CORVID-19 BUSINESS IMPACT SNAPSHOTS: STRATEGIES FOR REVENUE RECOVERY

CORVID-19 BUSINESS IMPACT SNAPSHOTS: STRATEGIES FOR REVENUE RECOVERY
  1. Few businesses are going to be left untouched: Preliminary ILO estimates indicate a rise in global unemployment of between 5.3 million (“low” scenario) and 24.7 million (“high” scenario) from a base level of 188 million in 2019. This is occasioned by the decline in economic activity and constraints on people’s movements which is impacting both manufacturing and services. The most recent data shows that the total value added of industrial enterprises in China declined by 13.5 percent during the first two months of 2020. In fact, Global and regional supply chains have been disrupted.
  2. “VUCA” times indeed: Reminiscent of the word – VUCA, coined by the U.S military college, the global economy powered by small businesses is facing an increasingly Volatile, Uncertain, Complex and Ambiguous time.
  3. Follow the Naira and Kobo: Following the interviews and analysis conducted by CNN, Mckinsey among others, we can safely conclude that two-thirds of businesses in the manufacturing and services sector have experienced a decline of more than 25% in revenues during the nationwide lockdown. According to the Economic Times, none expect businesses to return to normal before 2021.
  4. Why do you need a strategy: As lockdowns are gradually being eased across the country, businesses are beginning to realise the impact of corvid-19 on their supply chain and the missing links visible in their bottom lines! To this end, businesses that will be able to design and implement a revenue recovery strategy are more likely to take advantage of the obvious opportunities that usually accompany the aftermath of the crisis.
  5. Bring back our profits: Recovering from losses requires a combinatory act of agility and inclusiveness. Check out the details of what you can do to bring back your profits at gconsultingisl.com

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