The COVID-19 pandemic and the global repercussions it brought will define 2020. Throughout this period, we’ve heard that we are experiencing the new normal. Until then, we are already seeing people preparing their business recovery plans to take on the next step. Whether it’s organizational restructuring or adopting new societal norms, some traditional approaches will be changed in favour of modern solutions.
As part of business recovery, companies will certainly be operating on a different capacity than they used to as well. Remember that there is still no clear date when things will be back to what will be considered normal. However, 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 tackling any form of recovery, it’s best to look at where we are at 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 full capacity as priority is being put into areas such as food and household needs. In terms of businesses, there are continuity plans prioritizing employee safety, with more workforces defaulting towards remote work.
From an operational perspective, it can 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 formulate what their recovery strategy will be.
Vulnerability And Opportunity
Looking at how the outbreak affected different industries, it is clear that many vulnerabilities came to light. At the same time, however, it also revealed brand new opportunities for businesses to improve their output. Companies should decide on their fixed costs and what is more required of them as part of their business recovery.
We’re also seeing opportunities to adapt newer technologies into better productivity. Look for these approaches accelerating 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. While it is difficult determining the post-outbreak mood, it highlights the importance of being prepared for what’s to come.