Here’s how businesses can survive any future lockdown
MANY companies suffered big losses during the lockdowns. Some big companies collapsed as they were not prepared for the pandemic.
There are many lessons that we can learn from that so that we will be more prepared if there is another pandemic.
The Omicron variant, which may be vulnerable to vaccines, has been detected in the United States, the United Kingdom and Japan.
This tells us that we need to prepare ourselves in terms of financial savings, job security, medication and our relationship with our families and relatives. However, the issue here is whether businesses are ready for any future lockdown.
The government must have great empathy for all people, especially those who run businesses, and give them time to prepare before imposing another lockdown.
Even though most businesses incurred huge losses during the previous lockdown, some flourished due to their ability to adapt themselves to the pandemic and shift from selling products that were in low demand to products in high demand.
This implies that they were good at seeking opportunities. Therefore, this is one of the lessons that other businesses must take heed of. Firms that provide only services that are detrimentally affected can switch to selling products to new customers.
Similarly, firms in the manufacturing sector can still earn revenue by selling different products. This can help them to sustain their position in the market in the face of a lockdown.
The firms that can adapt to market conditions will have a higher chance of survival. Besides, they also have to learn how to use technology to run their businesses to ensure that they can withstand the impact of a lockdown.
Businesses that keep pace with changing technology may survive better.
DR FAIZ MASNAN
DR MOHD SHAHIDAN SHAARI
Faculty of Applied and Human Sciences, Universiti Malaysia Perlis