Changes in Business after COVID-19

Apart from the challenges and opportunities, this pandemic has also brought many changes in everyone’s lives. Let’s discuss what life would be like after COVID-19.

“Life belongs to the living, and he who lives must be prepared for changes”

Johann Wolfgang von Goethe

Upon studying the current scenario carefully, we have summarized the changes in a few points.

1. NO CREDIT SALES AND IN B2B TRADE

“On an average 39% of the total value of B2B invoices issued by Indian respondents remained unpaid at the due date.”

In small companies, people usually follow the rule of credit sales. The time limit for payment is fixed from 17 days to 52 days. But, most of the time this time period is extended and the payment is made late.

This has destroyed the cash flow system of many businesses.

During this pandemic, when all the activities came on hold in the world, many businesses have suffered because of this. Many became insolvent and many are on the verge of becoming one.

One of the major reasons for this is their huge credit sales, which leads towards low cash flow in the company.

In my opinion, this trend is going to stop soon. People will go for hand to hand payments. This will not only save the company from becoming insolvent, but it will also help in its growth.

So, if you are a businessman and reading this article, tell us if you have already started to follow this practice or you are planning to.

2. ONLINE FOOD DELIVERY BUSINESS WILL RISE

According to statistics, this business is expected to show the growth rate of 9.5% by 2024.

Companies like Amazon, Grofers, Swiggy, and Zomato will rise exponentially but on the other hand, many restaurants will shut down in the coming year. Social distancing is going to be one of the major trends. In addition, people will avoid eating in public.

Even during the lockdown, many are totally dependent on the online food delivery system and are avoiding stepping out of their homes.

However, these companies will have to follow many guidelines from the government and follow a high level of hygiene standards and food practices.

3. WORK FROM HOME (WFH)

Work from home is going to be a new normal in the impending days, even after the COVID-19 pandemic.

Ever since the lockdown has begun, many companies shifted to WFH culture. Now, it seems that many companies are more likely to switch to WFH permanently.

PolicyBazaar CEO Mr. Sarbvir Singh says “The current situation has paved the way for a paradigm shift. It will allow us to distribute the workforce across the country.”

According to research, this is going to result in a reduction in salaries. And then, people can be hired from anywhere around the globe.

Salaries can reduce drastically if WFH is implemented.

Though the more productive someone is, the more they will be compensated.

4. CONTACTLESS PAYMENTS

What would have happened in the next 4 to 5 years, has happened in the last 3 to 4 months. People have shifted to contactless payments fearing currency notes can be an easy transporter of this virus.

Though a major section of the society still remains deprived of such facilities due to lack of technical knowledge and also because of fear of online fraud.

“Today, in India about 25% cards are contactless and about 15% of the transaction volume is coming from contactless cards, a number which was in single digits a few years back,” said Kush Mehra, Chief Business Officer, Pine Labs.

In my opinion we are going to see a world working on total contactless payments soon.

5. ONLINE CLASSES, HOME SCHOOLING AND FREELANCING

The online education system was already rising, but for students, this pandemic has made it the only way of learning.

Online classes are easily accessible as well as cheaper in many forms. This could come up as a new trend after COVID-19 ends.

There are many colleges in foreign countries, which offer a combination of online, and offline classes to their students.

The concept of homeschooling is not very famous in India. But if invested in this field, this can eradicate illiteracy from the country.

After COVID-19, freelancing will also rise as it is something that can be done from the comfort of your home. Go to this link to learn more about freelancing.

There are many children in rural areas, who are a helping hand for their families and they can’t afford to spend 8 to 9 hours in school.

So, homeschooling will be a better option for them. With this, they can study anywhere and at any time. Also, this option is much cheaper.

As someone said, “all great changes are preceded by chaos”. So, we should take this opportunity to make positive changes in the country which leads to individual development.

6. INSTAGRAM MARKETING

As we all know, Instagram has a lot of active users, which can also be used as an opportunity. Many people are self-branding themselves as influencers, which helps them to generate an audience and interact with them. Learn more about the popular instagram niches, so you can start your very own influencer account.

In summary, life will change after the pandemic ends, and we have to cope up with it. We all have to adapt to it to survive. Be sure to use protective measures to safeguard yourselves from the novel Coronavirus. Have something to share? Use the comment box to share your views. Visit this link to check the latest statistics about COVID-19.

2 thoughts on “Changes in Business after COVID-19”

  1. CA Disha Agrawal

    Great keep going 👍.
    Try to limit use of small paragraphs of 1/2 sentences unless it’s very much relevant to highlight as a separate content.
    Merge them with other ones and you are good to go.

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