COVID-19 PANDEMIC AND YOUR BUSINESS
The COVID-19 pandemic has impacted everyone in unfathomable ways. During lockdowns, only those classified as essential business are allowed to operate, forcing others to close down or lay off employees with tourism and retail industries being the worst hit. Consumer behavior is shifting, with a significant percentage of the population recalibrating their spending focusing on buying essential goods only, favoring brands with high recognition over others. As the virus continue to threaten people’s lives, lockdowns and policies on social distancing are enforced making more and more depend on online venues, and delivery services to purchase goods.
While it is difficult to look beyond the moment, we need to realize that some things will never be the same again and we must be ready for the after effects of the present policies adopted, such as prolonged lockdowns. While governments around the world are creating new laws and policies in order to combat the virus, and crafting economic interventions and stimulus plans for businesses of different sizes across affected industries, businesses need a good crisis management plan to be made in case none was made yet to survive and thrive in the emerging new normal.
Businesses are in the same storm but not in the same boat, so survival is relative. Adaptability is key. Essential businesses, especially those who have established brands, are digitally present and adequately supported by legal experts are able to somehow adapt during the early stages of the economic slowdown because of COVID-19 induced lockdowns and are poised to survive. Brands signify quality. Technology signify capacity to deliver. Business lawyers help in coping with changing laws and policies during this difficult time, enabling businesses to update and acclimatize to the emerging new normal.