Opportunities for Businesses in COVID-19
The COVID-19 pandemic has resulted in a global lockdown and has its strings attached in every industry around the world.
Therefore, we suggest you look around and analyze the opportunities that came along this pandemic.
Large organizations are putting their workforce on unpaid leave, while small or medium enterprises are bound to lay-off employees. Forecasts predict the global economy as a downright catastrophic, depending on the duration of the lockdown, the time it takes to settle down the number of cases and how much time it takes to finally create a cure and a vaccine.
The truth is, not all the scholars and economists from the past were correct. This event will be all about the recession for most of the businesses and unfortunately, it has started already. As of now, the idea of discounting chances of a comeback and making up for the last few months of lost sales and revenue may sound unrealistic. Since it’s not just one nation or economy, but the entire world – this means that each one of us has to compensate once things get back on track.
When all of this gets under control, it is understood that things will look different for both macroeconomic situations and an individual level. The chances are big brands getting acquired by their rivalry, many of them will overtake their competition, and others might change the course of their business and line of work – and obviously, some will cease to exist.
The Good Part?
Yes, in essence, like every other disaster in history, this disaster brought challenges but also opportunities. To successfully grab these opportunities, it requires one activity alone – planning and how businesses can execute it. The time for some action is now because then you will be able to fire some guns the moment you get a chance. The purpose now is not only to survive but to come out of it as a winner.
The Hidden Opportunities
Several organizations have adapted to the current situation and adopted the cross strategies, stretched their brand, reshuffled their production lines, and catered to current needs. So, do not let the scenario fool you that companies are silently watching.
They are concentrating on the market and taking risks, making Coronavirus the main source for growth in particular sectors and reviving dormant potential in many others.
Did you see the judiciary system in China going online – filings and hearings are increasingly automated and digitized, improving the speed of performing tasks and eliminating some of the backlogs.
Talking about productivity, we have seen a strong rise in cloud services for collaboration, solutions to minimize paperwork and physical contact, reimbursement apps and digital solutions for accounting management, and the rise of contactless devices for an unlimited number of environments.
A sector-wise model of research, showing opportunities below:
- Food: fresh groceries and meat, cold storage, high-quality foreign food and beverage, cooking appliances.
- Entertainment: gaming industry, new ways of disseminating content and promoting small businesses, online cooking classes, and virtual visits to landmarks.
- Education, Sports, and Well-Being: virtual classrooms, online fitness classes.
- Services Industry: contact-less systems, improved delivery services, remote banking services.
- Healthcare and Health Technology: pharmaceuticals, supplements, medical supplies, personal protective equipment, smart hospitals, and online consultations, digital medical assistants, apps, and mini-apps, self-diagnosing medical devices.
- Electrical Appliances: dishwashers and washing machines, sterilization machines, sweeping robots.
- Opportunities From Cost Reduction: No one likes office rent, so flexible working hours are yet to be explored in their full functional scope. This will open up opportunities across multiple and linked sectors, such as office space redesign, building multiple branches of work systems, software platforms, and cloud-based services – all of which will likely show a dramatic change once the world economy enters into post-COVID-19 recovery stage and employers keep their office space costs in check in case their staff will need to work from other locations.
Take it or leave it, the opportunities are there waiting alongside the crisis. Like every other crisis in history, this crisis will also bring an unusual change in this world. We can either wait or take what is ours. Visit Oscar.pk to set up your business online. With Oscar’s point of sale, you can now conduct your business from different locations.