The COVID-19 pandemic is, predictably, changing lives around the world, both in the short term and, almost inevitably, in the longer term as well. The way we live may never be quite the same again and, while that may seem daunting, it also represents an opportunity for businesses to get ahead of the game and put themselves in the best possible position to take advantage when we get back to a semblance of normality.
Ways of doing things will change. The modern workplace will have learnt lessons from this period of lockdown and businesses will be left with no alternative but to alter their standard practices. Business leaders who adjust and drive innovation will flourish in the post-COVID-19 world, while businesses who are adaptable to change are more likely to survive and thrive. COVID 19 has presented businesses with the greatest challenge we have ever known in modern times. Yet opportunities can also be found. Paradigm shifts will be made as a result.
At the forefront of business strategy in times of crisis is resilience, agility, automation, and scalability. These are the Business Leaders new focus quadrant and will determine short, medium, and long-term success. The ability to respond with agility to the unexpected will ensure competitiveness. Future Proofing your business is essential.
Revise your business finances, reduce costs and improve forecasting to drive operational efficiency. Have your markets and client needs changed and have you adapted to these changes? Diversification and innovation in products and services for your clients will need constant revision.
The days of travelling hundreds, sometimes thousands, of miles for a straightforward business meeting are surely numbered. Why spend valuable time and money on travel and transport when a video call can be equally effective? With more people than ever before embracing the concept of home working, office space will suddenly not be the necessity it perhaps seemed pre-coronavirus. But while travel and commercial property industries may struggle, others will thrive.
Technology has helped to transform and taking an offline business online has seen a boom in digital businesses. Fitness, health, and wellness sectors increasingly turned to the digital world for online work outs in the home. Online learning programmes have also been developed. Focusing on digitisation will expand your customer reach in the e-commerce markets.
Hospitality sectors have changed to delivering a good food and drink experience in a box to be enjoyed at home. Celebration parcels have been delivered for special occasions. A compliance consultancy business has developed online programs and remote site visits. A recruitment agency has developed an exclusive retainer model.
Businesses need to innovate and have increased market awareness to the changes that are happening.