After The Pandemic: The Road to Business Recovery
When all is said and done, 2020 will be defined by the COVID-19 pandemic and its global repercussions. Throughout this challenging period, we’ve heard that we are entering and experiencing “the new normal” and what is set to come out of this epidemic. It could be days, weeks or months until that happens but we are already seeing how people are preparing their business recovery plans to take on the next step. Whether it’s in organizational restructuring or seeing new societal norms, it’s clear that some traditional approaches will be changed in favour of more modern solutions.
As part of business recovery, companies will certainly be operating on a different capacity than they used to as well. While there is still no clear date when things will be back to what will be considered normal, it’s clear that the business landscape will be much different than it was just a few months ago.
Let’s look at some of the things to consider.
Assessing The Situation
Before any form of recovery is tackled, it’s best to look at where we are as of this moment. All over the world, countries are looking for ways to alleviate the many challenges brought on by the outbreak. Institutions like education are exploring more online options and holding virtual classes for their students. Most operations are not at their full capacity as more focus is being put into critical areas such as food, household needs, and goods. In terms of businesses, we are seeing continuity plans that prioritize employee safety being deployed, with more workforces opting for remote work as the default.
When seen from an operational perspective, it can certainly be challenging to even tackle the next step for many of us will be. However, with the proper focus and resolve, it is a challenge that is worth taking. By being aware of the scale and depth of action required, businesses can begin to formulate what their recovery strategy will be.
Vulnerability And Opportunity
If you look at how the outbreak has affected different industries, it is clear that many vulnerabilities were brought to light. At the same time, however, it also revealed brand new opportunities for businesses to improve their output. As part of the business recovery, companies can determine which costs need to be truly fixed and what is more required of them.
We’re also seeing opportunities to adapt newer technologies into better productivity, which could very well be accelerated in the coming months.
It’s clear that we will see a shift in the preferences and expectations of individuals, whether as citizens, employees, and consumers. Many already embraced the efficiency of contactless transactions during the outbreak and it could very well be the next normal once it passes.
The Next Normal
As we’ve seen countless times before, companies that are quick to adapt and change to the current situation are the ones more likely to find long term success. Businesses that emerge from the outbreak with a familiar yet different approach to promoting efficiency and productivity will be the ones to watch. Simply put, rather than stick with previously tried and true means, companies should be aware that the next normal is on the horizon. This means new strategies and initiatives that can help them recover – even grow – their previous customer base amidst a different environment.
We will be discussing some of these effects on specific industries in the coming days. For now, while it is difficult to say what the post-outbreak mood will be like, it should highlight the importance of being prepared for what’s to come.