Coronavirus Affecting Businesses All Over

Throughout the course of history, disease outbreaks have ravaged human race. Day by day, and piece by piece, people have seen their lives taking turns that they never imagined. As human civilisation flourished over time, it also took a leap for infectious disease. 

This is not the first time that the world is going through a pandemic. The 1918 influenza pandemic, also called the Spanish Flu, was an unusually deadly pandemic that infected about a quarter of the world’s population at that time in a span of almost three years. It had a devastated impact on businesses all across Europe and the US.

It is said that the estimated overall loss to the US based businesses was in double digits percentage drop in comparison to others. The 2020 coronavirus pandemic is no different. With fear in minds of all and the world in disarray, Covid19 has created a ripple effect in the world’s economy.

It’s not easy to sustain a business during a pandemic that no one saw coming. Companies are grappling with the upheaval wrought by the Covid-19 pandemic. It has forced businesses to step back and practice social distancing for good. According to experts, companies all over the world are ready to see a giant slowdown in growth during this financial year. 

Times like these calls for adopting approaches that would help a business to survive this crisis. By keeping in mind that it is a tough time for all and not just one, being empathetic tops the list of what to do and what not to do. The outbreak is moving quickly and because of the dynamic nature of a pandemic, the challenges that organisations are facing also changes.

The work from home structure has already altered the format that a company works in. With all the sectors being shut, there is possibly no way to function like before. It is best to undertake approaches that would help to sustain the employees, clients and suppliers while navigating the financial and operational challenges. The consequences of the pandemic are yet to be fully disclosed but what’s confirmed is that companies are going to suffer financially. 

Circumstances like these asks for handling a situation with the best of methods like Lean Six Sigma that would allow a business to apply right kind of mindset and tactics to achieve its objectives. It would help to increase the efficiency and the productivity of a business by eliminating waste that do not add value to the product. 

By adopting Lean Six Sigma program, one can benefit with cost reduction and avoiding unnecessary overproduction that leads to excessive inventory. Strategising plans and executing them accordingly are always said to be effective as it not only eliminate variations but also increases the value of a business as a whole in all. 

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