AZ Digitals Blog

In an extreme situation of a pandemic or a catastrophe, it’s the Govt. that should play an active part. Responsibly holding the citizens in such situations is the sole duty of a country. Significantly, it increases the responsibilities by two times or three times. However, the economic circumstances of a country are quite a significant factor. This is especially in determining how far a country can give support to the citizens. The Govt. of Canada has similarly played its responsible role in combatting issues that have arisen because of the pandemic ‘COVID-19’. SMEs, that are launched recently in the business world need to be stopped from dissolving via loans.

Hence, the policies announced by the Prime Minister, Justin shall be very helpful. Companies getting dissolved can also be a probability in an unpredictable situation or chaos. In addition to this, going bankrupt due to the current financial crisis. Hence, the provision of recovery loans by the Govt. is a facility for SME’s that can give them rapid stability.

Bankruptcy is a financial situation where an individual or business is undergoing heavy losses. They are unable to pay salaries to their employees. Furthermore, not in a situation to undergo an extreme financial crisis. Under such circumstances the Govt. declares the business and the business owner as bankrupt.

Hence, the role of the Govt. is to control bankruptcies. The current disturbance has a great tendency for bankruptcies to rise alarmingly. The current pandemic is an example as many small businesses can’t avoid situations of financial disturbances and panic.

RECOVERY THROUGH LOANS- FOR UPTO $40K:

A recovery process can take time due to business shutdowns for days. Adding insult to injuries there is a complete lockdown as well due to ‘COVID-19’. The respectable Prime Minister of Canada, Justin Trudeau has announced policies and reforms for SMEs i.e. small and medium-sized businesses. These are the announcement of loans from the financial crown courts. Especially to businesses that have been affected by the effects of Coronavirus. Such businesses can apply for loans up to a maximum of $40K variable. Hence, depending on the losses that they have incurred and the outcome of the losses. Mr. Justin particularly mentioned in his speech with emphasis. He said that the Govt. is particularly aware of the challenges and we are announcing a loan recovery scheme. This shall be 1-year interest-free loans for up to an amount of a maximum of $40K.

A substantial step in helping the SMEs in recovering from the crisis situation and making things stable for themselves. A recovery process through loans is a designed process by the Govt. to show the value of the business sector. Businesses, mainly talking about SMEs, while earning money are regular taxpayers.

Furthermore, they hold responsibility for the payrolls of many people. Businesses in Canada are mostly insured with business insurance, which means a business can claim insurance if at risk. They can also claim their money from Insurance companies if they are undergoing constant financial losses due to reasons they are not responsible for.

PM JUSTIN TRUDEAU’S KEY POLICY REFORMS FOR SME’s:

Prime Minister Justin has also announced some reforms in GST and HST Payments. He said that GST and HST in addition to the duties and taxes that are owed on imports shall be deferred until June this year. This means SMEs with imports and exports as part of their businesses can relax for a few more months at least. All these taxes and duties sum up to $30 billion in interest-free loans to small and medium-sized enterprises. Surprisingly, this is also a huge amount dedicated to the recovery process from ‘COVID-19’.

A financial recovery holds huge priorities for PM Justin Trudeau and the Canadian Govt. and the majority of policies are aimed to help the business sector especially SMEs.

MANAGING STABILITY- THE ROLE OF GOVT.:

While managing an unstable condition, the Govt. has to take care of many different conditions that can arise due to COVID-19. As it is a pandemic that has globally affected many countries especially the USA, China, and Italy that are key economies in the world. In such a situation the Canadian govt. has introduced dynamic change management policies for especially SMEs.

Managing through loans means businesses can continue as normal and manage the loan premium from their savings on a monthly basis. This can also be wiped off for up to $10K, which means the business will not be a defaulter if they are unable to pay the Govt. for loans up to $10K. However, in this regard as well the Canadian Govt. shall need to be convinced through legalities and proof of consistent losses. Canada has played its role in COVID-19 for the people as far as they can to bring stability. The Canadian Govt. is financially strong enough to feed its people in situations of pandemics and natural disasters.

WHAT’S AN INTEREST-FREE PERIOD?

In financial periods and interest terms, an interest-free period is a period where the return of the loan can be without any extra charges or interest. In the case of the current recovery loan period, its 1 year. This means for a period of 1 year the business can return the loan full amount without any extra premium or interest.

Normally, the businesses can only payback if they have recovered from the losses and are earning good money to pay back their loans. The main aim of the Govt. of Canada is recovery instead of businesses paying back, as that is something that’s not the primary concern.

A pandemic or a disease e.g. COVID-19 is a huge cause of bringing mental health issues, negative thoughts, and highly disturbs the emotional settings related to an employee’s working hours 9-5 daily. A situation that has occurred in the whole world. It has caused lock-downs while impacting the financial sector as well. Highly affecting many businesses as it has caused business losses and other failures in service deliverables. This also includes businessmen and self-employed people hence causing huge stress issues due to the pandemic COVID-19.

The negative aspects associated with prolonged isolation of COVID-19 has become a great cause of mental health issues, anxiety, and an increase in stress levels. Corporate workers following strict work routines don’t like being stuck at home. This is initially because they have associations that are deeply linked with colleagues at the workplace. It can literally get very hard to cope-up with such issues. However, the best thing is to have a higher focus on your work from home targets. Keep your focus high and bright as it is vitally important to achieving success irrespective of the global scenarios.

According to Dr. Hans Kluge, WHO’s regional director for Europe the Physical distancing and isolation measures are a challenging scenario. This is especially because we are lacking what we love to do and who we want to be with every day. Everyone has immunity with the routine and everyone loves tackling the daily career challenges.

UNIQUE CHALLENGES OF WORKING FROM HOME:

Work from home or working remotely in COVID-19 has some unique challenges attached to it apart from mental health problems. Linked up with personal development plans as well as career goals. It is a blessing at the same time it has some unique challenges. It is seen as a dream set-up, especially for people who love their home environment. This is especially for those who have higher levels of attachments from home and have good experience of working remotely. Teamwork & dedication issues are amongst the challenges associated with remote working. These are apart from the many positives that work from home possess.

Cutting out totally from your workplace can be a cause of many motivational and mental health problems. You can have remote meetings via digital media tools and applications. However, still, you shall be lagging behind in teamwork and mutual collaborations. Teamwork and working together for shared goals are also very effective remotely. However, it is at its best when people work together in-house and they have one common agenda. Empowering your goals and taking work ownership is better and easier when you work in-house rather than work remotely.

Another disadvantage or a challenge of working from home is that people can witness varying situations and different scenarios. Along with the work assignments, the domestic tasks can become bound to attend for the corporate workers. This scenario makes it a bit mixed-up i.e. blending of both home and work life will lead to longer hours of working from home. Hence, this can affect your other habits and essentials and your routine job tasks as well.

Giving priority to work while working remotely as well is highly important. Hence, mental health issues can be avoided through a focused approach.

MANAGING STRESS WHILE WORKING FROM HOME:

Managing stress while working from home can be easier depends on the number of people living with you. It can also be good to avoid mental health issues strategically. If you live alone you will be having no social interactions at all and at home as well it will be the same scenario. You will have to manage stress by watching movies, television, your favourite sports, or listening to your favourite music. Relaxing is important while working from home so that you can have an eye on your targets and vision for accomplishing them. While working it’s important to take regular breaks, have a cup of tea, do some regular exercises. Physical activity will always keep you charged and motivated for the future goals.

What’s important for you while working from home is to isolate yourself for your work only. Just stay away from family quarrels, don’t give time to your kids only when you are free. Furthermore, make sure that you enjoy your workspace and your work station while you are busy at work.

According to a work from the home specialist, you have to be open enough with your plans, especially with your team. You should have clear boundaries and you have to be open to flexibility. Be moral support for your colleague remotely, or share your plans regards to work. This is the best way to handle mental health issues during a pandemic.

Keeping in mind the precautions needed to stay away from the pandemic. COVID-19 has turned out to be one of the rarest pandemics in history. However, what’s more, necessary is that you have the mental well-being to encounter the pandemic. Social distancing and isolation is not the only answer, there are many more solutions attached to the disease.

Coronavirus or COVID-19, in addition to the technology of digitalization, has been the cause of re-shaping the business-tech environment. Employee health and safety is a top priority. Hence, it’s the responsibility of the digital world & leaders to have a consideration regarding the continuity. Also, including the scale, and scope of their digital operations. This is primarily important in the most unfamiliar trading conditions.

Obviously, we can’t ignore the devastations that COVID-19 has been the cause of. However, what’s more, important is that we don’t lose sight of the digitalization & digital business opportunities emerging right now in the tech world.

1. INCREASE IN DATA ENABLED HEALTH CARE INITIATIVES:

As the consumer focus has increased testing is mandatory and the order of the day. The main key reason is safety and people’s well-being. Hence, testing is prescribed more commonly by healthcare organizations. Furthermore, individuals do it for their own necessity and peace of mind. In addition to this, also the consumers who are opting to use private companies. Ironically, so that they can test themselves for different medical conditions. Hence, with the right privacy limits in place, AI & tech specialists are developing useful solutions. These will help reduce the risk of contagion. Hence, also relieve the anxiety of the consumers and provide them reassurance to survive in these tough times. The increase in data-enabled health care initiatives means a lot as health care is the primary objective these days. The scenario will definitely increase as awareness for pandemics has risen as well as digitalization.

COVID-19, the recent pandemic has definitely changed the way people are working these days. Significantly, as it has forced people to change their work behaviour. This is in particular with the way businesses conduct travel, tech and remote working.     

2. A REPLACEMENT IN PRODUCT-FOCUSED OPERATIONS BY DIGITAL BUSINESS MODELS:

The digital business models shall be the new replacement instead of product-focused operations. Because of the pandemic COVID-19, there has been pressure on the supply chains of big companies. These include Best Buy, Wayfair, Nike and Gap, all MNCs and huge companies. All these will start to build resilience in their businesses by complimenting the product-focused models. This will also include the diversification of the businesses from their core offer. Mainly, to sell data and AI assets to third parties. The huge supermarkets that also includes the US Grocery and supermarket chain Walmart. They sell point-of-sales data to the brands i.e. P&G and Unilever ensuring adequate stock of the product in their warehouses. Also ensuring the availability of the product in grocery stores.

The strategy is to accelerate the process of digitalization in B2B or Business to Business more quickly and rapidly. This is because the pressure on businesses is urgent. The urgency is to find smartness in tech and quick ways of slashing costs and monetize the existing assets.

3. THE E-COMMERCE SHALL EXPERIENCE A RENAISSANCE AFTER THE PANDEMIC:

 The self-isolation due to the pandemic has resulted in a guaranteed use of e-commerce to a higher extent. In other words, it has been the cause of an increase in the pace of digitalization. Normally the customers who prefer going to the stores are buying products online using the tech. Especially, the tinned food, pasta, health and sanitary products. This use of e-commerce will become permanent and is expected to rise if the people‘s behaviour doesn’t change. Hence, increasingly there are replacement in-shop visits than online sales.

The pandemic is a significant cause of this in current times. However, still in normal days, the trends have shown a rise in the number of people preferring to buy online. We use the term ‘renaissance’ because of the logistics platforms like Bringoz. These are the ones revamping their concepts to match the new market circumstances & trends. They are doing this by enabling the retailers to scale the home delivery fast. In other words fast and immediate action once the order has been placed.

4. AN INCREASE IN VALUATION OF DIGITAL & ENTERTAINMENT TOOLS:

The increase in the valuation of digital and entertainment tools is due to the rise in usage. Hence, the usage has increased with the changing market trends and behaviours. The increase and promotion in remote working have increased the use of Microsoft Team, Google Hangouts and Zoom. The usage of Zoom only has increased by 50%. This is huge, due to an increase in its share price since the start of the year.

Something more interesting is the AR and VR experiences i.e. instead of visits to concerts, museums and events. The consumers are preferring to stay in the comfort of their homes and enjoying similar usage. Hence, they are doing this by the use of virtual technology and AI. Preferences are given to social media, gaming, news, video streaming and books or e-books instead of face to face socializing. Hence, many ways to relieve boredom are available rather than socializing and mingling in public gatherings.

In this age, it is highly important for companies and businesses to create and maintain a highly strong digital culture. The winning culture is a source of trust in people. Obviously, this is what people are looking more apart from remote work culture. This culture includes caring for others, transparency in working styles and continuous learning.

However, a good nurturing in these key values during the times of COVID-19. Therefore, it will definitely ensure that firms are able to retain digital talent. The aim is to get things done and continue to thrive.