The COVID-19 pandemic has been causing widespread panic and trepidation. It has already infected over 240,000 people and killed more than 10,000 across more than 160 countries. Health care facilities across the globe are getting overwhelmed by the rising number of patients. Moreover, many countries have commenced national lockdowns, which, in turn, is taking a toll on the global economy.
A pandemic isn’t just a public health crisis. It has a significant impact on the global economy, as well. The ongoing COVID-19 pandemic is already taking a toll on businesses across the globe. While many organizations face temporary closure, small businesses may have to shut their doors permanently.
The rise of the internet and advanced communication systems has transformed the world into a close-knit global village. Irrespective of the size and nature of your business, you are likely operating as part of a global economy. This means your business could face the repercussions of something that happens on the opposite side of the world. A pandemic outbreak, for instance, could disrupt normal business operations and take a toll on your revenue.