Any big crisis lasting for a long duration brings a major change in the approach and behavior of people. That is a historically proven fact. In the past, epidemics like Spanish flu and plague brought about striking changes in the realm of business. The scenario resulting from the current pandemic of Covid-19 would also witness the changed lifestyles of consumers and employees.
Probably, there is no industry in the world that has escaped from being seriously impacted by the Corona crisis. Once the severity of the pandemic decreases, businesses will be able to operate normally and make up for the losses incurred in these testing times. But that obviously will take some time. Moreover, companies have to modify their business models to survive in the markets, post-COVID pandemic.
Let’s now have a look at some of the salient points.
- The option of “work from home” is going to become a daily part of the businesses.
- Likewise, even flexible shifts for the staff can now be anticipated.
- There now needs to be more emphasis on e-commerce. For, there would be a marked decline in customers preferring to walk into the brick and mortar stores, due to the COVID pandemic scare.
- As many consumers would opt for e-commerce, organizations have to recruit more employees for delivering products to the homes of customers.
- Companies are necessitated to enable more transparency in their business operations, for the stakeholders and customers. People are now in a state of paranoia and hence there should be no ambiguity in details communicated to them.
- One more salient aspect is that businesses now have to be guided by dynamic leaders. These leaders should have the knack to take important decisions, more frequently than ever before. On account of the economic impact of Corona pandemic, markets are now highly volatile and there will be situations for organizations where things have to be decided very fast.
- Businesses are now entailed to include the crucial element of safety while providing their services/goods. This is to ensure that neither the employees nor the customers get afflicted by COVID-19. There is an urgency to restructure the supply chain, keeping in view the circumstances consequent to the pandemic.
- Several organizations that are not related to the health industry have also now started to sell things such as ventilators and face masks. Because the severity of the pandemic has not lessened, many more businesses are expected to begin the supply of the above items.
- There shall be a surge in digital transactions. Therefore, companies must quickly incorporate related technologies like artificial intelligence into their everyday operations.
- The COVID pandemic has taught businesses as to how to face a crisis that manifests all of a sudden. Organizations would now stick to innovative business models. These models make sure that there will be minimal hassles for businesses, in the event of any such future contingency.
It’s a fact that the global corona epidemic has caused untold hardship to the business community. But it will just be a matter of time before the organizations bounce back. With novel strategies, the worldwide business sector is going to compensate for this economic slowdown; the economy would be back to normal.
