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COST OF DOING BUSINESS TO SEE SIGNIFICANT RISE

Why in news?

As COVID-19 takes its toll on the economy and on human lives, the cost of doing business is set to go up as companies gear up to adhere to new safety and hygiene standards in their daily operations despite likely scaled down business activity and lower earnings.

Why would the Cost of Daily Operations increase?

  • Extra expenditure on PPE for employees and maybe even customers.
  • Lesser number of people workers/customers with the same shop area/workspace will reduce efficacy and income.
  • Companies will be forced to operate at sub-optimal levels due to lack of demand and fewer employees.
  • Businesses may have to redesign services to deliver non-contact service and maintain social distancing norms etc.
  • May have to deploy more manpower to enforce safety and hygiene norms.
  • Airlines and airport operators, other transportation firms will also have to bear extra costs to take on board fewer passengers.
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September 2022
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