COVID-19 and changing business landscape

As of the last account, precisely on April 24, about 2, 631, 839 cases of coronavirus have been confirmed out of which 182, 100 recorded as deaths in 213 countries around the world. That is the shocking statistics of Covid-19, a disease which broke out in December 2019 in Wuhan, a 11 million Hubei Province in China’s 7th largest city. The disease, named Covid-19, which has been declared pandemic by World Health Organization, WHO, has negatively impacted economies, disrupting financial structures. In the unbelievable prevailing circumstance came assurance from Dr. David O. Israel, Chief Executive Officer, SIECAFRICA,who posits, in this piece,  that “ The future has more opportunities in store than you might think.” SIECAFRICA is the organizers of Super Intelligence Entrepreneurship Conference, holding on Saturday October 12, 2019  at Radisson Hotel, Ikeja, Lagos. The event with a theme: Emerging Trends and Challenges in Business Development, “is a proposed avenue for every innovation-driven entrepreneur and business professional to master the art of mental relevance, critical thinking, problem solving techniques and industrial relevance.”

Covid-19 has traveled like wildfire, as it has cut through the world in a few months, with thousands of people dead and economies grounded. 

The lockdown is placing pressure on the global economy, and we are on the brink of a serious economic recession. Though it is unpredictable, the future is still in our hands. 

There are several possible futures, all subject to how the government and society respond to the pandemic and its economic consequence. Hopefully, some businesses will come out of this crisis with new methodologies to rebuild and produce something better. But others may slide into something worse.

Are you worried about how this pandemic might impact your business? Do you feel out of touch with the world and how it’s changing?

I know how it feels, but it doesn’t have to be this way. The future has more opportunities in store than you might think.

As usual, the doom and gloom will overshadow the good news, as businesses are crumbling and shutting down. But the truth is, lots of businesses aren’t sitting idle either. They have adjusted to the circumstances, developed their brand, reshuffled their production, and catered to new demands. The majority of shopping has moved online, and businesses that don’t have an online option may face financial ruin. 

Many have used COVID-19 as the main inspiration for new growth in some sectors and while reviving dormant potential in others. We’ve also seen opportunities in the healthcare and health technology industry, food, entertainment, education, sports & well-being, service industry, event management, etc. 

So what you need right now is a different economic mindset. The economy is beyond buying and selling alone. At its essence, it’s the way we take our resources and turn them into the things we need to live. Surviving this crisis requires creative solutions. Use this pandemic as a wake-up call to reconsider how you have been doing business. 

Can you digitize any of your products or services, and start offering them online? Can you implement technology to balance any loss of earnings by offering new ways to connect with your customers? While we remain optimistic that the pandemic will be over soon, stay safe.