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    WRITTEN REPORT: Risks Encountered by A Business Company Amidst The Pandemic

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    Trexy Na
    The document discusses the risks encountered by businesses during the COVID-19 pandemic. It notes that the pandemic has significantly impacted how businesses operate across industries by forcing lockdowns and travel restrictions globally. This has led to the shutdown of many businesses, especially those relying on in-person interaction in sectors like hospitality, tourism, and services. Specifically for the aviation industry, carriers have been hit hard and AirAsia Philippines has had to lay off 260 employees, or 12% of its workforce, as it feels the pandemic's impact on costs. The document outlines economic risk and operational risk as two major risks faced by service businesses during the pandemic, noting the importance of contingency planning and training to mitigate these risks.

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    WRITTEN REPORT: Risks Encountered by A Business Company Amidst The Pandemic

    Uploaded by

    Trexy Na
    36 views2 pages
    The document discusses the risks encountered by businesses during the COVID-19 pandemic. It notes that the pandemic has significantly impacted how businesses operate across industries by forcing lockdowns and travel restrictions globally. This has led to the shutdown of many businesses, especially those relying on in-person interaction in sectors like hospitality, tourism, and services. Specifically for the aviation industry, carriers have been hit hard and AirAsia Philippines has had to lay off 260 employees, or 12% of its workforce, as it feels the pandemic's impact on costs. The document outlines economic risk and operational risk as two major risks faced by service businesses during the pandemic, noting the importance of contingency planning and training to mitigate these risks.

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    The document discusses the risks encountered by businesses during the COVID-19 pandemic. It notes that the pandemic has significantly impacted how businesses operate across industries by forcing lockdowns and travel restrictions globally. This has led to the shutdown of many businesses, especially those relying on in-person interaction in sectors like hospitality, tourism, and services. Specifically for the aviation industry, carriers have been hit hard and AirAsia Philippines has had to lay off 260 employees, or 12% of its workforce, as it feels the pandemic's impact on costs. The document outlines economic risk and operational risk as two major risks faced by service businesses during the pandemic, noting the importance of contingency planning and training to mitigate these risks.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    36 views2 pages

    WRITTEN REPORT: Risks Encountered by A Business Company Amidst The Pandemic

    Uploaded by

    Trexy Na
    The document discusses the risks encountered by businesses during the COVID-19 pandemic. It notes that the pandemic has significantly impacted how businesses operate across industries by forcing lockdowns and travel restrictions globally. This has led to the shutdown of many businesses, especially those relying on in-person interaction in sectors like hospitality, tourism, and services. Specifically for the aviation industry, carriers have been hit hard and AirAsia Philippines has had to lay off 260 employees, or 12% of its workforce, as it feels the pandemic's impact on costs. The document outlines economic risk and operational risk as two major risks faced by service businesses during the pandemic, noting the importance of contingency planning and training to mitigate these risks.

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    WRITTEN REPORT: Risks encountered by a business company amidst the pandemic

    The World Health Organization has declared the coronavirus, or COVID-19, a pandemic.
    This kind of virus continues to evolve. The consequences of the coronavirus disease outbreak are
    exceptional and felt around the world. This pandemic is affecting the health of the public, and
    it’s also impacting the economy. According to Google, “since the first week of February, search
    interest in coronavirus increased by +260% globally.” While spikes in search trends are common
    during events of this scale, there have also been surges in traffic for related products and topics
    as a direct response to the pandemic. The pandemic is heavily affecting labor markets,
    economies and enterprises, including global supply chains, leading to widespread business
    disruptions. In addition to the threat to public health, the economic and social disruption
    threatens the long-term livelihoods and wellbeing of millions. All the major industries of the
    world are currently dealing with the devastating effects of COVID-19. Manufacturing, marketing
    and service business in 2020 has seen shifts in the way businesses and organizations operate in
    the wake of the deadly virus. It’s not an understatement to say that the pandemic has
    significantly impacted the way businesses and organizations operate across various industries.
    However, The ILO and its constituents – Governments, workers and employers – will play a
    crucial role in combating the outbreak, ensuring the safety of individuals and the sustainability of
    businesses and jobs.

    The offer to contain the spread of the coronavirus disease has led to lockdowns and travel
    restrictions across countries globally. The lockdown directives have led to the shutdown of many
    businesses, especially those that cannot be performed from homes. Only businesses proffering
    essential services have been exempted from the lockdown directive; hence, the nation’s economy
    is adversely affected. One of the types of business that are mostly affected by the pandemic is in
    the service business. With the humanitarian crisis from coronavirus evolving on a daily basis,
    businesses are grappling with how to continue serving their customers and communities around
    the world. The task is uniquely challenging for industries that rely heavily on in-person
    interaction, including a wide swath of sectors from banking and insurance to hospitality,
    telecommunications, tourism, and industrial services. Physical distancing, reduction of
    nonessential operations, and limited contact are fundamental in protecting human health and
    raise fundamental challenges about how these organizations can continue to reach customers and
    meet their expectations. The aviation industry has been hit hard by the COVID-19 pandemic.
    AirAsia Philippines is not exemption to this. “Despite all our efforts to curb the effects of
    pandemic, AirAsia has made the difficult decision of reducing the company’s workforce,” the
    company said in a statement. Budget carrier AirAsia Philippines is laying off hundreds of
    workers by the end of this month as the COVID-19 pandemic is forcing the airline industry to
    shift to survival mode. The Inquirer learned that AirAsia Philippines, part of Malaysia-based
    AirAsia Group, has decided to cut its workforce by 12 percent. This will translate to about 260
    jobs out of its 2,200-strong workforce. A company source with direct knowledge of the matter
    said the layoffs will be “across the board” and will include administrative staffers and cabin crew
    members. It follows earlier efforts by AirAsia Philippines to cut costs as it started feeling the
    impact of the pandemic in the first quarter of 2020. The aviation industry is one of the hardest hit
    sectors in the continuing pandemic. Carriers are now rolling out new safety protocols and more
    stringent hygiene rules to win back flyers. Considerable challenges remain ahead, starting with
    unknown duration of the pandemic and travel restriction, in context of global economic
    recession. Countries around the world are implementing a wide range of measures to mitigate the
    impact of COVID-19 outbreak and to stimulate the recovery of the tourism and aviation sector.

    Building a business takes work and risks. But some risks are more dangerous than others.
    Running a business takes hard work, which can reap the rewards of customers, revenue and
    satisfaction. While success is the ultimate goal, business risk may stop from achieving the set
    goals. So here are the risks encountered by service business company amidst the pandemic:
    economic risk – the economy is constantly changing as the markets fluctuate. Some positive
    changes are good for the economy, which lead to booming purchase environments, while
    negative events like pandemic can reduce sales. It's important to watch changes and trends to
    potentially identify and plan for an economic downturn. To counteract economic risk, save as
    much money as possible to maintain a steady cash flow. Also, operate with a lean budget with
    low overhead through all economic cycles as part of your business plan. Operational risk – this
    business risk can happen internally, externally or involve a combination of factors. Something
    could unexpectedly happen like spreading of deadly virus that causes you to lose business
    continuity. That unexpected event could be a natural disaster or fire that damages or destroys
    your physical business. Or, it might involve a server outage caused by technical problems,
    people, or power cut. Many operational risks are also people-related. An employee might make
    mistakes that cost time and money. Whether it's a people or process failure, these operational
    risks can adversely impact your business in terms of money, time and reputation. Address each
    of these potential operational risks through training and a business continuity plan. Both tactics
    provide a way to think about what could go wrong and establish a backup system or proactive
    measures to ensure operations aren't affected. So this risk serves as the guide of companies to
    mitigate or overcome the said risks on the business and its stakeholders.

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