Question 2: If you are the owner of the business what is your reaction with the
sudden change of economic activity?
In the wake of Covid-19 pandemic and its continuing impact to businesses, it
is important as business owner to secure my business first. I need to support my employees, address the disruption in the supply chain, and most importantly to adapt to the “new normal”. The pandemic made a sudden change in the economic activity, which created a demand for contactless buying and selling. I will look for an opportunity to expand my business using technology and embrace digitalization as part of customer’s lifestyle. In this way, I can also secure the threat of plummeting sales and increasing cost to operate a business. It is important for a business to become flexible so by shifting my workforce into a remote one, my business can run smoother without compromising the health of my workers.
According to Accenture.com, reopening the business is an opportunity to
reinvent it. Investing in digital, creating e-commerce, and agile operations and automation are some ways to transform the business. In this way, business owners can turn this challenge into a meaningful change. For business to cope up during the pandemic, Saxena writes that it is important for businesses to implement flexible working arrangement plans. Use of technology can also be used for more efficient communication and real-time collaboration. This is also to ensure than human to human contact will be minimized and transmission will be prevented. Creating disaster preparedness policy is also important amidst this crisis according to Borzykowski. Most business are unprepared for a crisis of this massive scale. The pandemic serves as a reminder the need for this. A crisis plan will serve as a guideline encompassing the overall operation of the business, the conduct they should abide, and the need for financing, among others.
References:
Coronavirus (COVID-19) Business Impact. (n.d.). June 29, 2020,
https://www.accenture.com/us-en/about/company/coronavirus-business-economic-impact Saxena, A. (2020, February 20). Coronavirus Outbreak: Best Business Practices to Implement Right Now. June 29, 2020, https://www.entrepreneur.com/article/345759 Bborzyko. (2020, March 24). How to protect your small business in the midst of the coronavirus outbreak. June 29, 2020, https://www.cnbc.com/2020/03/09/how-to-protect-your-business-in-the-midst-of-the- coronavirus- outbreak.html
5Ordinarily, we don’t expect perfectly good airplanes to fall out of the sky for no reason. When it happens, and it turns out that the reason was carelessness or a failure to act reasonably, then the tort of negligence may apply. All persons, as established by state tort law, have the duty to act reasonably and to exercise a reasonable amount of care in their dealings and interactions with others. Breach of that duty, which causes injury, is negligence. Negligence is distinguished from intentional torts because there is a lack of intent to cause harm. If a pilot intentionally crashed an airplane and harmed others, for example, the tort committed may be assault or battery. When there is no intent to harm, then negligence may nonetheless apply and hold the pilot or the airline liable, for being careless or failure to exercise due care.
4Ordinarily, we don’t expect perfectly good airplanes to fall out of the sky for no reason. When it happens, and it turns out that the reason was carelessness or a failure to act reasonably, then the tort of negligence may apply. All persons, as established by state tort law, have the duty to act reasonably and to exercise a reasonable amount of care in their dealings and interactions with others. Breach of that duty, which causes injury, is negligence. Negligence is distinguished from intentional torts because there is a lack of intent to cause harm. If a pilot intentionally crashed an airplane and harmed others, for example, the tort committed may be assault or battery. When there is no intent to harm, then negligence may nonetheless apply and hold the pilot or the airline liable, for being careless or failure to exercise due care.
2One of the largest oil companies in the world, Halliburton has been accused of a number of grave offenses. These include doing business with countries with which the US government has banned trade relations, overcharging the US army for supplies during the Iraq War in 2003, mismanaging waste, sexual assault, and exposing employees to hazardous chemicals. The internet, and particularly social media, have given consumers a greater voice. Many people are choosing to speak out about what they consider to be unethical business practices. This can cause severe damage to a company’s image and damage brand loyalty. Consumers also understand that money speaks — that they have the purchasing power to buy from businesses they consider ethical.
3One of the largest oil companies in the world, Halliburton has been accused of a number of grave offenses. These include doing business with countries with which the US government has banned trade relations, overcharging the US army for supplies during the Iraq War in 2003, mismanaging waste, sexual assault, and exposing employees to hazardous chemicals. The internet, and particularly social media, have given consumers a greater voice. Many people are choosing to speak out about what they consider to be unethical business practices. This can cause severe damage to a company’s image and damage brand loyalty. Consumers also understand that money speaks — that they have the purchasing power to buy from businesses they consider ethical.