When & how will we recover business from this second COVID wave?
We all know how our country is now reeling under the impact of the second COVID wave, which has unleashed unprecedented disturbance in businesses across all industrial sectors, including the signage & graphics arts segment. But the silver lining is that after the harrowing April that saw the number of positive cases surged to record highs, the month of May has brought a ray of hope as we have witnessed an early decline in new infections in Delhi and Mumbai—two main cities which battled the highest surges, both in the first and second waves.
Regarding the sluggishness in businesses in most of the sectors caused by the second COVID wave, a government source stated that the second wave in the country might have spared economy, but damages caused by it will not be as severe as the first wave. Unlike last year’s three-month complete nationwide lockdown when everything came to a halt and revenue flows touched an all-time low, current situation is little better as everybody somehow gets prepared to handle it. This is how we can recover business from this second COVID wave.
It’s obvious that the current situation is grim. Every business in the market is hit like last time with no exception. However, we faced the first onslaught and survived. We have seen a low, which we should not let go any lower this year. Our ultimate hope is that this second wave should not call for any further readjustment.
Due to lack of customers and imposition of certain restrictions in the market, many graphics arts businesses are suffering. As a result, sales are declining and revenues dropping. As a cost-cutting measure, many of us choose to decrease production and supply levels. While cutting back will help to alleviate some of the financial stress, be sure not to cut back too far. Use the right strategies. Perfect strategy is essential even when we can predict how the economy will recover from the second COVID wave.
One thing every print service provider (PSP) must learn in such current market situation caused by second COVID wave is the wise adoption of new and smart business models and implementation of some innovations in works. With restrictions in transport and local movement imposed in many places, PSPs must use multiple sales channels such as e-store to carry on business online. This flexibility is important to keep business running even in the COVID time. A reason to smile is that industry experts predict the second wave to recede by June.
In this issue, we cover Cuttack city under our regular Region Exclusive column. The city has a host of good old signage companies known for their outstanding works and legacies. Most of them are aware of new machines and technologies which they keen to adopt for timely upgrade of their facilities. If not the pandemic, some landmark installations of advanced machines might have taken place in the production setups of some of the leading PSPs in the eastern Indian city. COVID-19 pandemic has hampered everything. Let’s pray together to end this pandemic and bring everything to normalcy soon!