Beth Ann Debouvre mentions how to survive the economic impacts of COVID-19

July 8, 2020

COVID-19 is a deadly pandemic that has unfortunately characterized the first, and presumably the second half of 2020. The crisis has affected not only people around the world but also the economy. Recent research indicates that business firms and organizations are more uncertain about their business continuity than ever before. They are continuously re-evaluating the business models that heavily depend on global supply chains in the past. As many countries and states have shut their borders to mitigate the spread of the disease, global supply chains have become increasingly difficult to maintain. Many companies are mulling adopting robots within the manufacturing process to downsize the human-to-human interaction in factories.

Crucial views and suggestions shared by Beth Ann Debouvre

Business leaders are continuously trying to guide their company through the pandemic situation effectively. To do this, they must investigate matters related to selling their products via supply chain management. This is necessary to continue exchange flows and economic growth. The global situation caused by COVID-19 has caused many companies and businesses to reevaluate their participation in globalization and global supply chains. However, experts and thinkers like Beth Ann Debouvre assert that leaders need to shape a world where both globally and domestically oriented exchanges can happen while contributing to widespread economic growth.

The global crisis and the subsequent public health responses have led to a rapid decline in global flows. The recent predictions suggest that there may be a 13% – 32% decline in the merchandise trade, a 44% – 80% reduction in global airline passengers, and a 30% – 40% cut in foreign direct investments. However, the reports do not suggest the complete demise of global market integration. To avoid these losses, governments of various countries and states should reopen organizations, malls, stores, restaurants, salons, and many more to stimulate the economy. Economic losses incurred will take time to recover. But if the organizations and stores remain closed, the economy may gradually become static, or worse, decline. A few steps that you can follow to safely and effectively reopen and operate your organization, store, mall outlet and the like are better to add to the economic betterment during the COVID-19 pandemic follow in the article below.

  1. Allow discounts and freebies

Do not wait for the end of season sales. It is imperative you draw customers to your store by offering rapid sales now. Utilizing social media to spread the word of your new sales and promotions can increase traffic to your store.

  • Make optimum utilization of staff

Reduced employee productivity is the reality of the global situation. In order to ensure productive employees, you should appropriately handle your employees’ concerns while managing a staff that can work through all stages of the reopening from the pandemic lockdown. Take time to call a few teams and employees to the office and allow others to work from home. These teams can alternate, and substitute depending on the desire of your employees. This can help your company to stay active and add to your local economy.

  • Make timely deliveries

If your business or company is equipped with an eCommerce platform, take care to deliver your product efficiently and following your local safety protocols. Customers prefer a timely and quick delivery, their availability at home has not changed this perception. If you maintain a consistently good and efficient service, it will encourage your customers to return to your business again and again.

Aside from the aforementioned strategies, ensure that you protect your employees’ health by providing them correct medical coverages. It will ease their concerns and they will be encouraged through positive leadership to work their best to increase sales and contribute to the local economy.

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