China’s problem is everyone’s problem! China is the world’s largest exporter and is responsible for a third of global manufacturing.
To stop a Coronavirus recession, we need to implement Change now!
As we continue to look on at economies just shutting down in light of outbreaks of Covid-19, we can only see and feel the effects of what is happening right in front of us. This is true as we only began to take precaution when the first nearest confirmed cases hit our headlines. Long lines at supermarkets emerged as fear and panic did more than creep into our lives. A lot of companies are gouging customers for products that are in demand. Prices increased globally for essential items that people can’t normally afford on a regular basis, and even more so, the prices of essentials to guard and protect us from the Covid-19 has been unscrupulously altered to match the panic mode now set in. However, that doesn’t seem to stop the lines from stretching at all pharmacies and supermarkets. Customers are now reporting increasing price differences for the N95 masks from as low as $25TT to as high as $700TT. Within the space of three days, one pharmacy on Charlotte Street, Port of Spain, raised the cost of Vitamin Chewable packets from $5 for 10 count to $8 for 10 count and sees no issue in telling ill customers “yeah the price raise”. Store managers are also facing the blunt of this current economic issue as suppliers and wholesalers are refusing to sell them. One manager has accounted this as the reason for the increase in prices for his products. Supply chains are drying up, leaving businesses without products or essential materials. Now this is only the immediate ‘needed’ action for most as a result of fear and panic. But the real pandemic will spread, when we realize that Coronavirus poses a greater threat to the economy than just to health. Wait until we have to recover.
A GLOBAL OVERVIEW
Can governments respond and react fast enough to save their economies from a financial downturn?
For some, they’ve implemented protocols and precautionary measures just a little too late already. Since the epidemic, nations have become crippled. Coronavirus sets in just between an oil war between Russia and Saudi Arabia, bringing down stock markets amidst ongoing migrant crisis. Countries that are in recession are plunging deeper into fiscal darkness as the world economy is taking a deep hit, affecting travel and trade all at the same time. If you’re not selling the essentials needed to help survive the Coronavirus, business activity has slowed in an attempt to minimize social contact. And even those selling essentials, are running out. Empty shelves of items that are not deemed as ‘essentials’, are evident that panic has nations spiraling out of control.
Coronavirus’s economic danger is exponentially greater to small businesses, the working class and low income earners, thereby affecting the economy as a whole. The more expensive cost of Covid-19 means that much of our economies will simply not exist, or struggle to survive if the increased cost of living stays at this historic high, leading to shutdowns, job losses and perhaps even state-level recessions. Just think for a moment, that this could bankrupt a business…or nation.
How do we protect the future of businesses?
With stakes being this high, governments should have been more proactive from the very start. There needs to be a healthy balance in our economies if we are to survive this shift.
How do we recession proof our businesses? What should we do in the face of so much uncertainty in our economy in light of the CoronaVirus?”
Organizations must now implement safe measures by which they can continue to operate and function in spite of the global pandemic, in an attempt to protect and safeguard their employees, and by extension, their families. Economies are cyclical and this too shall pass, and we hope and pray that it passes soon. We know that businesses are worried about volatility, and that’s understandably understandable.
At this time, the most effective response should be to focus on what you CAN do, instead of focusing on the things that are out of your control. Several functions and business activity can still happen outside of the office and now might be a good time to implement a “paperless” or “virtual” office.
A few quick points for retail businesses:
- Upon entering an organization, all employees and visitors must be made to sanitize their hands thoroughly before going further into the business place.
- Business places with waiting rooms must ensure that there is a limit to the number of persons in that one space.
- Chairs or other seating accommodations should be readjusted so that they are not too close to each other.
- Place signs or have someone inform persons in your business place, that if they have the flu, they can blow their noses outside of the building, into tissue paper and then place it into a closed bin.
- Politely ask persons who are coughing and do not have a face mask to wait outside of the compound. No one should feel offended, but rather, they should understand why this precaution is needed now.
- Avoid touching door handles, knobs etc. with bare hands. Use a tissue, wet wipe or even your elbow to push the door open. If the business is within a closed space (within a building, mall etc.) they can leave the door open so as to avoid contact.
- Individuals should keep hand sanitizer on their person. Sanitize any item that you need to touch or use. Clean phones thoroughly, printers before touching buttons, sink taps that everyone has access to, toilet handles that everyone touches with bare hands etc.
- Waiting lines should be kept short so as to maintain social distancing.
Unfortunately, all that is taking place now will impose a lot of economic ramifications, and if we are honest with ourselves, no one economy is fully prepared to combat with this unwelcome situation.
The disruptions caused by the Covid-19 outbreak is devastating, especially for small businesses, self-employed persons and sole proprietors.
So as social distancing and self-quarantining is taking precedence what can businesses do in the meantime while everything around them is shutting down…even their employees?
This is where businesspersons, entrepreneurs, companies etc. can get creative and try to get things done remotely. Businesses not only have to implement contingency plans for the now, but they must put in place, real action plans for the economic pain that is imminent.
All mass engagements should definitely be postponed until further notice.
Avoid large gatherings and do not put your staff at risk. They too, go home to their families – babies and extended families of grandparents etc.
At this time, internet connection is a MUST; not just to keep abreast of what is going on around the global economies, but business meetings, workshops, seminars, training, schooling, etc. can all be continued online via Zoom, Skype, What’s App call and video chat etc.
Remember too that money is dirty…even before Coronavirus…and now, even more. Businesses can have clients deposit monies directly into their accounts, use gloves when handling monies, minimize the use of ATM machines etc.
We now have to create new routes of doing business.
Though there may be cause for alarm, small businesses must not panic; they must become proactive, quickly adapt to the changes in the business, socio-economic atmosphere. Implement new methodology and move along with the changes. It is extremely important for businesses to stay diligently informed, take visible precautions, keep staff and customers ‘in the know’ about what is taking place as well as your response to what is happening around us. Do not spread fake or hearsay news and do not invoke further fear and panic in your messages to the general public. They are already trying to deal with the situation themselves. Continue to provide value and positivity. Stand out from the crowd. People are scared, fear is spreading fast, and there is a whole lot of uncertainty so be compassionate and empathetic to those around you that are fearful. Take the time to check in on your clients. Send them a short email, what’s app or text to see how they’re coping. Some may even have the flu now. Imagine how they are being looked at when they cough. Be that passionate voice that reassures them that this too will pass. They will remember you when this all blows over. Be prepared. Financial preparedness is critical, and we are directly seeing how swiftly not just business' financial situations can change, but an economy’s also. Tap into other streams of income and make sure that you have the flexibility to make money from home if the economy worsens, i.e., prolonged self-quarantined. Multiple streams of income are no longer a luxury, it's a necessity and now we are seeing why it's so important.
Take the time to work ON your business. Create your posts, your ads, write your blogs, plan your events, make adjustments for events that were Coronavirus postponed and so on. Think about which of your events can now be hosted online. Train your clients to purchase from you online. If you don’t have a website, now can be a good time to set up one. You may also need to change your business goals. Learn something new. Focus and learn one new skill that can change the course of your life and business. You have an opportunity to use this blessing of extra time, less commuting, as an opportunity for greater focus. Use this downtime to grow your business internally. And do not let your thoughts and feelings about what is taking place around the world, sabotage your success. Thinking about what could go wrong may cause you to miss out on opportunities standing right in front of you! To my small business owners, you are an Entrepreneur. There are two sides to every coin, so where some will see an economy spiraling and the world falling apart, others will see a transient opportunity. The seas may be rough, but you can face this challenge. Remember your ‘why’ and weather this storm, and you’ll come out on top.
On a more personal note, which is also healthy for your business, take care of your health. Rest. Hydrate, and pump on your fruits and vegetables, and your zinc and Vitamin C.
For now, stay calm, stay safe and carry on!
Photo: Medscape.com, indianexpress.com
