The impact of the COVID 19 is being felt by all businesses around the world. Leaders are navigating a wide range of unified issues that span from keeping their employees and customer safe, shoring-up cash and liquidity, reorienting operations and navigating complicated government support programs. The coronavirus pandemic has also started a revolution on how multinational entities will strategically approach their business model going forward as they deal with day-to-day operations. This crisis has forced businesses to adapt in how they operate, manage their work force, adhere to governmental mandates, and react to customer and employee needs. Recently, the International Monetary Fund managing director said that the coronavirus pandemic will push the global economy into the deepest recession since the Great Depression, with the world’s poorest countries suffering the most. Evolving Perspective of National and International business models will certainly be having impact on National and global Business. Covid 19 is dramatically changing World Economic Order and Business Models. Furthermore it is going to have severe impact on economy and society .Business Activity has steeply declined due to lock down. This paper is based on research how to handle this new uncertain situation and what are the recommended suggestions for future international and national Economic Strategies and Policies. (Covid-19) has undoubtedly turned our once familiar world into an ocean of uncertainty. With nearly 40% of our world population in lockdown today, more than 3 billion people have been forced to change their daily habits overnight. The evidence suggests very different impacts of the coronavirus crisis on business-to-business firms, and that understanding these differences is important for strategizing during the crisis but also to navigating successfully into the future..A proactive smart business approach is required to assess the future market trends, accessibility to indigenous product and skill force to meet future needs with the different methods of sales, marketing of services and delivery of Strategies and Trends. In order to come back stronger, companies should reimagine their business model as they return to full speed. The moment is not to be lost: those who step up their game will be better off and far more ready to confront the challenges and opportunities of the next normal than those who do not.
The viral outbreak has forced the business world to make some big changes. Many companies have found ways for their employees to work online from the safety of their homes. The pandemic has caused a supply shock and a demand shock. It is causing a recession of indeterminate length and severity even as some countries are crawling their way back to recovery. The pandemic is primarily a public healthcare problem, but one with immense immediate implications for business, and for economic, fiscal, and monetary policy. First, at both a national and a corporate level, balance sheets will be tremendously stretched and require significant shoring up before resources become available to address the issues. Second, small businesses will be even more significantly affected than larger ones by the policy decisions made. The impact will vary across countries because of the very different ways governments are responding to the crisis. Third, different sectors of the economy and even individual businesses within the economy will be quite differently affected by the crisis. Finally, unemployment has grown in many markets. The International Labour Organization noted in its April 29 monitor of COVID-19 impacts on the world of work that “almost 1.6 billion informal economy workers (representing the most vulnerable in the labor market), out of a worldwide total of two billion and a global workforce of 3.3 billion, have suffered massive damage to their capacity to earn a living.
It’s clear the post-pandemic future will be different. What’s happening during the crisis will have a lasting impact on society. Businesses in nearly every consumer category have ground to a halt, facing an uncertain future that could look a lot different than anyone expected. Consumer behaviors stand to shift dramatically, influenced by untold weeks of a combination of social isolation, shopping online, working from home, and not working at all. Once we talk about introducing the new business policies and norms there are certainly the broader implications and outcomes. These policies, norms and business models can further be segregated in three respective categories.
- Global trends
- National trends
- Individual businesses trends
Resilient Economy and Society
Many businesses that were booming just a few weeks ago now face incredibly challenging times ahead. The likely impact on jobs, poverty levels, and basic food security are serious this may be the most important battle we all witness in our lifetimes. From a development standpoint, protecting the vulnerable and marginalised is imperative to uphold social cohesion and resilience, namely, society’s ability to withstand and recover from crises. Biodiversity loss, climate action, and sustainable resource management should be prioritized in the recovery phase. You may not be directly affected by a pandemic, but could be impacted if a vendor at a critical point in your supply chain is. During preparedness reviews, you should also assess the tools used to maintain relevant information and assist in executing your plans. Old technologies and obsolete tools will put successful execution of even the best plans at risk. Identify any deficiencies in the tools available and create a comprehensive list of requirements that will enhance your ability to execute. The sooner you begin to upgrade your tool set, the sooner you will be able to reduce execution risk.
Risk Containment Policies and Procedures
Unlike natural disasters, technical disasters, malicious acts, or terrorist events, the impact of a pandemic is much more difficult to determine because of the difference in scale and duration. The nature of the global economy virtually ensures that the effects of a pandemic event will be widespread and threaten not just a limited geographical region or area, but potentially every continent. In addition, while traditional disasters and disruptions normally have limited time durations, pandemics generally occur in multiple waves, each lasting several weeks or months. Consequently, no individual or organization is safe from the adverse effects that might result from a pandemic event. The current capacity of the country for responding to the outbreak needs to be augmented including surveillance system in general and at PoEs. Currently, Influenza preparedness plan is available for the country and recently a Pandemic Preparedness Plan was also finalized. This necessitates an urgent need to address these gaps.
Restructuring and Reorganizing Business According to new Challenges
All businesses are seeking to mitigate the impact of the pandemic on themselves and on their wider communities (including staff, customers, shareholders and other stakeholders), and most are looking to shore up their cash position by cutting costs, redirecting resources and taking advantage of the support mechanisms put in place by the government where they can. It calls for razing rigid structures and creating a porous organization with modules that plug and play. The Intelligent Enterprise is capable of dynamic self-management and continual adaptation. Adopting a distributed global services model can also help large organizations across industries—from oil and gas to communications and media—to diffuse enterprise risk. Automating routine tasks with human+machine models, where everyone is a knowledge worker, can also help to serve businesses now, and to position them for growth post-COVID-19.
Encouraging Digital Excellence and Innovation
The coronavirus pandemic has completely reshaped how we live our lives – to the point that by now, saying it feels like stating the obvious. There has been a leap in teleworking and online conferencing, amplifying the demand for online conferencing software such as Microsoft Teams, Skype, Cisco’s Webex and Zoom, the analysis says.
Forecasting Demand and Customer Deep Analysis
Even as the immediate toll on human health from the spread of coronavirus (SARS-CoV-2), which causes the COVID-19 disease, mounts, the economic effects of the crisis and the livelihoods at stake are coming into sharp focus. Businesses must respond on multiple fronts at once: at the same time that they work to protect their workers’ safety, they must also safeguard their operational viability, now increasingly under strain from a historic supply-chain shock. Many businesses are able to mobilize rapidly and set up crisis-management mechanisms, ideally in the form of a nerve center. The typical focus is naturally short term.
Virtual, Flexible, Cloud-enabled offices
Coronavirus is causing a sweeping new work-at-home culture around the globe with far-reaching global technology implications, including a stepped-up demand for solutions like virtual desktop infrastructure and Desktop as a Service, according to industry executives and solution providers. According to Canalys, the coronavirus (Covid-19) has led to a turnaround in PC sales as businesses equip a newly remote workforce, placing urgent orders for tens of thousands of PCs. Employees today expect to always be connected – and the cloud makes that possible. So, whether your training team is out on location or your working parents need to stay home with sick kids, the cloud enables them to be productive in their downtime.
The COVID-19 pandemic has wrought enormous personal, economic, and social damage. It has upended countless lives, and exacerbated the many disruptions afoot, laying bare the unviability of many business models. Beyond that, it has provided a new set of acute shocks to seemingly sturdy businesses and principles that have guided our thinking for decades. It has caused a supply shock and a demand shock. It is causing a recession of indeterminate length and severity even as some countries are crawling their way back to recovery. It is inspiring heroic feats of public-spiritedness and charity among millions, while also providing an opportunity for fraudsters to peddle false cures and prey on the vulnerable. The reality is that there are businesses that will never be the same, not only because of the economic crisis, but, above all, by the change in relationships and by new consumer habits. COVID-19 disrupts society, people & companies and forces companies to rethink how they organize and digitize to remain in business. For many companies and their leaders, the COVID-19 virus pandemic is a crisis unlike no other in recent times. Business model resilience is often missing from traditional business continuity plans. Organizations plan for disruptions to resources and processes, but don’t recognize that business models can be just as big a threat to continuity of operations. The key is to ensure that your business model is as resilient to outside disruptions as the rest of the business. Companies need to leverage a systematic approach to strengthen the resilience of their current business models to ensure their ongoing operation during COVID-19.