Years have already passed since COVID-19 broke out and changed the global landscape yet many people are still struggling to pick up the pieces as we all try to move toward the new normal. Many businesses were forced to shut down or went bankrupt while there are those who persevered to keep themselves afloat by finding creative ways to survive and thrive even in a crisis. When you hit rock bottom, there’s no other way to go but up.
Business owners would have to look at achieving growth that is both sustainable and inclusive in the long run. Although it can be challenging or near impossible when the economic landscape is uncertain, it is possible to achieve it as long as you’re innovative and willing to collaborate with others. More importantly, you have to grow along with the advances of technology, evolving innovation, and changing collective mindset.
Under the Shadow
Even though a lot of countries have started opening up in order to resuscitate their economies, we haven’t totally eradicated COVID-19 yet. We’re still living under its shadow. Lockdowns and travel restrictions are not yet totally eased out in some places as strict public health protocols remain in place.
Those businesses that managed to weather the storm, have changed the way they do business by adopting all the hard lessons learned over the past two years. Trying to regain a degree of normality is expected to go along with the prevention and control of new threats from other disease variants that could potentially disrupt all the gains we all achieved.
How did the global pandemic change the business landscape?
- The Rise of WFH
The global pandemic has forced a lot of people to work from home while businesses have to do much of their operations under closed doors so the need to go digital with smart workflows and seamless technology integration is fast becoming the new standard. Remote work enables crisis-resilient businesses to tap a greater global talent pool online.
- Data is the New Global Resource
Every aspect of work will become optimized with the widespread adoption of data. Businesses will have to constantly adapt and adjust as data is:
- Embedded in every decision, interaction, and process
- Processed and delivered in real-time
- Flexible enough to be integrated and ready-to-use
- Sold as a product to the highest bidder
- Effectively managed to ensure privacy, security, and resiliency
- Transforming the World of Work
Work will never be the same again as business owners, employees, and customers alike are seeing the world of work much differently now. Even if the government implements strong public health measures and provides economic stimulus packages, there is a strong divide in public opinion on whether protecting people’s well-being and safeguarding the economy would make a big difference in the future of work.
- Greater Emphasis on Speed and Agility
The world is changing beyond our very eyes and the pandemic taught us that things happen faster than we think. Businesses that don’t make quick adjustments will surely fail. With speed and agility, business owners can respond more effectively when the next big crisis comes.
- Greater Mutual Cooperation
The road to recovery won’t be possible if there is no mutual cooperation between small businesses and the government. As the latter form the backbone of the economy, it is in the government’s best interest to help businesses pick up the pieces so they can grow and thrive. On the other hand, the business sector should support public health policies to ensure everyone will be able to transition seamlessly to the new normal.
Emerging from the Crisis
As we all move away from the global pandemic, policymakers have to look beyond safeguarding lives and livelihoods. This challenge becomes more crucial as it is even more difficult to make economic gains after years of downturn. The focus would revolve around growth, sustainability, and inclusion. Bear in mind that there are challenges that have to be resolved in order to achieve them.
- Economic growth is elusive
- Poverty is still endemic
- Sustainable growth requires massive investment
Achieving our business goals would depend on addressing current social and economic conditions, particularly the relationship between public health care, labour market, global supply chains, digitisation, and unequal economic development.
Gillett & Associates offers real-world experience in running a successful business, with practical strategies that will help achieve your business vision, increase your profits and improve your work-life balance. Get in touch now!