“This pandemic has become an existential threat for the businesses all around the World.”
SMALL SCALE BUSINESSES
Small businesses have more closure rates than the businesses on a larger scale. As micro firms
and small businesses have no spare cash in hand so they have been shut down permanently. It
doesn’t matter if the small business has survived for more than a decade it is now closed and
would be replaced in the future quite easily. Closure of small scale businesses has also impacted
the livelihoods of the under privileged communities especially rural areas.
MACRO BUSINESSES
On the other hand many large entrenched businesses are shaken as a result of this pandemic.
Many of these large scale businesses have been permanently closed because of the falling
revenue, debts and bankruptcy.
BUSINESS AND TOURISM INDUSTRY
Covid-19 has affected tourism badly because of which food businesses, restaurants, hotels,
transportation and many other local businesses which are interlinked are bearing the loss.
FUTURE IS TECH BUSINESS
Corona virus has changed the perspective and the future of the business and it’s strategies. Those
businesses which prefer technological advancements and are constantly improving themselves for
the challenges they could face in the future due to this modern era of the internet have somehow
survived this pandemic and are now preparing themselves to thrive. Covid-19 has changed our
lives and its perception forever and will leave a permanent mark on our lives. Same goes for all the
businesses which have survived and the startups. Now the future of business is e-commerce and
remote work.
