How modern business is dealing with quarantine and remote work?

Talking about the company I work for, we’re not yet affected by the situation. Mainly because the core industries we are working for are Fintech, Healthcare, and PropTech. The first two are quite in demand now. But what is going on with businesses around the world? What tendencies are spotted and how we’ll manage to get things back to normal after this nightmare with COVID-19 outbreak is over?

Should we panic?

Should we panic?

Several friends of mine recently received notifications that they will fork for their firms just until July 2020. Their employers will no longer get investments. Well, they worked for air carriers. And this industry suffers the most as all flights all over the world are shut down except for some exceptions.

But there are many other industries such as tourism, HR, etc. which also suffer now. Logistics has a potential but who will start their business from scratch now?

Except for the danger and the actual risk of having a disease, the whole world is now faced the (almost) complete stop of the business. Hard to imagine how the economy will renew its capabilities and tempo. But how long the quarantine will last?

At the end of February 2020, COVID-2019 started its ‘deadly walk’ through Europe and America. At first, nobody took it serious enough to affect their lives. But, I guess, we were too immature and naive that days.

Now the borders are closed, people are isolated in their houses all over the world, many of them died, hospitals are filled with infected people, communication went online only. Even shopping is a risky business now.

Is it the Earth’s revenge on humans for all the bad things we’ve done to nature? Or it is just a panned action of some corporation?

Who should panic?

Let’s get to numbers.

Starts from April 3, https://www.bloomberg.com/

Wiki says, ‘As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business in the services sector.’

So, what businesses suffer the most?

• Transportation
  — Aviation
  — Tourism
  While people are sitting at home and borders are closed, the only transportation we see, are couriers with deliveries of different goods and groceries.
• Offline entertainment (no need to explain)
  — Restaurants
  — Cinemas/Theaters
  — Concerts and Festivals
  If you seek entertainment, many online entertainment businesses like Netflix took their opportunities to provide you with online content. Steam, MEGOGO, etc.
• Sports (all the sports events were canceled)
• Education (Universities and schools were closed or went online)
  If universities were smart enough they could provide their students with opportunities for online education. Online courses become as popular as never before.
• Service areas
  — Beauty
  — Fashion
  As far as human contact is restricted now, many businesses of such service areas are stopped their activities. Nobody’s sure for how long.

COVID-19’s economic impact expected to last for months or even years.

What businesses are feeling good (more or less)?

• Finance technology
• Healthcare
• Retail, online shopping, delivery
• Software development
• Digital marketing

Talking about internet traffic and the industries, Nail Patel prepared the next stats:

https://neilpatel.com/blog/coronavirus/

What to do?

We see that if business reviews its strategy and move online, the situation can get better a bit. Depending, of course, the industry.

1. Go online
   (Start a website, organize logistics if you were running some local shop, for example. If you were connected with aviation, you might look into cargo transportation and create a business proposal for future partners. Hard times demand dramatic changes to survive.)
2. Learn to manage your remote employees
   When everybody at home, it is extremely hard to stay productive. But you can always choose a strategy and tools and adapt them.
3. Be innovative
   When some people see a dead end, you should learn how to use a situation and make a profit. Even Charles Darwin said: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”
4. Don’t ever panic

Everything will be ok!

p.s. Serpstat made an interesting summary of the current situation.
What is your situation? Is your industry suffers from the COVID-19 outbreak?