Global pandemics are not a new phenomenon and their occurrence tends to be once in so many years (about 100 years), depending on your age, and location, many of us have never experienced them. There is an inevitability of a subsequent pandemic occurring in the future (Next 100 years), But the point must be that just like every other pandemic, this will definitely go away but the onus right now is to survive the pandemic. Pandemics always have a direct impact on biological, psychological and economic dimensions. For Covid-19, the biological impact – toll on lives, initially on the elderly, though less discriminatory now, the psychological impact – Anxiety and uncertainty, Low morale and increased isolation as human contact and freedom to travel are getting heavily restricted, the economic impact – loss of jobs, slowdown in the general economy, lack of access to loans, default on existing loans, potential recession and possibility of negative growth in GDP’s of major economies.
What’s a post Covid19 going to look like?
There will be a lot more conscious self-isolation and social distancing, increased observance of basic hygiene, some firms might prefer to lockdown and avoid physical contact between staff. A lot of work will be done remotely from home (Infect the Coe of Twitter has informed some of his staff to henceforth work from home for life). Most families will only go out for essential services. Governments will try to enforce zero policies to public gathering for banks, churches, schools, universities, colleges and places that attract large gatherings.
The entertainment and hospitality sector will be the hardest hit, we expect closure of all entertainment spots from hotels to local hangout joints, outdoor dining, etc. and there will be new standards to health care practices.
How to cope in a Post Covid 19 world
- Focus on your mental wellbeing. This is a period of uncertainty and so a lot of doubts, change in plans and anticipated events might not occur, it’s important that we take personal responsibilities for our mental wellbeing throughout this period and beyond. Stay connected to positive vibes and keep positive associations.
- Focus on your Health and Physical shape. It’s important to keep fit at this period. This is a period for everybody to exercise regularly, eat healthy and avoid an unhealthy lifestyle (It’s always expensive anyways).
- Spend more Time with Loved ones. In a period filled with lots of uncertainty, it’s important to stay connected with family and friends, check up on friends and periodically give a word of encouragement.
- Cash is King. It’s recommended that we focus on our needs during this period rather than on our wants. Let the important things be priority. Avoiding unnecessary experiences will go a long way in both the short term and the long term. Make serious adjustments to your lifestyle and spending habits.
. Technology and Digital is the new bride. Organizations business models will change as there will be forced digitalization of organizations processes and every organization will want to migrate their key processes online. Increase in Online activities of our Religious denominations, online work, online meeting and Shifting to an online marketplace etc. will be the new order of the day.
Possible Business ventures that will emerge stronger in these times.
Pickup and Delivery
Online education app
Sanitizers and Disinfectants production
Online entertainment- songs
Development of collaborative technological tools
Disaster and Emergency Consultancy – a new normal in HSE
Industrial Cleaning and Laundry
Business Process re-engineering
Cloud Computing and services
Jonathan Ikeolumba, ACCA is a tutor at Ivy League specializing on teaching ACCA papers with a commercial focus.