The age of the internet has given many businesses a breath of new life. During the pandemic, buying patterns changed and most of the businesses had to shut down their activities due to lack of revenue. Pandemic hit the business world pretty hard. The biggest giants out there had to lay off employees and even close down whole branch offices. But still, there are companies that have been able to survive the pandemic.
Throughout history, pandemic outbreaks have had a tremendous impact on the business world. We are seeing one of these events in the form of the COVID virus that was discovered in 2020. Many people are still questioning if this is a real pandemic or not, but it is said to be by many experts in the field. With this in mind, there has been an increasing number of businesses expanding their operations in order to ensure they can continue to conduct their daily business without any interruption caused by this virus. What do you think about these businesses?
Effect of Pandemic on Business World
The recent pandemic forced many businesses to stop their operations. Gas stations and supermarkets, as an example, lost a significant amount of revenue because of the shortage of employees coming to work. The number of people that got sick and could not go to work was increasing over time until companies decided to close the business. The reason they decided to close is related to their business model. In order to ensure the business is taking advantage of all potential customers, they must keep their establishment open at all times.
In this case, companies have been forced to close some branches because they were no longer able to completely operate them with few employees. Another example would be banks. People cannot be certain that a bank would be open a few days a month depending on how many people were sick that day or week.
4 Businesses that can survive and Thrive during Pandemic
Not all businesses can survive this situation but those that do will be able to perform at a higher level than before. The impact of this pandemic on human life is huge and also unpredictable. No one knows what effect this disease has on living beings or if it will end up causing more problems than we know now.
In this post, I will be sharing with you a few businesses which can survive any pandemic in the future or in short words a business that has a robust business model.
1. Small Entrepreneurship Startups
Small entrepreneurship with good cash flow generation through active cash management and low inventory keeping can easily survive the pandemic. In addition, if your supplier is not affected by the epidemic then you are safe to run your business.
2. Outsourcing Businesses
If your business is outsourcing for labor labor-only companies can easily survive the pandemic. No one knows if this particular epidemic will cause so many employees to be affected that they will not show up to work. As an example, computer repair and IT service and repair and IT and telecommunications technicians, etc. can all survive without any problems.
Not just restaurants but cafes and other food establishments can easily survive the pandemic. Because of the short supply of employees, they tend to pay lower salaries than others which mean they can easily survive with a small amount of customers paying on a regular basis even if no one is coming in for a meal.
4. Businesses that can use Machines
Robots and automation technologies are the perfect replacement for human beings. Especially, in manufacturing companies like the automotive industry or any other that have high-quality requirements where no one will notice the product is made by machines instead of humans. The only issue with this category is that all companies who fall under this category must have a good marketing strategy to promote their product to the customer.
So far the pandemic has impacted most businesses negatively but not all of them were affected by it the same way. Depending on your business model you will be forced to close your business or you can continue operating it without any problems.
Having a robust business model can help you survive any sort of crisis even a pandemic. Even if your business is not able to survive this crisis you can still make money while there are no customers around. No matter how bad the situation gets you should always think positively and handle it in that way.