The COVID-19 Pandemic has forced businesses to change rapidly, across the world. Business owners have been scrambling to stabilise operations, finding effective ways to communicate with customers and protect the workforce. The harsh reality of the situation is that businesses need to plan for the present time of dealing with the virus. Therefore, companies will need to consider the continuing after-effects it will have in the world of business.
In the coming months, we are going to consumer spending sink, as unemployment rises and consumer spending shrinks. Therefore, this will see many businesses disproportionately affected over the coming years and months. Consumers are likely to focus their spending on Groceries and Digital Entertainment services, rather than more luxury purchases of travel and prestigious products. There will be many industries who struggle, including restaurants, sports, real estate and automotive. The adoption of automation and AI technology will also increase at a m0ore rapid pace in our society.
Ensuring you have an online presence
Your business must have an excellent online presence. Even more of us (young and old) will be using the internet more frequently than usual. Online shopping and browsing for services have been growing trend throughout recent years; however, this pandemic will make the adoption even quicker. Those who have an excellent online presence will come out of the COVID-19 pandemic much more robust than those who dont. A Pay Monthly Website will help you achieve that goal.
Transform the way we work
For years long commutes, travelling aboard for an hour-long meeting and working in large offices has been the norm. However, travelling to the office and for going to meetings is time-consuming on a personal level. Therefore, it takes more of your time from seeing your friends and family.
The pandemic has shown companies that you dont need to work this way. Even though virtual working is required often throughout the COVID-19 pandemic for safety reasons, this will most probably continue even on a part-time basis after the pandemic. When staff work from home, it can provide the company with many benefits. The company could require less office space, which would assist them in driving down costs. Staff can also achieve a better work/life balance, as the long daily commute could be a thing of the past. There could also be many environmental benefits, with fewer people travelling to their workplace or for meetings.
Improving operational supply chains
Organisations are adopting an agile working model to speed up decision making and drive a digital transformation. Companies are finding this as a ‘decentralisation’ which is driving benefits to companies through improved resilience and flexibility in workplaces.
Over the years, some businesses have relied on too few suppliers or one geography. During COVID-19, companies have been digitalising their supply chains, to improve process speed and transparency. They have also used this as a way of reducing their dependency on individual suppliers.
Change is always difficult for business, especially when it is needed so quickly. However, if you ensure your business adapts quickly to change, you can be assured this will pay you dividends in the future. We highly recommend that you start planning for the new normal now, as its effect will be long-term and not just short-term.