10 Business Takeaways From COVID-19
No business could say they were 100% prepared for the toll that the COVID-19 pandemic launched on the workforce and economy. We all know we will come out of this eventually, but it’s hard to predict when and how things will shift after such a crisis. Even so, there has been innovation taking place in the business world to adapt to this new climate. It’s time to cover the ten business takeaways from COVID-19 thus far.
1) Future Thinking is an Essential Tool
If this pandemic turned your business upside down, the present is the best time to start planning for the future. Creating things like a task force for various emergencies in the office is a business takeaway from COVID–19 that everyone should practice. Using future thinking is all about figuring out how work would change in various economic and natural disasters and what your business would need to stay afloat.
2) Resilience is a Necessary
Hard work does pay off. There are several obstacles that we’ve all encountered running our businesses in this new climate. The thing to remember is that resilience will shine through in the end. Keep trying, brainstorming, innovating, communicating, and working towards solutions. One of the greatest failures a business can experience is giving in to the difficulties and being unwilling to change.
3) Social Contract Reformation
The change in the relationship between the government and businesses is another major business takeaway from COVID-19. When we say this, we are referring to the social contract between the two parties. The constant updates, unclear timelines, the economic impact, and more are all factors that play a role. The important thing to remember is that we all must learn from these changes and prioritize the health and safety of our employees and customers.
4) Staying Adaptive
This takeaway is a common trend within all the takeaways. Being adaptive with your approach and business operations is a crucial thing to remember during this time.
5) The Systems Approach
The systems approach is just another way of saying you should work on solving your problems from a game plan. Map out everything you think you will need to solve whatever problems you are trying to face. Start with all the possible issues, major consequences, outcomes, factors, and more. From there, you will take your best plan of action for successful business takeaways from COVID-19.
6) Partnerships
Through times of trouble, no one can survive alone. It’s time to band together with current business partners and seek out other partnerships that benefit your business during this difficult time. Helping each other is not only good for your bottom line, but it makes for great PR.
7) Giving Back
If you have it in your budget, giving to those in need during this time is good for the soul and shows what your brand represents. Whether you choose to help small business owners, first responders, or the several others in need of help right now, it’s never a bad idea. Even if money is something you are low on, donating your time and or services is an option as well.
8) The Value of Technology
Have you attempted to work from home without the use of technology? It’s nearly impossible. The online workforce & e-commerce market are key players for keeping the economy’s pulse going. Now is the time to research and invest in the technology and cybersecurity your business was lacking from the start of this pandemic. Things like means of communication, video chat platforms, and office cloud storage, are among the many items that your business could need.
9) Business Continuity Plan
Business interruption is a constant threat, so it’s important to always have a business continuity plan in place, not just when immediate threats are present. Each company is impacted differently depending on the industry they are in. One thing all these companies have in common is that their highest cost is their people. A significant drop in employee productivity and efficiency can be a nightmare to overcome and can greatly impact your bottom line.
10) Company Culture Initiatives
Business takeaways from COVID-19 are nothing without company culture. Why should your employees feel loyal to your company and brand? If you can’t answer that question, your problem is simple. It’s natural for humans to work toward a goal. If the work they are doing for your company gets them nowhere, they will stop. This statement couldn’t be truer during a global pandemic. Stress is at an all-time high and employees need to feel valued and taken care of by their employer.
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