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Question 2: If You Are The Owner of The Business What Is Your Reaction With The Sudden Change of Economic Activity?

The sudden change in economic activity due to the COVID-19 pandemic has disrupted businesses. As a business owner, it is important to secure the business by supporting employees, addressing supply chain disruptions, and adapting to the new normal through digital transformation and technology to expand the business. This allows the business to operate remotely while protecting worker health and securing against plummeting sales and rising costs. It is also important to create a crisis preparedness plan to guide business operations, conduct, and financing during massive crises like the pandemic.

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52 views1 page

Question 2: If You Are The Owner of The Business What Is Your Reaction With The Sudden Change of Economic Activity?

The sudden change in economic activity due to the COVID-19 pandemic has disrupted businesses. As a business owner, it is important to secure the business by supporting employees, addressing supply chain disruptions, and adapting to the new normal through digital transformation and technology to expand the business. This allows the business to operate remotely while protecting worker health and securing against plummeting sales and rising costs. It is also important to create a crisis preparedness plan to guide business operations, conduct, and financing during massive crises like the pandemic.

Uploaded by

Jerah Torrejos
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Question 2: If you are the owner of the business what is your reaction with the

sudden change of economic activity?

In the wake of Covid-19 pandemic and its continuing impact to businesses, it


is important as business owner to secure my business first. I need to support my
employees, address the disruption in the supply chain, and most importantly to adapt
to the “new normal”. The pandemic made a sudden change in the economic activity,
which created a demand for contactless buying and selling. I will look for an
opportunity to expand my business using technology and embrace digitalization as
part of customer’s lifestyle. In this way, I can also secure the threat of plummeting
sales and increasing cost to operate a business. It is important for a business to
become flexible so by shifting my workforce into a remote one, my business can run
smoother without compromising the health of my workers.

According to Accenture.com, reopening the business is an opportunity to


reinvent it. Investing in digital, creating e-commerce, and agile operations and
automation are some ways to transform the business. In this way, business owners
can turn this challenge into a meaningful change. For business to cope up during the
pandemic, Saxena writes that it is important for businesses to implement flexible
working arrangement plans. Use of technology can also be used for more efficient
communication and real-time collaboration. This is also to ensure than human to
human contact will be minimized and transmission will be prevented. Creating
disaster preparedness policy is also important amidst this crisis according to
Borzykowski. Most business are unprepared for a crisis of this massive scale. The
pandemic serves as a reminder the need for this. A crisis plan will serve as a
guideline encompassing the overall operation of the business, the conduct they
should abide, and the need for financing, among others.

References:

Coronavirus (COVID-19) Business Impact. (n.d.). June 29, 2020,


https://www.accenture.com/us-en/about/company/coronavirus-business-economic-impact
Saxena, A. (2020, February 20). Coronavirus Outbreak: Best Business Practices to Implement Right Now. June
29, 2020,
https://www.entrepreneur.com/article/345759
Bborzyko. (2020, March 24). How to protect your small business in the midst of the coronavirus
outbreak. June 29, 2020,
https://www.cnbc.com/2020/03/09/how-to-protect-your-business-in-the-midst-of-the-
coronavirus- outbreak.html

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