Companies and Businesses: How to Deal with the Pandemic?

Analyzing the economic and financial situation of the company, implementing a resistance plan, identifying what products customers need and what opportunities can be exploited in this context, are some of the tips for businesses in the new and complex reality.

Wednesday, April 1, 2020

In response to the arrival of the covid-19 virus in the region, Central American economies have taken different measures, in scenarios ranging from severe mobility restrictions, as in Guatemala or Honduras, to others that are less strict but equally negative for economic activity, as in Costa Rica.

See "Post-Quarantine Consumption Patterns"

In these scenarios, in which there is still no certainty about how many more months they will be able to extend, companies must apply resistance plans to survive the crisis that is no longer only sanitary, but also economic.

Martesfinanciero reports that companies "... must analyze their economic and financial situation and the sustainability of their employees. Measure how far they are socially sustainable and at the same time enter into a concept called a resistance plan or resilience plan, which is having enough muscle to sustain themselves over time and keep workers, customers, suppliers and operations going and thus survive in this crisis."

The article adds that "... Companies must know that the speed of growth of the economy will no longer be the same: it will be less or zero. The country must focus on producing and supplying basic goods and providing the system with medical equipment. That is the priority."

In order to get out of the crisis, business leaders are advised to ask themselves the following questions:

"-How can I take advantage of this?
-What new products/services do our customers need?
-Will the strategies and tactics used in the past work in the new environment to come?
-How can we use the time given by this reality to redesign our processes and optimize our operations and improve our profitability when we come out of this situation?"


It is expected that when Central American economies begin to recover, as the restriction and quarantine measures that have been taken to prevent the spread of covid-19 are eased, household consumption patterns will have changed significantly, and in some cases those changes will be sustained over the long term.

CentralAmericaData has developed a demand-income sensitivity model that can be used to project the variations in household demand for different goods and services as the most critical phases of the spread of covid-19 are overcome and the measures restricting mobility in the countries of the region are lifted.

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More on this topic

What are Entrepreneurs Asking for in Order to Face the Crisis?

June 2020

Policies focused on credit restructuring, fiscal incentives for the production of essential goods and improving the efficiency of import and export processes are part of the proposals of the Nicaraguan private sector to face the economic and health crisis.

"In recent weeks, the Superior Council of Private Enterprise (Cosep) has been proposing a series of measures to the authorities in response to the unstoppable advance of the pandemic caused by the outbreak of covid-19 and the alarming situation of the health system," the union explained in a statement.

Big Data in times of crisis

April 2020

Measuring sales performance, observing trends and anticipating the impact that the crisis will have on the market in which each company operates has never been more important, and in this context, accurate data management and analysis becomes essential.

"... Twelve years ago, in the midst of the economic downturn in 2008, British Airways (BA) was cutting costs across the organization.

Nicaragua: Consumption Outlook

April 2020

Once the economy begins to return to normal, as the phases of the pandemic are overcome in the country, it is estimated that the demand for meals outside the home will have decreased by 13%.

Using a demand/income sensitivity model developed by CentralAmericaData's Trade Intelligence Unit, variations in demand by Nicaraguan households for different goods and services can be projected as the most critical phases of the spread of covid-19 are overcome and restrictive measures are lifted in the country.

Changes in Lifestyle and the New Commercial Reality

April 2020

Within this context of health emergency, the mobility restriction measures decreed by the governments have forced people to change their consumption habits, a situation that forces companies to look for ways to deliver the products to their customers.

In order to adapt to this new economic reality and derived from the outbreak of covid-19 in Central American countries, companies have been forced to rely on marketing channels that until a few weeks ago were not among the most important in their commercial strategy.

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