From independent businesses to corporations, Covid-19 shook the ground beneath most industries. Covid-19 shifted the meaning of growth in global activity, expansion, and business development. Corporations suffered from lack of collaboration and activity between companies, in turn decreasing sales, marketing, and distribution. Entrepreneurs found themselves with little flexibility and less economic mobility.
In response to the pandemic, mass layoffs and closures have occurred among businesses big and small. Risk of the virus spreading put companies into fight or flight mode, leaving them unable to sustain themselves, much less all their employees. Changes had to be made for the worse, and employers were forced to halt business collaborations, transactions, and most of all, begin firing more than hiring. Business development was at an all-time low, where constant fear kept individuals working from home and meetings turned into zoom sessions.
Latin America specifically was put into, for lack of a better word, an economic crisis. Following the closure of hundreds of factories, ports, and distribution facilities, interruptions in consumer behavior, supply chains, and commodity prices have drastically fallen. The pandemic halted business production and limited possibilities for economic development to new heights. Industries in and around Latin America have had to create new strategies and methods for development to regain economic stability.
Latin America and the Caribbean have specifically faced larger trade-offs in allocating economic resources due to Covid’s impact. Large-scale responses will need to be made to mitigate difficult business conditions in the upcoming months as the economy attempts to normalize. On the other hand, these unprecedented times could potentially present unique opportunities for investment within such economies. As much as these regions suffered economic contraction in the beginning months of Covid, they are expected to recover this year.
As me move towards a new “normal”, entrepreneurs and businesses will need to create new methods for business development, and global efforts to return to normal may take time. Seemingly, for LATAM to regain its strength and move towards economic growth, stakeholders, and investors will need to take bold and unprecedented action. The LATAM region will need mentors who can lead teams towards top-down decision making, leveraging from new forms of technology to be one step ahead.
For successful advancement towards a strong economic output, leaders will need to adopt new ways of performance and value chain transformation. Moving out of this pandemic, Latin America and surrounding regions could especially benefit from the implementation of good policies and a democratization of entrepreneurship through new business ventures. Securing the well-being of citizens and employees, businesses could begin to thrive in new ways with a focus on employee satisfaction through communication and organizational restructuring.