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The impact that a pandemic has on individuals psychologically, socially, and financially can be devastating. Understanding past pandemics and their adverse effects on people’s lives, as well as businesses and the economy, can help us learn from these past events.
Businesses and people can survive the pandemic by avoiding making the same mistakes made in the past. Both can also adopt some preventative measures taken in the past and adopt the right attitude.
One example of a global pandemic that had a devastating impact on the economy and people’s lives is the 1918 Spanish flu. Many lessons can be drawn from that pandemic that had severe economic and psychological consequences on both businesses and individuals.
What You Can Learn From Past Pandemics
The importance of containment
During a pandemic, the number one priority for health professionals should be controlling the spread of the epidemic. Everyone in the health sector understands this, and that is why there are containment rules in place.
Rules or instructions given should be obeyed to prevent panic as well as further complications. Staying at home, refraining from certain activities, using certain products, and self-isolating are some of the instructions that the population should follow.
The main reason why most people died from the 1918 Spanish flu is the same reason that may cause more deaths in any other global pandemic. The spread of the virus from person to person in confined spaces or in large gatherings caused many deaths.
This mainly happens because people refuse to avoid large gatherings, and they also refuse to self-quarantine properly.
Business preparation for the impact of the pandemic
The consequences that the Spanish flu had included labor shortages and increased rates of physical disability among other things. Most effects rose from the panic surrounding the virus. The panicking also worsened as businesses were temporarily closed, public gatherings banned, and sporting events canceled. Knowing and preparing for the economic consequences of a pandemic can help minimize the impact that the virus has.
Closing businesses during the period of self-isolation, which normally lasts for 14 days or more, will doubtlessly have a toll on the economy. Nonetheless, preparing in advance for the negative economic and psychological impact will help in recovering more rapidly.
Taking And Implementing Business Advice Helps Keep Your Business Afloat
One major concern that most businesses and freelancers have during a pandemic is how to keep business processes flowing. Fortunately, there are steps that you can take to continue operating your business or even venture into new business ideas. Expert advice can help you retain your sanity and keep your business going in a pandemic. Expert billionaire entrepreneurs are offering their expert advice on social media.
Billionaire entrepreneur Mark Cuban, for example, has given valuable business advice on LinkedIn. You can go ahead and check it out. Mark Cuban provides some of the tips for keeping your professional life going. These include:
- Reaching out to potential clients as well as trying new business ideas.
- If you cannot do the work you did at the office at home, try to find new potential clients or opportunities.
- You can also start perfecting work or working on neglected work as well as unfinished work.
The billionaire entrepreneur also advises that you try out new ideas. For example, begin offering other services apart from the leading service you provide if you can.
Prepare For A Business Continuity Plan
It is so important that a business puts a risk management committee in place. This committee should consist of experts in various fields (IT, security, Human resources, Finance, etc.) and will identify the key personnel and allocate specific tasks. Pandemic planning and coordination must be thoroughly prepared. It must identify the various risk elements which the pandemic will pose against the business. This could include human resource risks, supply chain risks, IT risks, process risks, and economic risks.
Once a business sets up a plan, it must be tested regularly. Staff training and workshops can help make sure that everyone knows their job and responsibilities. The heart of the business would be the IT infrastructure. This should allow staff to work from home while maintaining a secure environment to prevent data breaches or communication downtime.
Unfortunately, many business may not have taken these precautions or were unable to due to size or circumstances. But those who do may have a better chance at surviving the slum after the pandemic.
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