Rapid lockdown and social distance procedures have left people with a host of unanswered questions. Moreover, global supply chains have been disrupted and many products like toilet paper have been limited.

Global supply chains, Crises, and disturbances were still part of life, but nobody thought a global tragedy like the COVID-19 pandemic could halt the world. In the times, people worldwide have been forced to change their habits drastically and get used to a new normal. A number of unanswered questions were left to people by the implementation of lockdown procedures and social distances. Furthermore, global supply chains have been disrupted and several products like toilet paper have gone short. Although many countries have shown promising signs of recovery, many concerns remain about the future.

Global supply chains

There is considerable confusion about how enterprises are going to tackle the challenge and get back on track. Experts consider the pandemic to be a far worse situation than the 2008 Grand Recession. Business owners are being drawn into the largest virtual social experiment in the world, with millions of people studying online, sharing their information online, and communicating online. While most people find this very daunting, it helps businesses to be innovative and find new ways of addressing the needs of their customers.

Technology: Key to the Future

Technology has been among us even before the coronavirus was first identified. However, few small businesses have failed to leverage the advancements in technology, Global supply chains relying on their tried and tested business models. With the spread of the virus, these practices of leveraging technology have now reached a peak point as social distancing has become the need of the hour. As the pandemic changes the paradigms of how corporations communicate with customers, businesses need to rely on technology to virtually meet their customers. 

However, the pandemic has brought out the best of individuals as well. Different industries that were previously considered to require large amounts of interpersonal relationships, such as teachers, yoga and meditation studios, and physicians, are now leveraging technology to flourish their firms. Businesses need to develop their online platforms and create their clients’ communities.

Exit Strategy for the Entrepreneurs

There has been a shock to the global economy, and it is not possible for anyone to anticipate where the economy will be heading in the next few months. In the implementation of new ideas, business people have to be constructive and versatile. The pandemic COVID-19 provides leaders to analyze their companies and find leaks that need to be remedied. For many, the pandemic has been an eye-opener on the necessity of creating a robust, secure IT platform. Global supply chains, have been very effective in maintaining constant, uninterrupted customer relationships so that they can be there, even during such testing times, for each other.

The most hurtful fact of this virus is, it has no timeline.

It is all about the authorities’ ability to mitigate the spread of the virus. Waiting for things to normalize again, as of now, maybe a nightmare. It is very important to stand resilient throughout this phase and be patient. People have to learn how this personal and economic crisis will help them develop and recover together. Companies cannot be the same until the situation is stabilized. Entrepreneurs must reconstruct brands and excel in their footprint. This should be taken as an opportunity to get creative and develop strategies to fill the gaps in the businesses.

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