Landscape of Business Environment in Second Half of 2020

Value Growth AuditManagement

Sep 29, 2020 (26 days and 3 hours ago)

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COVID-19 has changed the dynamics of the business environment. The new financial year, 20-21, hasn’t received a great start with its whole first quarter being in the lockdown.

Landscape of
Business
Environment in
Second Half of
2020

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01

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COVID
-
19

has

changed

the

dynamics

of

the

business

environment
.

The

new

financial

year,

20
-
21
,

hasn’t

received

a

great

start

with

its

whole

first

quarter

being

in

the

lockdown
.

We,

Value

Growth

Audit

(VGA),

understand

our

responsibility

as

management

consultancy

providers

and

are

sharing

this

blog

for

highlighting

the

business

environment

in

the

second

half

of

2020
.


Firstly,

This

situation

demands

confidence,

high

mental

strength,

and

a

bold

approach
.

Every

company

has

taken

the

hit

in

some

or

the

other

way
.

Different

industries

have

different

issues

like

over
-
excess

demand,

shut

production,

delay

of

business,

or

no

future

demand

for

an

extended

period
.

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Understanding And Tips
From This Projections

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New Safety Measures

With the ‘Unlock’ phase, the Indian government has provided specific guidelines for corporate and businesses to
resume their operations safely and securely. The management needs to make sure that the guidelines are being well
complied with, within their premises. The guidelines include necessary points on distancing, sanitizing, and other
health concerns, and with the time and situation, the guidelines will change too. This factor is also among the critical
concerns for people visiting the company premises (like suppliers, consumers, clients, and more). The HR department
needs to be well aware of all such policies and necessary updates by the government.

A Cooperative Support

Supplier, the company, and customers are always in cyclic and continuous bonds. Currently, suppliers and raw
material providers either have a good amount of old stock or no stock at all. So, there’s a shortage of raw materials for
companies. At the same time, the company also needs to manage its previous payments, and if the new stock is being
purchased due to market pressure, suppliers need early payment as well. The consumer end might show a rise in
demand after some time, but in various industries, consumers also demand a credit period.

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Changing Consumer
Expectations

Lockdown has surely remodeled the way a consumer perceives satisfaction, experience, and their own consumption
pattern. The businesses need to be prepared with innovative solutions in response to altered consumer expectations.
The digitalized and automated services are in high demand. But companies need to manage them in a way that
consumers receive a highly effective experience, and companies can perform efficiently and profitably.

Employee Security And
Satisfaction

With all the news of economic slowdown, every employee might have a fear of getting dismissed in the back of their
mind. This will highly affect their productivity and motivation, so the HR department has to ensure that the employees
are secured and carry on with their work as before. The other dilemma here is that many small and medium
enterprises in India aren’t accustomed to working from home or digitalized working methods.

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Assessing Different
Business Functions

A business has several different functions, but since the lockdown, many enterprises have emphasized the marketing
or the HR department only. With the unlocking phase, companies shall focus on the production department and sales
department too.