Dear Sharif Arafat,

During the SARS-CoV-2 (Covid-19) coronavirus pandemic, doing business in many sectors and branches of the economy was or still is difficult. At the height of the development of the SARS-CoV-2 coronavirus pandemic, which in many countries took place in the months: March - June 2020, the demand for certain types of products and services decreased. Consumption and production fell. In addition, in some countries, in order to slow down the development of the SARS-CoV-2 coronavirus pandemic, specific anti-pandemic and sanitary safety instruments were introduced (e.g. wearing protective masks, restrictions on the movement of citizens in public places, home quarantine, closed service facilities and institutions, etc.). Due to the fact that unemployment started to rise, high-budget government programs supporting enterprises were launched in some countries. For example, in the initial phase of the SARS-CoV-2 pandemic, the largest drops in turnover, revenues from sales of services were recorded by companies from the tourism, hotel, catering, transport, etc. sectors. In macroeconomic terms, the deepest national economic recession currently occurs in countries where the tourism sector and related services (hotel, catering, etc.) make up a significant part of the overall economy. Therefore, it was necessary for the state to launch interventionist and aid programs supporting tourism and other sectors of the economy. On the other hand, tourism is largely responsible for the rapid spread of the pandemic internationally. However, whether tourism should be completely stopped and borders closed during the development of a pandemic depends on the scale of pandemic development, the development phase of the pandemic, the importance of the tourism sector in the economy of a given country, the scale of compliance with other restrictive anti-pandemic and sanitary safety instruments (e.g. wearing protective masks, restrictions on the movement of citizens in public places, home quarantine, closed service facilities and institutions, etc.) by citizens, the level of social collective resistance of society to the SARS-CoV-2 Coronavirus, the effective treatment therapies used, etc. Therefore, the current period of the SARS Coronavirus pandemic -CoV-2 is a very difficult period for many companies. On the other hand, such global crises as the current pandemic of the SARS-CoV-2 coronavirus causing the Covid-19 disease cause an accelerated process of digitization of the economy, the development of e-learning, the implementation of ICT information technologies and Internet applications to economic, financial, research, education processes, etc. A consequence of this type of pandemic crises is also an increase in the digitization of economic, information, etc. processes carried out in economic entities and in public and financial institutions. In 2020, the main factor behind the decline in international trade, international capital flow and other factors of production, international economic cooperation, etc. will be the development of the SARS-CoV-2 (Covid-19) coronavirus pandemic. However, the decline in sales revenues and profits does not apply to all enterprises and industries. It can already be observed that there are sectors in which companies record sales increases. For example, companies developing sales via the Internet, developing e-commerce, commercial networks that offer sales via the Internet, etc. Also Internet new media, including social media portals, are a type of media and at the same time a type of companies that, despite a potential decrease in ad sales relative increase in importance and share in the media market. In view of the above, digitization of the economy is currently taking place in many areas of economic processes and in the functioning of many economic entities and public, financial and other institutions. In many industries and sectors, more and more companies are developing their activities via the Internet, remotely providing their services and selling their products via e-commerce. Many companies that previously did not do so are now switching to remote, electronically conducted operations over the Internet. Internet marketing is growing in importance, including viral marketing, public relations, videoconferences, etc. over the Internet. The development of electronic banking is also increasing, including internet and mobile banking. The share of payments made electronically, without cash via the Internet and during payments with electronic bank cards is increasing. More and more citizens do not use cash when paying in stores, but make contactless payments. In some countries, limits have just been increased for all contactless payments made with bank cards. Therefore, the SARS-CoV-2 coronavirus pandemic may result in a significant increase in the share of payments made electronically in the context of all payments made in domestic economies. In addition, the ongoing technological progress may lead to an increase in the implementation of Industry 4.0 technology into economic processes in the future. Therefore, in the next dozen or so years, technology, including artificial intelligence and learning machines, can replace humans in many workplaces. This may be a growing problem for the labor markets and for the fiscal system in the future. In view of the above, many economic entities during the SARS-CoV-2 (Covid-19) coronavirus pandemic developed online channels of communication and customer relations. Some companies, service plants, which did not even have their own website before the pandemic, quickly reconfigured their business activities and changed their business models, directing their business to activities conducted partially or mainly via the Internet. Many companies have developed e-logistics and started gaining new customers by advertising their offers, e.g. on social media websites. To sum up, the SARS-CoV-2 (Covid-19) coronavirus pandemic changed the realities of doing business in many sectors and industries of the economy. For some types of economic entities, the pandemic turned out to be a difficult period to survive without public aid from the state, for others it was a period of slowdown in development or survival thanks to state support, and for others it was a period of dynamic development realized mainly via the Internet.

Best regards,

Dariusz Prokopowicz

Online business could be counted as another opportunity. God bless us. Thank you Sharif Arafat

Pandemics can destroy lives and industries and threaten to shake the community. Online business trust is growing in importance. Consumers and businesses, feeling the pressure of economic crises and losses during and after pandamics, increasingly look to do business online and consider it as an opportunity.

Take the opportunity to migrate to ecommerce.

📷

Dear Sharif Arafat,

During the Covid 19 pandemic, all business sectors need to innovate and adapt. Innovations and adaptations are carried out to meet consumer needs, wants and expectations which have also changed with the impact of the pandemic.

Hi Sharif,

1) Identify those thoughts that create discomfort and dont allow them to invade you. Focus on "the now" and face today in a positive way.

2) Acept the situation. Adapt to it. Don t let the normal fear to take control of you. Transform that into an opportunity.

3) Create new routines. The world as it was before is over now. Adapt yourself and analize deeply next steps.

The uncertainty is not going to disappear in the medium term like it was there constantly when you created the business years ago.

4) Be aware of your reality and act accordingly.

5) Stay close to your support network.

And even closer to your beloved ones. Help them to go thorugh this situation.

Best of luck.

Every threat is an oppurtunity so find out the oppurtunity in this pandemic. This is the time of change for all over the world so try to think different rather than stick to your exist business. If your business is facing a loss or can't even cross a break even then try to find out other sources of income which are the oppurtunities in this pandemic. It will give your mind diversification and you may enable to run earlier and new business both after the end of corona.

Don’t panic, take it as an opportunity. Develop a communication strategy to reach to your customers, associates, dealers, investors, and other participants.

Suggest use of the online sales and distribution channels available in your respective countries to reach your customers during this pandemic situation.

This will require to revisit your marketing plan and pivot to using digital marketing strategies and intensify the use of social media tools.

Its a highly volatile situation, and economic turmoil is observed through all global countries, and markets- developed, developing and under developed.

We have tried to see the impact of different business sectors their growth, and path to recovery wrt, their sensitivity to different macroeconomic parameters. and the results are scientifically derived, and can help the nation, industries and business design better for faster recovery.

Article 3Ps- Path, Pace and Pattern of Recovery from COVID-19 for Di...

Create a new one that does not need to conform to the rules of the game threatened by the Pandemic or other disruptive force. This is the "thinking out of the box" solution which is also the most risky- because we are going places where no business has gone before. I like what Nicholas Nassim Taleb calls this approach, "anti-fragile". The most fragile of businesses are those with baggage and skin-in-the -game invested over decades. In other words they have set themselves up for fragility when the next ice age comes.