The Business Revival after Corona Crisis
The good news is that the number of coronavirus pandemic cases is slowing down at a fast pace. The businesses are restarting after the forced close. But the business scenario is no more the same as the pre-pandemic era. It is a restart with new challenges, most of the time severe and unseen or at least not experienced before. The issues are many, like supply chain disruption, reduced customer demand, the economic recession, and increased expenses on health safety measures. Business executives have to make decisions under pressure. The challenge ahead is to address issues concerning unemployment, strict regulatory frameworks, and extended health safety measures. The complexity of the situation warrants for devising the ways for the new normal. Ad hoc actions can not serve the market to recover from the extended shutdown trauma.
Reinventing the Wheel
Business comes back after the long interval forced by the corona-virus pandemic. The concerns warrant for reinventing the wheel by rewriting the business revival strategies. The conventional management practices of “matters as usual”, days are less relevant in the post-pandemic new normal. Stereotype policies can only help in stereotype circumstances. The odd situations need out of box solutions. The revitalized FIVE management functions explained below can help to devise the business revival plan for the future.
Making a fair assessment of the position of your organization is vital. Each organization has its own different peculiar work environment. The leaders must realize the standing of the organization in their specific business environment. What did the business mean before the arrival of this pandemic, and how has it been affected by it? what are the current compulsions? Who are your competitors? How are they responding to the challenges? Can you survive in a competition? Do you know your financial strength? What is your sector of business? Have you got an advantage out of the pandemic? like many other business models such as home deliveries, remote working, teaching, and digital services, etc? Many such factors proved helpful in boosting the business activities whereas the factors vice versa proved fatal for wiping out the businesses.
Each business and then an organization has a specific goal to achieve. The set of actions to reach the target is called a plan. It can be a short time or long term goal strategy, depending upon the business needs. Planning is vital to achieving targets and systematic results. Efforts without planning are just a mess that can only lead to disaster. The situation after the pandemic needs careful, concentrated planning. Making a carefully assessed, meaningful plan to achieve the presumed business results, is the need of time. The goals can be manifold like profit, sales, expense control, and regaining the disrupted customer base. A comprehensive well thought plan alone can help to break the barrier.
Organizational culture is a set of norms, through which, the organization builds its identity in the market. Each business is known for the traits it developed over time. These traits become an identity that helps in creating a market stake. The changing times ask for the rethinking of vision and modifying values for revival and reinforcement of fresh ideas. Challenges change everything but making thoughtful adjustments can create value. Showing more care to your customers by introducing sustainable health safety measures can surely result in improved customer satisfaction.
The most important lesson of the pandemic is to fast adopt e-commerce for promoting remote selling. The customers have become attuned to online buying and home delivery facilities, which they want to keep enjoying in the post-pandemic era. The prudent businesses now need to introduce e-commerce as a priority project. It needs a resource planning and fund allocation to achieve a smoother completion of the project.
The organizations worldwide were not having any exigency plans in hand when the pandemic hit the globe. Only smart businesses could immediately respond. The digital economy not only survived but boomed because of the nature of the corona crisis was supportive of it. The social distancing, closing down shops, schools, and offices prompted e-commerce. Telehealth services, online financial transactions, and many other services like zoom, found it a blessing in disguise. It has given a clear line of action to organizations to plan and implement strategies for preparedness for the unseen.
The corona-virus is an example of a long-standing global shut down. It has unprecedented impacts on the economy and social life. The nightmare is still not over. A threat of 2rd and 3rd wave of the pandemic in different parts of the world looms around. Organizations need to make concentrated efforts to combat any possible threat. Keeping the business fully aligned with the most recent digital developments is the most effective tool for preparedness dynamism.