Question

Business around the globle came to a complete stop in March 2020 when it became clear that COVID-19 had spread across the globe in a manner that no one ever really thought possible.

Not all businesses were impacted the same, as grocery stores remained open, but airlines, restaurants, hair salons, gyms, and many others were forced to close. Read the following article and look around to the businesses that you visit and think about how they were forced to change in the face of the global crises.



Startups Hit Hard By Coronavirus Shutdowns – McGraw-Hill Introduction to Business



Requirements:

1. You must post a discussion thread highlighting your thoughts on the topic and addressing the questions below.

2. You must then comment on a peers post discussing their opinions in a respectful manner.

I am looking for robust posts. A one word answer is not acceptable.



Discussion Topics:

1. How has the COVID-19 crisis impacted the businesses around you?

2. What are some of the business decisions companies have had to make in the face of COVID-19?

3. Why will some business recover and others fail in the face of all the changes of the past year?

4. Why are small businesses and startups especially vulnerable during times of economic crisis?

5. What are some things a business can do to make itself more resiliant in the face of external changes?

Answer 1

Step-by-step explanation:

1. The COVID-19 crisis has impacted the businesses around me greatly. Many small businesses in my community have closed their doors permanently due to the economic struggles caused by the pandemic. Restaurants have had to adjust to take-out and delivery only and some have had to close altogether. Grocery stores have had to limit the number of people allowed inside and have had to enforce mask mandates. Overall, it seems that businesses have had to adjust their operations to reflect the reality of the pandemic.

2. Companies have had to make a lot of difficult decisions in the face of COVID-19. Many have had to lay off workers or furlough them in order to cut costs. Some have had to pivot their business models entirely, such as restaurants that switched to take-out only or clothing manufacturers that started making masks. Others have had to invest in new equipment and technology to keep their employees and customers safe, such as installing plexiglass barriers or implementing touchless payments.

3. Some businesses will recover and others will fail in the face of all the changes of the past year because of a variety of factors. Businesses that were already struggling before the pandemic hit may find it difficult to bounce back. Additionally, businesses that rely heavily on in-person interactions or gatherings, such as theme parks or concert venues, may struggle to recover as long as social distancing measures are still in place. Finally, businesses that are able to adapt and pivot quickly to meet changing consumer needs may have a better chance at survival.

4. Small businesses and startups are especially vulnerable during times of economic crisis because they often lack the financial resources of larger, more established companies. They may not have access to the same government subsidies or loans, and may not have the same level of brand recognition or customer loyalty.

5. One thing a business can do to make itself more resilient in the face of external changes is to diversify its revenue streams. This could mean expanding into new markets or product lines, or investing in digital technologies to allow for more online sales. Additionally, businesses can prioritize building strong relationships with their customers, as loyal customers are more likely to stick around during tough times. Finally, businesses can be proactive about risk management, such as by investing in insurance or developing contingency plans for unexpected events.

Comment on a Peer's Post:

I agree with your post about businesses having to adjust their operations depending on the pandemic. My gym was closed for a while, but when it reopened, they had to implement strict sanitation protocols and limited the number of people allowed in at once. I think being adaptable is key for businesses to survive during this time. As for small businesses and startups being vulnerable, I think it's important for the government to provide support for these types of businesses during times of crisis, as they often make up a significant portion of the economy.

Hopes this helps