Starting a business can be both exciting and overwhelming, especially for first-time entrepreneurs. That said, it is common for first-time entrepreneurs to overlook certain aspects of business operations, leading to unwanted consequences for their business.
Business in the Philippines
The scope of the COVID-19 crisis caught us all by surprise. The impact has been felt by workers in companies of all sizes, in all industries. Globally, an estimated 300 million full-time jobs have been lost since COVID-19 struck.
Following the declaration of community quarantine and travel restrictions, the Philippine government eased the mode of application for local and foreign entrepreneurs seeking to set up a business in the Philippines during the COVID-19 pandemic.
The Philippines is known as one of the fastest-growing economies in the ASEAN region, which attracts foreign investors and workers to come into the country to expand their skills and their businesses.
Many businesses struggle as the COVID-19 pandemic persists, pushing them to realign their strategies to mitigate the pandemic’s adverse effects, while others are forced to close for the foreseeable future.
The ongoing COVID-19 pandemic has forced many businesses to adopt work from home arrangements on a wide scale. Since the crisis began, the percentage of remote workers doubled, from 31% to 62%.
Business in the Philippines has remained strong and resilient over the years, making the country one of the fastest-growing economies in the ASEAN region.
The COVID-19 pandemic has taken a huge toll on companies of varied sizes in the Philippines. The struggle of remaining afloat and managing cashflows is now of utmost importance to battle the pandemic’s crippling effects.
For years, the business world has never faced a challenge of this intensity. COVID-19 has disrupted virtually every industry across the globe. In addition to the tragic human cost, the United Nations estimates the pandemic will cost the world economy US$1 trillion in 2020.
Every manager wants an enthusiastic and engaged workforce. Not only are motivated employees easier to lead, they also have higher levels of productivity and profitability. But how do you lead and motivate your staff in the middle of a global pandemic?