How Businesses Brace through Uncertainty in 2020
COVID-19, a pandemic that has startled the globe at the start of the new year. The rapid increase in the number of infected cases in many different countries has paralysed the global economy and even brought the New York Stock Exchange to a halt on March 12, 2020. COVID-19 is not only a health crisis but also an economic crisis, as unemployment rates are at an all-time- high in various countries such as Singapore, Malaysia and Thailand.
In light of the situation, BlackStorm Consulting has offered a report that provides insights and recommendations to help companies in Singapore, Malaysia, and Thailand to alleviate the risks associated with COVID-19 and increase the resilience of the company in times of distress. The time ahead would be turbulent, and it is important to remain vigilant to stay afloat. This report has findings from different sources, including a social listening tool by Zanroo to capture social chatters from these countries. Social chatters are information from social media platforms, and we have even conducted interviews with SMEs from various industries to gain exclusive and invaluable insights.
In this report, insights to the changes to the business landscape are introduced in the first chapter. The recent pandemic has surprised many enterprises as its repercussion varies greatly between firms. With most companies already facing fiscal crises even before the pandemic due to ongoing events around the world, companies find themselves in a financial decadence. Therefore, all firms should practice fiscal prudence in times like this and brace through the crisis.
In the next chapter, the report will advise on the various stages of business recovery. In order to survive this ordeal, businesses would have to bite the bullet and give it their all, be ready to relinquish their conventional ways of operation, and embrace novel, innovative methods which can increase possibilities of survival. Being quick to adapt is one of the most important qualities which will distinguish an excellent business from the rest, as a slow-to-move company would never be able to keep up with the storm and react in time. As the business landscape could have been transformed much by COVID-19, businesses have to actively lookout for new opportunities or upcoming waves to ride on. The three stages of business recovery would be survival, transform, and seeking new opportunities.
What would happen to the rest of 2020 — the third chapter addresses this question. The impacts are significant, leading to uncertainty and resulting in a prolonged recovery. The situation is critical and may persist in developing more uncertainty and lack of confidence in the market. Recovery is nowhere near now and will be a long draggy battle. Many businesses felt the impacts and speculate that recovery to normal may take more than two years.
Firms must also tackle a few key constraints when confronted with the possibility of business failure. The last chapter will discuss how to manage the transactions better, customers and employees and the enterprise as a whole to help businesses achieve greater heights. These tips can help businesses address key areas to ensure business continuity.
The magnitude of the impacts of COVID-19 is extremely great as it extends to a global level. As a result of the uncertainty, consumer confidence is also plummeting at unprecedented rates, with their fears amplified by the negative news. Even though many expect the effects of COVID-19 to last for two years, experts now believe that its effects would last for longer than two years, with many industries badly hit and jobs destroyed.
This will mean that its effects would be long-lasting and lead to a bumpy road for recovery. It will not be a straightforward upward trend as there are many uncertainties and volatilities associated, especially before a cure or a vaccine is out in the market.
The report can be served as a guide to those companies that intend to enter the three countries in Southeast Asia, helping them to gain insights of the current situation, and make informed decisions during and after the pandemic.
To find out more about this report, please visit at https://bit.ly/2YRMLad.
About BlackStorm Consulting
BlackStorm Consulting (http://blackstormco.asia/) is a Singapore-based boutique growth consultancy firm that specialises in corporate strategy, profit management and investment management. We scale businesses in Southeast Asia.
Our clients and connections are internationally present and range from small and medium sized businesses, MNCs, to government agencies.
Special Thanks to Our Partner, Zanroo
Established since 2013 as a Marketing Technology Company, Zanroo (https://zanroo.com/) helps solve the language and social data challenge across Asia countries through offering Social Listening and Engagement Solution, helping brands connect with customer and stay competitive in the future of digital economy.