businesses have had to adapt and offer prices and offers that the general public can afford. Whilst this may temporarily affect revenue, being able to offer services and goods to people in a time of need is a surefire way of showing that businesses care and are there to support its customers through even the hardest of times.

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We hope that this article has given you some insight into how thousands of businesses around the globe are trying their very best to survive the Covid-19 economic hit.



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