Assignment 4 – Let’s Analyze
Question: If you are the owner of the business what is your reaction with the
sudden change of economic activity?
The pandemic that we are experiencing has really changed a lot in our lives
especially in the business sector that was also greatly affected by the sudden
change of the economic activity due to this pandemic. If I am an owner of a certain
business the changes would definitely scare me because of the uncertainties that
this pandemic brought to everyone. Change is inevitable so as a business owner I
have to adapt to the changes in order for my business to survive. I and my team
should plan for new strategies that could bring back the business while considering
the facts that there will be a major changes in our operations, financial and
marketing activities. Most of the long-term plans were put to hold in order to focus
on the effects of the economic crisis due to the pandemic.
The pandemic has become a big challenge for businesses across several
industries that has felt the impact in different ways and different level of magnitude.
The world economy faces a negative economic consequences that predicted the
most substantial downward growth of businesses around the world. The emerging
impacts of the pandemic was enumerated from massive lay-offs and closures, risk
of closures was negatively associated with the expected length of the pandemic,
businesses dwell on the existing covid-19 related disruptions, and business
owners are financially fragile (Chowdhury et al., 2020). There are many business
owners that was forced to adapt and innovate as we all transition to the new
normal. Being resilient and taking the challenge as an opportunity to find new ways
to grow their business (Braz, 2020).
Resources:
Braz, A. (2020). Business Owners Talk the Effects of the Coronavirus. Retrieved from
US CHAMBER: https://www.uschamber.com/co/good-company/growth-studio/affects-ofcoronavirus-on-small-businesses-interview
Chowdhury, T., Sarkar, A., Kumar, P. (2020). A case study on strategies to deal with the
impacts of the COVID pandemic.