How The Coronavirus Has Impacted Many Businesses
Since the start of the outbreak dating back to December 2019, many businesses around the world are feeling the impact of the Coronavirus pandemic and are being forced to re-strategise their business operations.
One of the most common effects that many businesses are experiencing include decreased turnover due to a lower number of sales. Some businesses who are use to experiencing weekly turnover of £3,000-£4,000 a week have been hit badly to the extent where they have seen weekly turnover lowered to just £500 per week.
Retailers across the globe are among the category of businesses that have been impacted the most. Due to the Covid-19 pandemic, many retailers have been forced to shut down stores and reduce opening hours, as many of them have seen reduced footfall in stores and a huge drop in the number of customers.
The Coronavirus outbreak, which originated in China, has infected over 800,000 people worldwide, with over 43,500 deaths. The continued rapid spread of the disease has left many businesses in a position where they are counting costs.
The economies in many countries around the world are expected to decline, and investors fear that the spread of the coronavirus will stop economic growth. Big shifts in stock markets are expected to take place, with the FTSE 100 seeing its biggest decline since 1987. The biggest concern is that government action will not be enough to prevent continued economic decline and shifts in the stock market.
Many companies are being pushed to take action to ensure that the health and well-being of employees is made top priority. McDonald's employees have pushed the fast-food giant to bolster its paid sick leave policy in the wake of the Coronavirus epidemic. McDonald's employees have protested for paid sick leave, as well as proper sanitation training and paid time off in the event of store closures.
As more countries continue to enforce stricter lockdown policies, there is no doubt that we are heading into uncertain times in the forthcoming weeks. The aim of the lockdown polices is to reduce the rate at which the disease is spreading, but only time will tell in regards to how effective this tactic is, and the continued decline of the economy around the world remains the biggest concern.