Sonia Gonzalez

April 17, 2021

Professor Brille Bucker

Risk Management

The Covid-19 is a severe issue nowadays. It is spreading very quickly into every corner of the world. It has negatively affected small and other forms of businesses worldwide. The business people are busy taking corrective actions for this risk. People should consider the company’s employees, mediators, and customers to eliminate this risk in business. One of the new risks companies face now that was not thought of in prior years is the Coronavirus. The Coronavirus pandemic has made a blow to the U.S. economy since the incomparable melancholy.

Companies need to now focus on their employees and what changed going into effect.

1- Temporary work plan: Simply it means work from home”. There are many tools in the business that are used in and out of the plant. The employees can use these tools for doing their jobs. Business people can communicate or contact the employees through email, phone calls, and other contacting methods. By doing these jobs regularly, the employees can maintain their responsibility towards their business.

2- Reduce meeting: By reducing appointments, business people can eliminate the chance of being affected by this COVID-19. They conduct meetings online. I t is more convenient than a traditional type of meeting.

3-Transparency in communication with customers: Both employees and customers are facing this virus together. So it is more suitable that both businessmen and customers should behave transparently. A transaction should be based on utmost good faith. Every people should be careful in this time wash their hands frequently. Avoid handshakes. The company can reduce the spread of the virus by reducing the number of meetings or should eliminate the conference these days. I suggest there be a complete lockdown. At this time, the business should focus more on online sales. It will reduce the chance of spread. By using deals online, we can create a personal relationship with the customers. It will positively influence your sales in the future.

4- Business Insurance: I prefer every company must take an insurance policy. It will help then reduce the risk. Risk is the uncertainty of loss. It can be met by taking an insurance policy. Planning for the long term would start a plan for the future. It will help you enhance your businesses and increase your productivity in the future.

There are some opportunities for new companies in the future. It mainly concentrated in two areas, that is 1) medical field and 2) economy field. Nowadays, the medical spectrum in preventing Covid-19—the use of medical masks, gloves, etc. are should face high necessity in the future. At this time, hand sanitizers and ventilators are the most wanted items. It will have greater demand in the coming days. In the economic field, now some governments are offered low-interest loans for reconstructing their economy. New companies can acquire these loans for their business. It will help you in the future. U.S. government proclaimed that they are ready to provide unlimited short-term finance to business persons for reconstructing the economy.

The new threat will affect many people returning to work. The business of purifies, masks, and sanitizers has been on the trend—the use of robots in the supply chain and auto cars in delivering goods. Many may struggle at first with working from home. As time goes by, they will get the hang of it. I t is a massive risk of computing in the subway also returning to the workplace, but the company assures the worker that they’re keeping the work area clean. As virus cases have grown, many businesses have begun closing offices and stores and sending workers home to help slow the spread.

https://www.nytimes.com

https://www.weforum.org

https://www.nyc.gov/coronavius