One of the impacts of the crisis is usually the increase in unemployment and narrow employment opportunities. This also tells us that the business sector is not doing well during the crisis. So many businesses are forced to make efficiency by reducing the number of employees.
This efficiency is carried out because business income continues to decrease. It could be caused by a decrease in public consumption due to the price of products that are becoming more expensive. And it could also be caused by raw material prices that continue to increase.
Efficiency clearly cannot be achieved by reducing the price of production raw materials. Because the price of raw materials cannot be controlled by businesses. Therefore, business people lay off a number of employees in order to ease the company’s expenses.
Even so, efficiency is not always the way out that can save a business from a crisis. There are always businesses that collapse even after taking various ways to survive, one of which is by cutting the number of employees.
It is unavoidable, because most businesses rely heavily on consumers. Even after the various efforts made by the company’s management, they can only hope that conditions will soon improve and people’s purchasing power will recover quickly. So that public consumption of the company’s products returns to normal.
But, of course, not all businesses find themselves in such a situation. There are some businesses that can also survive even during a crisis. These businesses still have a stable number of consumers even when people’s purchasing power is declining.
These businesses are mostly related to basic human needs or related to things that are considered important. So that market demand will always be stable even during crisis conditions.
Then, what are the businesses that can survive, even during a crisis? The following is the list:
1. Health Services
Businesses in the health service sector, such as: hospitals, health centers, clinics, traditional therapies and others were basically not disturbed much even though the economy was in a crisis situation. Because health itself is a need for every human being, because it is a strong support so that they can work and earn money to meet other needs.
In any condition, everyone who is sick must try to get well. Although not always, most people will go to health services, both conventional and alternative, to get treatment.
2. Staple Materials or Staple Foods
Staple food or nine staples are basic needs in terms of food. It is impossible for everyone to abandon this need for food, even when the price is getting more and more expensive. Some people who are unable to meet these needs may look for other, cheaper alternatives. However, some of the remaining who are financially able to buy basic commodities will still try to meet these needs even though it is difficult.
And because of that, a grocery store is a business that can always survive even in a crisis. It is very rare for a basic food shop to go out of business due to a monetary crisis or something like that.
3. Educational Institutions
Maybe some of us don’t categorize educational institutions, such as: schools, universities or the like as businesses. However, educational institutions basically continue to generate profits and absorb many teachers and workers, such as: gardeners, security guards and others.
In addition, education is something that is considered important by almost everyone. And the demand for education will never subside which makes educational institutions always able to continue operating even in a crisis situation.
4. Logistics or Expedition
Logistics or expedition business is a business that manages the movement of goods from one place to a certain place. The logistics business is always related to other businesses and will always be needed anytime and under any circumstances. Even when most businesses find it difficult to survive due to the economic crisis or the like, the shipping business will continue. Because the logistics business has a broad market, not only to serve consumers but also to serve other businesses.
Even so, it does not mean that the logistics business is not affected by the crisis situation. The business was still affected, but not as big as businesses in other sectors and not to the point where the logistics business went out of business.
5. Pharmacy
The pharmaceutical industry is related to the healthcare business. And health itself is a necessity for everyone. So that pharmacy is a business that will survive even though the economic conditions are in a crisis.
Even though it is resistant to crises, a pharmaceutical company may go bankrupt due to other things, for example due to losing in market competition, bad company management and so on.
Businesses that are Proven to Survive in the Midst of a Crisis
Health services will always be needed in any economic condition, including when the economy is experiencing a crisis. Because health is a human need, but when there is an economic crisis, people’s ability to buy public health services decreases. So that these conditions reduce the turnover of health service businesses, because the decline in people’s purchasing power makes them save money in spending their money to get health services. People are forced to choose cheap health services, and some of them even look at alternative health services.
Meanwhile, when there is an economic crisis, the demand for basic commodities or groceries does not decrease. It is precisely in certain situations that the demand for basic foodstuffs increases, because people who previously purchased high-quality food ingredients and imported products are looking for low-priced groceries. Most of the groceries are classified as inferior goods for which demand increases when people’s income decreases, which is why people say the groceries business never dies. In fact, the basic food business has become more attractive in the midst of an economic crisis.
Educational institutions are an important requirement for modern society. However, the demand for these educational institutions is in line with people’s income. When people’s income increases they are willing to send their children to expensive schools. But when their incomes fall, they prefer cheaper educational institutions. Moreover, if there is an economic crisis, bona fide educational institutions that are expensive will lose their market share.
The logistics or shipping industry is an industry that some people say is not affected by the crisis. True, but that was then, now things have changed. The logistics industry is currently supported by people’s online shopping activities, when online shopping activities decrease, the turnover of the logistics industry also decreases. The economy that is currently experiencing a crisis causes people to save more so that their online shopping activities decrease. So the economic crisis greatly affected the logistics industry.
For the pharmaceutical industry, this is indeed a resilient industry. Whether the economic conditions are healthy or the economic conditions are sick, the demand for pharmaceutical products will not subside. Especially if the crisis that occurs due to an outbreak of disease in the community, actually causes the turnover of this industry to jump dramatically. For example, when the Covid-19 outbreak occurred in 2019 to 2021, the pharmaceutical industry ran out of money, they received a multifold increase in revenue.
