Identify a business (small/medium/large/proprietary/partnership/family/listed etc) that
provides goods and/or services of any kind (FMCG, Education, Hospitality etc) and was
impacted during 2019-20 or 2020-21 (any one year) due to Covid Pandemic. Identify and
list the business challenges it faced (atleast three) and explain how the business managed
the following three risks; Financial risk, Operational risk & Human Resource risk during
the above-mentioned period. What strategies & initiatives did it deploy to address and
overcome these three risks and survive/grow during the period (Answering that the
business shut down is not an option). Connect and talk to people among your family /
friends / neighborhood / your company / employer etc
Here I will examine about a little privately-run company (garments and footwear) of my dear companion that has in excess of 50 stores the nation over. Before Coronavirus emergency the firm was creating an attractive benefits and developing with over 25%. However, during the Coronavirus emergency his organization was influenced most noticeably awful on the grounds that during the Coronavirus emergency the retail area was most influenced segment in view of lock-down and rules with respect to the social removing. During the Coronavirus the customer conduct has changed significantly the deals and deals income to retail business fallen drastically.
Here, I will examine more than 3 significant dangers (Monetary danger, Functional danger and Human Asset hazard) during the previously mentioned period.
During the Coronavirus deals and deals income fallen quickly and productivity of his organizations declined and the firm confronted an immense danger. Because of negative income and immense misfortunes the firm dealt with the issue of a major liquidity emergency. Due absence of assets the firm couldn't change itself as indicated by the current circumstance and request of market. Here the firm should terminate some ineffective as well as additional workers under the expense slicing technique and attempt to deal its items through internet based stages (like, individual site or Web based business firms).
Because of lock-down and social removing, it was unrealistic to work the business from office and because of a little firm with semi and untalented representatives it was hard to work the business from home. An absence of innovation was likewise a major test to embracing the technique of telecommuting. Here firm should restrict with an IT firm and take on required innovation and prepared its workers.
Human Asset hazard:
During the emergency, the shopper conduct and methods of working together have changed drastically. it was truly challenging to change the business procedure for a firm with semi and incompetent representatives. It was additionally hard to pay significant expense workers because of liquidity emergency. Along these lines, Here the firm should terminate some ineffective and additionally additional representatives under the expense cutting procedure and prepared its latent capacity and persevering workers.