An Examination of the Impact of COVID-19 and Response Strategies Adopted by Businesses

The study focused on examining the impact of Covid-19 and the response strategies employed by
businesses. Five different economic sectors were considered. The selected firms and sectors are:
Hospitality (Hotel presidential), Health care (New Yale Haven Hospital), Manufacturing (Innoson
Vehicle Manufacturing), Finance (Radix Pension Managers) and Oil and gas industries (Seplat
Petroleum). The study adopted the cross-sectional survey method and data were generated through
desk review of secondary materials, telephonic interviews, and social media chats. The population of
the study comprised fifteen (15) top echelon members of the focused organisations. The findings were
reported thematically with literary discussions. It was revealed that COVID-19 negatively affected
business operations in most of these organisations, resulting in loss of substantial revenue to the
firms. The study further revealed that the predominant response strategies of most organisations
included improved communication, diversification and innovativeness. The study therefore,
recommended hat there is need for firms to develop and sustain effective response strategies that will
enable them mitigate the impact of Covid-19 and it's associated uncertainties.