The COVID-19 pandemic is an emerging, rapidly evolving situation that requires proactive measures to stop transmission and save lives. The COVID-19 coronavirus pandemic continues to spread around the world. As of April 14, 2020, 210 countries have affected with 1,964,825 confirmed cases and 123,676 confirmed deaths according to WHO. According to the latest research, the number of confirmed COVID-19 cases is growing rapidly worldwide with the number doubling about every six days.

To slow the spread of the infection, several countries have introduced unprecedented measures, at significant social and economic cost. The measures taken include Social distancing, mandated quarantine, telework, telemedicine, closing schools and businesses, cancelling sporting events and asking people to stay home and stay safe. Social distancing is a simple concept that is extremely useful, to slow down the spread of disease. WHO Director-General explains six key actions that should be implemented

  • expand, train and deploy your health care and public health workforce;
  • implement a system to find every suspected case at community level;
  • ramp up the production, capacity and availability of testing;
  • identify, adapt and equip facilities you will use to treat and isolate patients;
  • develop a clear plan and process to quarantine contacts;
  • refocus the whole of government on suppressing and controlling COVID-19.

“These measures are the best way to suppress and stop transmission, so that when restrictions are lifted, the virus doesn’t resurge.” says WHO Director-General. During the past weeks, many people are practicing social distancing to keep themselves and the communities safe. Countries with oldest populations most at risk for high death rates and adverse news flows. Social distancing is extremely necessary, but comes at a great economic cost. Retail sales, and industrial output all rapidly declined. The risk of a global recession in 2020 is extremely high as nations shutdown economic activity to limit the spread of COVID-19.

  • COVID-19 is unique in that it is a supply shock, a demand shock, and also a market shock.
  • As production is curtailed around the world, many firms will not have necessary inputs.
  • A severe demand shock is also underway.

To reduce the risk, slowing its spread and minimizing its impact, we all need to work together to intensify measures. As there is currently no vaccine or specific drug for COVID-19, slowing the rate of infection, or ‘flattening the curve,’ is so important and is possible through collective action – limited travel, isolating suspected cases, personal hygiene and social distancing.

It’s always difficult to go out and do things on your own, during this challenging time. This is where you cannot forget the importance of outsourced services. Outsourcing of business functions such as accounting and book keeping services helps in reducing the hiring and training cost. It’s a popular way to lower operational costs and streamline operations while still handling core functions. Beyond cost reductions, there are many other benefits, which include

  • Focus on core business operations
  • Cost efficiency
  • Maintain operational control
  • Offer staffing flexibility
  • Provide continuity and risk management
  • Reduced overheads

A backup strategy is significant for every organization to stay ahead of the various challenges. Moreover, the prime concern must be to remain secured during this COVID-19 pandemic.