What businesses can learn from the Pandemic?
Businesses these days are undergoing circumstances that no one saw coming. Be it businesses moving online, or their downsizing/closing, they have had to adapt to the most unforeseen situation- the pandemic. As lockdown and pandemic has become the new normal, we’ve seen businesses tech savvily move to online mediums for safety but we’ve also seen companies leave thousands of their employees jobless. While the harms of the pandemic on businesses are beyond comprehension, this has given businesses a lesson that thinking ahead and being prepared for whatever situation that may arise is the way to go.
Here are a few things that businesses can learn from the pandemic:
Reinvention: Since the old/conventional business models stopped working for many companies, they have had to update and reinvent themselves to meet the needs of the consumers, in a very short time. The businesses have been forced to come out of their comfort zones, and have had to explore their creativity in order to keep up with the new normal. Be it having to find new channels for interaction, or creating new products to address the new needs, it has taught the businesses that reinventing themselves is one of the best ways to cope with their declining sales. It has not only saved the businesses from downfall but has introduced the consumers to a whole new level of digitization.
Preparedness/survival of the fittest: The pandemic saw the downfall of many businesses. Most small businesses, without much backup capital, have failed to sustain themselves due to various reasons like being unable to pay rent or being unable to reach out to the customers. The one thing this has taught us is that the ones that were already up to date with the modern technology with their online apps or big companies with loads of capital are able to sustain themselves more in days like these. So it is fair to assume that growing businesses or small businesses that don’t have much budget will have to work harder and stress more on improving their services in order to sustain in the current market.
Competitiveness and Sustainability: Businesses suffered absolute loss during the lockdown. While the requirement of some services decreased drastically, like in the case of tourism and entertainment sectors, businesses catering to daily needs also suffered, as people couldn’t step out of their houses. Few businesses found solutions for this issue in the beginning, they came out with various ideas such as home delivery, protected packaging, etc. For the businesses to actually execute these ideas, they had to face the challenge of convincing their target customers to purchase from these new avenues during the pandemic. The companies which could promote themselves with good enough strategies and digitize quickly enough succeeded in sustaining their enterprise, while many had to shut themselves down.
The 21st-century era of technology that we live in a kind of prepped us for the kind of life we have been living since Covid-19. From online classes to digital therapies, we have experienced the importance of modern technologies in the status quo. The traditional methods of doing most work had to be stopped for at least 6 months. This means that businesses must learn to be adaptive to changes. Incorporation of modern technology not only assures the sustainability and smooth executions of enterprises in situations similar to Covid-19 but proves the relevance of their product and service in the present.