A Year in Review: The Good, the Bad, and the Ugly of Business News
As we look back at the year 2020, what a tumultuous year it has been for businesses worldwide. An unforeseen global pandemic has affected industries in every corner of the world, from travel to hospitality, finance to retail. In this article, we’ll take a closer look at the good, the bad, and the ugly of business news over the past year.
The Good:
Amid all the chaos, there were still silver linings. The pandemic has pushed businesses to adapt quickly, discovering new opportunities to thrive in unprecedented circumstances. Online sales and eCommerce sales surged to an all-time high in 2020, with the demand for online shopping skyrocketing as consumers opted for the safer choice of shopping from the comfort of their own homes. Supply chains, which were previously the main inconvenience for many businesses, underwent a comprehensive makeover, ensuring that essential goods and services got delivered in record time, with greater resilience and agility.
Moreover, it’s been a year of reshuffling for many organisations who embraced remote working as a solution to face-to-face communication. As a result, businesses identified new talent pools beyond their typical boundaries and allowed employees to maintain their productivity levels while working from home, reducing overhead costs and resulting in happier, more satisfied employees.
The Bad:
Unfortunately, it hasn’t been a bed of roses for every business. While some sectors saw unprecedented success, others struggled to stay in business. The retail and hospitality sectors were hard hit, with many organisations announcing store closures and redundancies. Airlines, already weighed down with rising fuel prices, also suffered. Eco-friendly travel options like cruises and train travel were put on hold due to travel restrictions and border closures, putting thousands of jobs at risk.
Physical outlets like cinemas, theatres and amusement parks struggled, with highly reduced footfalls, meaning that many had to drop their prices to ensure that their businesses could stay profitable. In India, for instance, the cinema industry took a significant hit, with theatres operating at 30% capacity to prevent the spread of Covid-19.
The Ugly:
The pandemic not only brought out the worst in people but also businesses with dubious business practices. These bloodsucking businesses thrived on the back of the pandemic, advertising false messaging to consumers and engaging in price gouging. There were distressing reports of some businesses smuggling PPE equipment to countries that needed it the most or selling it off to the highest bidder.
Moreover, there were numerous reports of businesses taking advantage of a government’s generous furlough grants, but eventually passing off their employees as redundant. Human exploitation, already a prevalent issue, worsened with laid off workers, forced to work harder for much less, leading to bankruptcies across the board.
Conclusion:
Undoubtedly, 2020 was a year of somewhat mixed successes. While some businesses were able to brave the storm and find unique opportunities, others crumbled. While some businesses shone through these tough times, others resorted to immoral or even illegal business practices. As we enter 2021, every business must evaluate its practices and see if they hold up to its ethical and moral values before embarking on business endeavours that could potentially take advantage of people or situations. With innovation and collaboration, businesses and people can rise above this year’s challenges and come back together stronger.
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