Business in a post-Corona virus world
What are the impacts in on both short and long term business?
When we all come out of the Corona virus survival state that we find ourselves in now, we face many new normals in terms of daily life. From interacting with friends to how we do business, there’s no denying we that we need to gear up for a changing economy and climate.
While many of the worst hit businesses including the F&B and retail industry will be in immediate survival mode once restrictions lift, how does the world look in general post Corona and how can businesses survive?
Plan your lockdown exit strategy
With global economies experiencing large drops in GDP, many governments are desperately looking to relax or end lockdown rules. As we all start to think about what this means for our daily life, businesses too need to start thinking about how to get your business back to its former-Corona self without risking the wellbeing and mental state of staff. The new normal for offices could be rotating working from home rules whilst maximising productivity. Meetings will also take on a different form given social distancing is likely to continue for the foreseeable future. Planning ahead lets you hit the ground running once the restrictions are lifted.
Grow alongside the government
Every single government across the world has been stretched beyond all belief by this global pandemic and in order to save lives, jobs and businesses, they have had to unveil huge stimulus packages. A double edged sword, these will in the long run, come at a large economic cost which could mean extra individual or corporate taxation.
It is inevitable that each government will implement new rules and legislations for businesses of each size post Corona so have your business fully prepared for each likely inevitability.
People aren’t machines
Let’s face it, we would all be lost during this pandemic if it wasn’t for technology. Meetings are now done on Zoom, stock exchanges are operating remotely and even the UK has a virtual Parliament. Moving forward, look at how you can use technology to enhance your staff and their roles. How can these technological tools make staff and customers lives better, increase productivity and profits.
There is absolutely no doubt that the Corona virus has changed the world we live in. One upside of this tragedy is that it will have given people the time to really think about what is important and what needs their focus. In a business sense, think about what your staff will need emotionally post-lockdown – many will be scared to go back into the office having had so long at home. Customers and clients may be looking for more meaningful purchases and connections. Trying to get ahead of how people will may be feeling will put you in a stronger position when the time comes.
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