The global health crisis around the Coronavirus pandemic has been increasing drastically. It is believed that if things seem tight, the new “lockdown” phase is ready to become a norm shortly. Coronavirus (or COVID-19 as popularly known) is one of the most talked-about things right now. Many businesses are on the verge of shutting down just because of the alarming situation. Most of them are already going into extreme losses. This severe situation is forcing business owners and companies to prepare planned measures beforehand to be incorporated into their business strategy post COVID-19.
The global revenue for the travel and tourism industry will be an estimated 568.6 billion U. S. Dollars in 2020. This is notably lower than the original 2020 forecast which was around 712 billion dollars. (source: Statista)
The pandemic has created a lasting impact on the mind of people. So much so that even when it is long gone, it will still be remembered as something that changed the world’s perspective towards a disease. Just think about it. Once we get back to our “normal” lifestyle, it will not be considered “normal” anymore.
The coronavirus pandemic has brought out the best and worst for businesses as well. Responsible firms are doing everything to protect and provide help during this precarious time. However, there are many unanswered questions regarding what can be done to protect these businesses to not fall.
Our only core message to businesses right now is, start thinking outside of this phase. Start thinking of what you’ll be doing when you enter the real world once again. There will be a wide number of opportunities you might want to take hold of and some necessary precautions you’d need. Don’t worry, we’re here to help you with that!
Although the impact of COVID-19 on businesses has been huge, it is also important to think about what necessary steps you will incorporate into your business strategy post COVID-19 lockdown period.
So here we go! Hold on tight as we walk you through all the points.
1. Give Due Credibility To Work From Home
Many companies like to take a step back when trying to indulge in work from home practices. It is believed that seeing the work “in real” is actually what counts. Well, not anymore.
This period will let businesses realize how their employees are coping up with this mechanism. Once organizations start getting used to it, it will become easier to cooperate with. We can even imagine a phase where team-mates might find it easier to work remotely than to work in the office space.
Work from home, as an idea, will not be seen as something unproductive or unmanageable. It’d be rather seen as a more interesting form of working and who knows if companies will continue to implement this practice more often.
2. Start Creating A List Of Alternatives
The whole situation was a sudden outburst. We saw workplaces quickly shutting down, not considering the fact of how things will be planned out further. That’s why creating a list of alternative practices is important. Practices that will be considered during a crisis like these.
Take lessons from what is happening right now and brain-storm with your colleagues or fellow teammates on where you all were lagging.
Was it during online meetings?
Was it because of bad internet connections or some other network issues?
Was there any communication gap?
Were there problems planning things out?
When you have the list ready, start thinking of all the alternative ways you can use to correct them so you might not face these issues ever again.
These are all the adaptive measures you’d want to take during market changes.
3. Make Digital Availability The Utmost Priority
Strangely there are many things that this global pandemic has taught us and that does not just include proper care and self-hygiene but also: how important it is to stay connected online.
Staying connected doesn’t necessarily mean to stay connected with your family, friends or colleagues. It also means staying connected with what all is happening around.
When compared to the second week of February 2020, visits to the “General News” category from mobile apps and websites increased by 61% in the second week of March 2020. However, most increases occurred just recently when visits went up by 50% during the third week of March 2020. (source: Comscore)
Currently, people are consuming more and more content online than any other source. As a fact, businesses that are not available on any digital networks are facing much more loss economically. At this point, it is very evident to note that if your business is not digitally available you might tend to face problems during this time.
4. Make Your Employees Learn New Skills
It is believed that it takes a minimum of 2 weeks to learn a new skill. As long as we are in this lockdown situation, we can make time to learn new skills that might prove beneficial for our businesses.
These are the times when you can do things you never had time to do earlier. As a business owner, you can encourage your employees to take up online courses to improve their functional expertise and soft skills.
For example, companies like Schindler India send out bullet modules and small quizzes to their workers so they can sharpen their skills and work on something productive because construction work is on halt right now.
Your business can also practice similar activities for employee self-development and engagement.
5. Focus Less On Business Travels
Now, yes we are completely aware of the fact of how important business travel is! It will not be stopped. It will continue even after the pandemic considering the fact of how significant business-related meetings are.
But we believe this enforced period will show people how less important it is to shuffle around the world currently and endanger your health.
We’d recommend scheduling your meetings online. Give a relevant amount of time out of your schedule to these meetings. There are many web conferencing tools to facilitate these remote meetings. Tools like Zoom, Skype, GoToMeeting, etc are just some of many.
See how this way you still manage to be there by not exactly being there.
Last but not the least, once it’s all back to normal don’t forget to keep your workplace clean and take care of proper hygiene.
Coronavirus impact on businesses has been crazy but what is crazier is the economy coming on a halt over-night. This has by far been a panic situation for most of us. But what is important to note is that these are unprecedented times and need special measures to cope up with. If this becomes a “new norm” we have to be ready for that too.
What measures are you planning to incorporate into your business strategy post COVID-19 lockdown phase? Let us know in the comments below!
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