The sudden outbreak of Covid 19 has put the whole world in a state of impasse – Catch 22 situation. People had to restrain themselves from moving outside homes during the long-lasting quarantine in 2020. Global entrepreneurial conglomerate received the severe brunt when Covid-19 hit the cities overnight claiming over million lives. Major industries suffered a lot from the recession whereas 99 per cent of small-scale businesses had to shut down shutters. The impact of this type of devastating pandemic infection has damaged the global economy. Entrepreneurs have to handle primary challenges for running a business.
Lack of Transportation Systems to Move Consignments
The biggest challenge for running a business is to arrange the fleet of vehicles to move products. Corona is still becoming a threat forcing people to backtrack for safeguards. Shops, retail stores, shopping malls, and even factories closed doors. The movement from one transit to another one is impossible due to the shortage of transportation systems. Government is extremely rough and tough to operate the city using its muscle power.
Businessmen have no option to transport heavy consignments to different districts and cities. That’s why, especially, top courier companies; logistic management agencies, and overseas freight service providers had to keep quiet. It affected them by lowering down the revenue-generating rates. It made a deep financial crisis from May to June last year. The situation is taking normalcy gradually but it has not given any permanent solution for running a business.
No Immediate Financial Booster for SMB (Small Medium Business) during Lockdown
Small-medium businessmen experience untold miseries. In 2020, social distancing compelled all companies, boutiques, and small trading houses to stop production. Workers packed up their luggage to leave workstations. These employees needed urgent financial aids to buy food and pay electricity bills. These small agencies and factories had no special financial stimulus or any big loan schemes to spoon-feed their workers during isolation. It led many permanent skilled labourers and HRs to search for other alternatives.
New Economic Boosters – Just Solace for Business
Management of the company is helpless because of low growth rates due to the absence of competent manpower. The formalities of getting grants from the Government are complicated and time-consuming. However, a few companies like Facebook and Google came forward with their new risk management programs announcing a $100 and $800 million financial assistance package to revive SMB. It will rejuvenate helpless small size businessmen who seek urgent backup for running a business.
Difficult to Tune-up Non-tech Workers to Work in Digital Environment
Interruption in the workflow is a hindrance to occlude the regular transactions when this pandemic Covid 19 paralyzes the commercial sectors totally. Airlines, cargo ships, and even railways sat for an indefinite period with the expansion of this lethal disease. It endangers the normal lifestyles of people. Corporate offices are no longer the safest places for running a business. Employers told their workers to do their jobs from home. Those who have no ideas to operate computers and the internet find bundles of issues communicating with the headquarters through the internet.
No Simple Solution
Non-tech labourers have to learn advanced e-commerce systems, SAP, Oracle, and multiple mobile apps to give support to the companies. It is not a simple process. Even companies should need special faculties to guide their employees in dealing with advanced digital technology. Besides, workers living in remote areas far from cities are not comfortable hitting the internet. Electricity supply is not smooth in villages. Besides, many of the employees stay in small half-construction homes or hutments. They can’t install the computer with video webcams, CPU, printer machines, and other browsing infrastructures in a single living room. The home office is not spacious for managing and running a business online.
A Challenge to Work from Home
The sudden lockdown has tensed common citizens. They toss up in frustration. The tension in working places is accelerating to get employees worried about the danger of Covid 19. 47 per cent of workers have psychological disorders after hearing the news of longer lockdown for protection. They do not want to open home offices as it must disturb their personal lives. It is unbearable and embarrassing to tackle both household works and official jobs from the house.
Female working staff members have to rear up their babies after reaching home. Now, they do not have the leisure to enjoy as they need to lay aside time for documentation online. They have to receive phone calls, keep records of invoices and send emails to HR managers from their home offices. Running a business is hazardous.
Cutting in Daily Wages during Quarantine – Companies Lose Skilled Employees
Coronavirus is an invisible foe that has wings to fly to rip through the world fast. Its appearance is inexplicably dangerous. It will last and even it may become new members to represent the society of humans.
Children in the future will have to wear masks, use sanitizers and maintain sufficient social distance for survival. It also incarcerates employees. They do not have the same daily wages from companies that have to cut financial expenses. It causes the loss of talented and efficient manpower. Workers require highly paid jobs for running their families smoothly. This downtown weakens small businesses to a great extent.
Collaboration – A Big Problem for Multinational Companies to Connect with Working Groups
Allowing employees to official jobs from luxurious apartments or home offices, multinational companies do not find the right solution. The collaboration with overseas clients places employees and management in perplexity. Employees have to attend online virtual video conferences which must run for at least 3-4 hours without intervals. If the power fails or the internet goes down, the video calling process slows disrupting the total correspondence.
Overseas clients can disappear due to the power cut, internet downtime, and technical faults. Tech support associates are not available at the home office to assist the employees in running a business. The management will have to provide integrated data management software with mobile apps to get access to the internet.
Data Security – A Major Concern for Businessmen
Online hacking, piracy, and cybercrime warn the business world. Confidential classified content, financial reports, research papers, and important information are valuable assets for the company. In the event of a breach of online data security, there is the possibility of immense damage to the reputation of the management of the company. At home, workers should install expensive cloud computing infrastructures, and innovative data protection tools/software to resist free radicals. The transfer of all hi-tech digital tools and clouding systems to each home is a Mammoth task. It is also sumptuous as well for running a business.
Companies require meticulous business management workouts. They have to upgrade the ambience in home offices by using world-class cyber-security systems, and data sharing tools for running a business smoothly. They must invent a new formula on how to optimize the supply chain through an organized network. It needs them to study extensively to discover new horizons to make the digital world accessible to workers. They have to train new employees to have the advantage of the fastest AR/VR and IoT. Encourage workers to improve technical skills for existing in the competitive world.