When the COVID-19 pandemic swept the globe in 2020, we saw a worldwide economic slowdown. Thousands of businesses had to close their doors forever, including iconic landmarks. Plastic surgeon Dr. Ary Krau shares his thoughts on the financial consequences of this devastating event.
Dr. Ary Krau was able to operate online, with only a handful of people going into the clinic every day. The ones that did were able to maintain the recommended measures for social distancing, and due to the nature of the company, they don’t have interact with the public to begin with. As a result of this, combined with many employees working from home, he was able to keep the company running at full capacity.
Dr. Ary Krau is the first to admit that he was very fortunate in this sense. Other industries like restaurants, bars, non-essential stores, and the hospitality sector all suffered dreadfully. He was impressed to see these fields come up with innovative ideas to weather the pandemic and stay afloat. He credits restaurants as being particularly savvy, as they adapted their services to catering and takeout. Businesses that had been on the cusp of telecommuting had to make the plunge, but it turned out to be a successful decision for most.
While Dr. Ary Krau acknowledges the damage COVID-19 has left behind, he also sees the pandemic as a new opportunity for some companies. Employees working from home means reduced overhead and little to no risk of bringing the virus into the workplace. Less vehicles on the road have yielded less pollution and better air quality. The pandemic has prompted the need for critical thinking, decision-making skills, and overall innovation.
However, it has also brought the world’s economies to a screeching halt with a staggering loss of approximately $11.7 trillion. As companies have had to radically adjust their business models to survive, Dr. Ary Krau hopes they will continue this innovation to thrive in the post-COVID economy.
