Critical Response: What Does Coronavirus Mean for Your Business?
I don’t know about you, but ever since the Coronavirus outbreak started, I have ‘accidentally’ discovered my friends’ true colors. I found some so caring by sharing positive vibes and useful information, some were donating money for those infected by coronavirus and surprisingly (and not surprisingly), I found some friends who were trying to take advantage of this situation by selling masks and hand sanitizers at an unreasonably high price. I was taken aback by how greedy some people could be. That being said, it is obvious that business might not be looking good in this kind of situation, not to mention some countries have started applying a complete lockdown. However, what does coronavirus mean for your business? As a person who works to provide social media services every day, I can’t really be separated from social media world. With that, I can’t unsee what I have seen on social media, especially during this virus outbreak, but let me tell you this; the coronavirus outbreak somehow gave us a new perspective and discovery of things recently, especially in business. What is that? Keep reading to learn more.
Coronavirus outbreak gives business owners two options
Like I said in the intro, this virus outbreak somehow showed me my friends’ true colors, right? The same goes for businesses. However, every business is given two options and it is their choice to show which color they are. This tragedy gives you an option to take advantage of this situation in order to boost your business income, or you use your business to help people in this situation. That being said, your choice will determine your true color. You might want to sell like 1000 boxes containing masks and hand sanitizers with prices that don’t make sense at all, or you might want to donate the 1000 boxes of masks and hand sanitizers to the hospitals where they are taking care of patients infected by the virus. Whatever you choose in the end, is your business true color.
Some brands might exploit tragedy…in a different way
You might be familiar with Kenneth Cole’s way of using tragedy to create social media uproar with goals in mind. They create controversial content based on a public tragedy and are not ashamed of it despite still delivering an ‘apology’ letter in response to people’s disappointment. While Kenneth Cole doesn’t sell thousands of masks and hand sanitizers to exploit the world’s situation, we can expect their possible ‘controversial content’ based on this matter, though it is used in a different way. The point is; if you choose to exploit this difficult situation to turn it into profits for your business, no matter how you do it; it still tells a lot about you and your business.
Your business is going to struggle for a while
Here’s some fact check of the day; your business is going to struggle for a while and it is inevitable. Still, this is to be expected. Some countries are already applying lock down system to prevent further spread of infection. If you are closing your business for a while until the situation is back to normal, your business is going to struggle for over a year because you will have to make up for your losses, not to mention you are arranging for your employees to work from home, which can sometimes be inconvenient for your business to run smoothly. For that reason, some businesses might be tempted to do what I have mentioned in the previous points above just to cover the gap in the income.
Here’s the harsh truth; when companies like Apple shut down their stores to help reduce the spread, it means less income and less profit. Sure, they are able to pay their employees during their temporary shutdown, but not all companies have their bank balance and most won’t be able to do the same. However, it all depends on you and your values in business. What do you want to be? What do you want your business to preserve? How do you want people to see you? It all depends on your choice. That being said, all I want to say is that while you have to power to choose who you want to become, a business with values is the one that can achieve success the right way. What is right and what is wrong? Well, it is humanity all over again.